What Is Home Extension Loans: Know About the Benefit and Eligibility Criteria

Time demands the need for more space in the home to accommodate the growing family. The requirement of space calls for more rooms, maybe one or two bedrooms for your children and their family, some guest rooms etc. These are some aspects which can not be planned from the beginning and come as an extension at a later stage. Home extension loans are structured to deal with this need. You can easily apply for a home extension loan, to back you up with all the financial assistance that you need to accomplish your home extension project.  

 

Eligibility criteria to apply for home extension loan

Home extension loans pose a few criteria that need to be met to qualify for applying for one. These few basic criteria are listed below.

  • The individual must be 21 years old or above to apply for a home extension loan.
  • The individual applying for home extension loan must be below 65 years old by the time the loan matures.
  • The individual must be salaried or self-employed.

 

So anyone who is capable enough to repay the loan and has a decent credit score can easily qualify for a home extension loan. You can also use a home extension loan eligibility calculator to know your eligibility for getting the loan. If you are currently availing a home loan, you can get a home extension loan as a top-up to your existing home loan. This process takes very less time due to the minimum requirement of documents. This allows faster disbursal of the loan amount, letting you kick-off your home extension project right away.

 

Benefits offered by a home extension loan

Home extension loans have a lot of mindblowing features to offer to make your home extension project go seamlessly. Let us have a detailed look at what they have to offer.

 

Flexible tenure

Home extension loans can be repaid anywhere between 20 years. Hence, no need to panic for the repayment. Choose the tenure that best suits your income structure, making sure it does not overburden you. 

 

Quick disbursal

Home extension loans involve minimal requirements for paperwork. The simple documentation procedure speeds up the verification procedure leading to instant approval and disbursal of the loan amount. This makes it easier for one to begin one’s home extension project in no time.

 

Attractive interest rates

Home extensions loans are offered by lenders at alluring interest rates for the convenience of the customers. Thus interest outgo would be lower and thus put more cash in your hand. Moreover, investing some time and effort on comparing interest rates can help you get a loan at the lowest interest rate possible. You can take help of some websites which offer detail tabled comparison between interest rates charged by different lenders.

 

Customer-friendly repayment options

Keeping in mind the diversity in income structures of different customers, home extension loans gives borrowers the freedom to choose the repayment option that they want considering their financial capability. Also, the well-structured home loan EMI option lets you repay the loan in bits rather than in a lump-sum.