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Tata Capital > Blog > Loan for Home > How is Home Extension Loan Different From a Home Renovation Loan

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How is Home Extension Loan Different From a Home Renovation Loan

How is Home Extension Loan Different From a Home Renovation Loan

Buying a house is a dream come true for many. Your home is a direct reflection of who you are as a person. This is why your home needs continuous upgrades to maintain its comfort and visual appeal. Improving your home, whether to change its look or to accommodate your growing family, comes at a massive cost. This is why financial institutions provide home loans for your specific home purposes. Examples of such loans are home renovation loans and home extension loans.

What is a home extension loan?

As your family grows or your children grow older, you might often feel a space crunch. Instead of shifting to a new bigger house, you can decide to get a home extension with the help of home extension loans. Home extension loans are the perfect solution for when you want to extend your current house to increase your living space. Home extension loans are seen as a housing solution that provides you with finance to meet the extension cost. 

Home Extension Loan

Benefits of home extension loans

  • No need to shift

Shifting to a new house in a new neighbourhood can be quite bothersome, especially since you are accustomed to your surroundings. But with a home extension loan, you can add a floor or a room in your existing house and efficiently meet your space requirements without having to shift.

  • Easy to obtain

A significant benefit of home extension loans is that these loans are straightforward to apply and receive. They require minimal documentation, and the entire application process can be completed online.

  • Long tenure

Home extension loans are somewhat similar to housing loans in that they are also given for a long tenure, and you can make your repayment through monthly EMIs.

Long tenure

What is a home renovation loan?

If you want your house to reflect your style and personality, then opting for a home renovation loan to improve your house is the best decision. Home renovation loans allow you to remodel or repair your house. Whether you are looking to remodel your kitchen or design your children’s nursery, this loan will help you give your home a new look.

Home Renovation Loan

Additional Read:- Can Renovating your Home Save Tax?

Benefits of home renovation loans

  • Affordable interest rates

Home renovation loans come at affordable and fixed interest rates. This ensures that you are not going overboard with your finances to pay back the money that you borrowed. 

  • Hassle-free process

You don’t need to go through the hassle of submitting multiple documents to avail a home renovation loan. You only require a few primary documents to avail this loan. The entire application process for a home renovation loan requires minimal documentation and can be completed online in a quick and hassle-free manner.

  • No Collateral

Most lenders do not ask for any collateral or security for their home renovation loans. This makes such loans a low-risk borrowing option.

  • One-stop shop

With multiple loan options in the market, it has become easy to get loans for your specific home requirements. All you have to know is what your exact needs are.

Along with providing home extension loans, Tata Capital also provides housing finance at attractive home loan interest rates. If you are looking to apply for home loan, then head to our website and check your home loan eligibility by using our reliable home loan EMI calculator. Our home loan calculator will help you in sorting your monthly budget allocations. Once you have an idea of your monthly finances, you can easily apply for a home loan online with us.

Additional Read:- Home Loan for Purchasing Residential Plot

So, what are you waiting for? Contact us to know more about easy home loan options.

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