Have you always dreamed of having a lush green backyard where your child’s tiny feet trot around in glee or your dog happily roll in the grass? What if we tell you that your dreams can turn into a reality without the need to shift houses? You may already have a fantastic home and may have taken a home loan to fund that, which is why moving to another house doesn’t make any sense. So why not extend your current abode to create a space you always dreamed of?
People love to upgrade their lifestyle, starting with their houses. Some want to add new pieces of décor while others want to expand the space to accommodate their growing families or fulfill their dreams.
But what do you do when you’re short on funds? Surely, there are home loans available for purchasing a new house, but did you know that you could get housing finance support even to extend an existing one?
What are house extension loans?
Home loans for extension are taken when you want to create more space by adding more rooms and even more floors to the existing house. However, don’t confuse these with home improvement loans, which are taken to upgrade the house through renovations and refurbishments.
What to keep in mind when taking a home loan for a house extension?
1. How much loan do you need?
From construction to doing up the new part of the house, you’ll probably be spending a lot of money. The first step is to figure out how much of that expense will you self-finance and what percentage will come via the loan.
2. What’s your home loan eligibility?
Your home loan eligibility governs the amount of loan you end up getting. However, one way to counter this is by choosing a good lender that comes with the highest home loan eligibility criteria.
3. How will you repay the amount?
If you’re repaying an existing home loan or other loans, it’s important to decide how you will repay the extension loan. Look for providers that offer flexible EMI payments to make things easier.
4. Which lender should you opt for?
A lot of institutes have started lending out home extension loan. However, their features and benefits differ from each other. Do a comprehensive study and pick the right provider, so eventually, you get a better deal at a lower cost.
Additional read:- Top 5 factors that affect your home loan EMI
Increasing the size of your house shouldn’t increase your financial woes. Tata Capital would love to assist you with all your loan needs. They offer low processing cost and flexible EMI options along with a host of other benefits as well. So why wait? Take a home loan today for all your house extension needs!