All of us dream of building and living in spacious homes. But eventually, we might settle for the one that suits our budget, which may not necessarily be as big as we would like it to be. However, with time, as your family grows, you may realize that you need a larger space to live comfortably. Buying a new property altogether at this stage of your life may not be a practical decision, as it involves arranging and investing a big amount yet again.

The solution? Turn to the home extension! Though extension of the home also requires capital, it would certainly be much lower than the amount needed for purchasing a new home altogether. What you essentially need for an extension is to arrange for funds to meet the home extension cost. You can swiftly do this by applying for a home extension loan with DMI.

What is a home extension loan?

A home extension loan can be availed to make any structural changes to your existing house to meet additional space requirements. However, it is different from Home Renovation loans, which can be used to repair and refurbish your home for more comfort and design enhancements.

To get a home extension loan easily and quickly, you must first sketch out an extension plan, approach the right designer, get an estimate of the costs, and decide on the loan amount. DMI Housing Finance offers home extension loans to salaried as well as non-salaried borrowers at attractive interest rates.

Home extension loan eligibility

Any individual above the age of 18 can apply for home extension loans, as long as they have the repaying capacity and a good credit score. The maximum age of applicants during loan maturity must be 70 years with income documents and 90 years without income documents. Both salaried and self-employed individuals can apply for home extension loans. If the borrower is already clearing a home loan, they are eligible to get an extension loan sanctioned by the same bank and the disbursal is very quick as the documents required are minimal. For example, if you already have a home loan with DMI Housing Finance, you can avail a home extension loan in a few easy steps.

You can secure a maximum funding of 90% of the property cost or up to Rs. 30 lakhs. A maximum of 5 co-applicants are allowed for a home extension loan.

Documents required for home extension loan

• Identity and Age-proof – Passport/Voter ID Card/Driving License/PAN Card/Aadhaar Card
• Address proof – Passport/Voter ID Card/Aadhar Card/Driving License/Latest Utility Bill
• Proof of income – Latest salary slips/6 month bank/Form 16/Salary Certificate for a salaried individual and latest IT returns and/or Financial Statements of last 3years for a self-employed individual.
• Property documents
  

Key features and benefits of home extension loans

#1 Long Tenor: Banks and housing finance companies in India provide home extension loans for a period of up to 20 years. But the age of the applicant, the repayment scheme opted for, and the outstanding period of any pre-existing loan, among other factors, also influence the tenor.

#2 Interest rates: DMI Housing Finance provides home extension loans at reasonable rates of interest. In the case of home extension loans, the interest rates for these loans are more or less equivalent to that of regular home loans. To know your eligibility or to apply instantly please visit the DMI customer portal

#3 Tax benefits: When you apply for a home extension loan, you will be eligible for a tax deduction of up to Rs. 30,000 under section 24(b) of the Income Tax Act, 1961 on the interest payable.

#4 Easy repayment: Housing finance companies and banks typically cover 80% to 90% of the total home extension cost. Similar to home loans, extension loans can be extended for long periods, and you can easily repay the amount through easy EMIs.

Home is that place where we all seek comfort and peace as a family. So, if you are planning to redo and expand your existing property, apply for a home extension loan from DMI Housing Finance. You can avail DMI home extension loans from the comfort of your home or by visiting any of our 37+ branches across India, to name some Varanasi, Lucknow, Surat, Prayagraj, and Mohali, at competitive interest rates, with hassle-free processing, easy-to-meet eligibility requirements, and quick fund disbursal. If you have a different home loan requirement and want to know more about other types of home loans, here’s a guide for you.

You can use our branch locator to find a branch closest to your home. If you want to apply for a home loan online, you can visit the DMI home loan customer portal today and choose a loan plan as per your requirements.

For any questions, you can also call us on 18001214214 or write to us at customercare@dmihousingfinance.in. For a new home loan, give us a missed call on 9772027704.