As your family grows, the need for a bigger living space is realised. You may also need a more spacious home to add a new gym or office or accommodate guests. However, buying a new home can be a costly affair. Instead, you can opt for a home extension. This way, you’ll extend your existing living space and eliminate the struggle of selling your old place and hunting for a new one.
What is a home extension?
With a home extension, you can add space to your home, be it through the addition of a second storey, balcony, a room built on your terrace, or a home office to accommodate your work from home needs. However, extending your home with a functional room can also be heavy on your pockets. That’s where a home loan for extension of house can help.
What is home extension finance?
A loan for the home extension is tailored to cover your house space addition expenses. To decide on the loan amount, you must make sketched out plans of extending your home, choose the right designer, and get a clear estimate of the overall costs. This way, you’ll only borrow the funds required to extend your house.
With a home extension loan, you can finance not only the cost of the extension project but also the involvement of carpenters, painters, plumbers, electricians, contractors, architects, plasterboard experts, etc., and additional expenses if any.
Additional Read: How is Home Extension Loan Different From a Home Renovation Loan
Key features and benefits
#1 No need to shift
Moving to a new house, adapting to new surroundings can be a hassle. And with a house extension loan, you can take care of the space crunch without having to shift.
#2 Easy repayment
Lenders usually cover up to 75% of the total extension cost. Like housing loans, loans for house extension are extended for long tenures, and you can comfortably repay the amount through EMIs that suit your financial needs.
#3 Low processing fee
In house extension finance, a minimal processing fee, based on your loan amount, is charged on your loan application.
#4 Easy to obtain
Home loans for extension have limited paperwork requirements, including proof of address, income, employment, etc., and a straightforward application process. The entire application process can be completed online.
#5 Tax benefits
When you apply for house extension finance, you’ll also be eligible for a tax deduction of up to Rs. 30,000 under Section 24(b) of Income Tax Act, 1961 on the interest payable.
Additional Read: Top Things to Know about Home Extension Loan from Tata Capital
To sum it up
Your home is where you grow as a family; hence it must always be a place that adds value and comfort to your life. So, if you want to extend your home, take care of your expenses with Tata Capital’s housing finance. Avail of custom housing loans at competitive home loan interest rates, easy-to-meet home loan eligibility conditions, hassle-free processing, and swift fund disbursal.
Click here to use our home loan EMI calculator and craft a comfortable repayment plan now!