Home Extension Loan
- Using SMHFC's Home Extension Loan, a customer can make structural changes to their existing property for an additional living space.
- Whether it is an extra bedroom or extending the terrace, customers can easily use the loan for adding more value to their property.
- The maximum loan amount is Rs. 35 lakh for a period of 20 years.
Eligibility & Documentation
We at SMHFC understand that every customer has varied needs, sources of income and documentation availability. We provide tailor-made solutions based on customer requirements. The final eligibility of a customer is decided on a number of factors including, but not restricted to income stability, repayment capacity, past credit record and positive verification
Rate & Charges
Loan Terms Loan Amount Minimum Rs. 1 lakh & maximum Rs. 35 lakh. Tenure Maximum 20 years. Interest Rate 11% onwards Processing Fee 2% - 3% (+GST) of the loan amount Prepayment Charges NIL Loan to Value Maximum 85% Security Equitable mortgage (by deposit of title deeds) on the property being financed. A registered mortgage may be insisted upon wherever necessary. Repayment Through customer's electronic standing instruction (NACH) for all Equated Monthly Installments (EMIs) MITC SMHFC will adhere to the Most Important Terms and Conditions ("MITC") on all loans as prescribed by the National Housing Bank. Other Conditions SMHFC will facilitate customers to take a mortgage redemption policy through SMHFCs tie up with HDFC Life. The exact insurance amount will depend on the age, loan amount & loan tenure. To read document retrieval and other charges, Click HereSwipe Table
Who can avail Home Extension Loan?
Any person aged 18 or above, salaried or self-employed who wishes to add space to their existing house can get Home Extension Loan from SMHFC.
What are the benefits of a Home Extension Loan?
SMHFC’s Home Extension Loan provides a lot of benefits. A few of them are:-
- More economical than purchasing a new property.
- Low rate of interest
- Customer-centric services
- No hidden charges
Is a Home Extension Loan interest rate higher than that of a home purchase?
At SMHFC, the rate of interest for a Home Extension Loan is not higher than a home purchase loan.
What is the maximum amount available for a Home Extension Loan?
The maximum amount that you can get from our Home Extension Loan is customizable to your needs.
Usually, customers can avail of Home Extension Loans of up to Rs. 35,00,000.
**Exceptions might be made on a case-by-case basis.
What is the interest rate for the Home Extension Loan?
The rate of interest for Home Extension Loan start from 11% p.a.
The final rate of interest committed to a customer is based on a number of factors like loan amount, property location, customer profile, etc.
What are the documents I require for a Home Extension Loan?
All customers applying for a loan with SMHFC should be at least 18 years old.
Mandatory Documents :
- KYC (Aadhaar / PAN / Voter ID / Driving License / PAN / Bank Passbook etc)
- Ownership proof of the existing house.
At SMHFC, we understand that every customer might not have the same type of documentation, and therefore, we provide customized solutions to ensure that maximum customers can enjoy our hassle-free services.
To know more about the document requirements of a Home Extension Loan, feel free to call our toll free number - 1800-1234-427 or directly inquire on our website - Loan Enquiry | Online Form | SvatantraMHFC
- How to apply for a Home Extension Loan?
- Who can avail Home Extension Loan?
Rate / terms could be subject to change at management's discretion