Home Extension Loans To Expand Your Living Space
Thinking of adding more space to your existing home? Our home extension loan will help you expand your living space and keep your investments safe throughout the term of your loan.
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Key Features
Loan amount
₹ 5 Lakhs - 2 Crore
Loan tenure up to
30 years
Interest rates starting at
9.50%* p.a
For detailed fees and charges Click here *T&C apply
Who Can Apply?
The eligibility criteria mainly depends on your employment. Choose the employment type and check your eligibility.
Documents Required
For a House extension loan, we require certain documents based on the profession/occupation of the applicant.
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KYC Documents
Proof of Identity & Address
Income Documents
Proof of Income
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For Salaried
- Last 3 months salary slips
- Form 16
- Bank statements from the previous six months and pay stubs
- Documentation of the collateralized property
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For Self Employed
- ITR for the previous two years, with computation
- CA audited financials wherever applicable
- 6 months primary bank statement
Property Documents
Land & property related documents
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Property-Related Documents
- Stamped agreement of the sale / Sales Deed or the letter of Allotment
- NOC from the builder / housing society
- Possession Certificate
- Detailed Construction cost estimation
- Bank Account Statement
- In case of Constructed Apartment - Occupancy Certificate
Co-applicants
Co-applicant is mandatory. Additionally, Woman co-applicant is mandatory in certain cases
Co-applicant can be spouse or any first blood relative like parents, siblings, children who hav attained age of maturity (s.t income-ownership grid)
All co-owners of property should be on loan structure
Friends cannot be co-applicants (allowed only if they are coming in the capacity of Partners / Directors / Shareholder)
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Why Choose Us?
There are various reasons to choose a home extension loan from Piramal Finance, and here are a few:
- Pan India branch network & amazing post disbursement
- High and excellent standards of transparency, integrity, and ethics
- Devoted team of experienced professionals who operate on industry-leading information systems
- Multiple repayment options
- Option to enhance the loan amount if there’s any escalation in cost
- Quick and seamless loan approval and disbursal
Benefits of Home Extension Loan by Piramal Finance
Easy and Hassle-free Application Process
You will experience an easy and seamless application process at Piramal Finance. You can apply for a home extension loan digitally to save time.
Simple And Quick Approval Process
You can get quick and easy approval for a home extension loan. Therefore, we are regarded as the leading provider of home extension loans in Bharat. We've also streamlined the procedure by making it a quick digital verification process.
What Is The LTV Ratio Of Home Extension Loan
The LTV or Loan-To-Value ratio of a home extension loan is the total percentage or share of a residential property’s worth that we can finance and disburse through the loan.
The LTV ratio for such a loan must not surpass the regulatory and official caps on the home loan LTV ratios determined by the Reserve Bank of India. Here’s a breakdown of the loan amounts disbursed through home extension loans along with their respective LTV ratios:
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Row1
- Amount Of Loan To Be Disbursed
- LTV Ratio
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Row2
- Maximum of INR 30 lacs
- A maximum of 90% of the construction cost estimate
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Row3
- From INR 35 lacs to INR 75 lacs
- A maximum of 80% of the construction cost estimate
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Row4
- From INR 35 lacs to INR 75 lacs
- A maximum of 75% of the construction cost estimate
We as a financial institution, assess creditworthiness to figure out the final LTV ratio for the prospective borrower seeking a home extension loan. A few of the key considerations for credit risk evaluation comprise the loan petitioner's creditworthiness, repayment ability, real estate market value, and so on.
What Is The LTV Ratio Of Home Extension Loan
The LTV or Loan-To-Value ratio of a home extension loan is the total percentage or share of a residential property’s worth that we can finance and disburse through the loan.
The LTV ratio for such a loan must not surpass the regulatory and official caps on the home loan LTV ratios determined by the Reserve Bank of India. Here’s a breakdown of the loan amounts disbursed through home extension loans along with their respective LTV ratios:
We as a financial institution, assess creditworthiness to figure out the final LTV ratio for the prospective borrower seeking a home extension loan. A few of the key considerations for credit risk evaluation comprise the loan petitioner's creditworthiness, repayment ability, real estate market value, and so on.
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Frequently asked questions
What is a Home Extension Loan?
- Go to our application form and fill out the details.
- Submit all your Income and KYC documents.
- Wait till the application gets processed for verification.
- If everything meets the eligibility criteria, your loan will be approved within a few minutes.
- Subsequently, the loan amount is disbursed and credited to your bank account.
There are various reasons to choose a home extension loan from Piramal Finance, and here are a few:
- Pan India branch network & amazing post disbursement
- High and excellent standards of transparency, integrity, and ethics
- Devoted team of experienced professionals who operate on industry-leading information systems
- Multiple repayment options
- Option to enhance the loan amount if there’s any escalation in cost
- Quick and seamless loan approval and disbursal