HDFC Home Extension Loan

Just like everything else in life, housing requirements also keep evolving. As a family grows, there might be the need to add more space to a home or make new modifications. HDFC home extension loans offer exactly that. These specialized home loans offer financial assistance to borrowers who already own a home and are looking to add more space to it. Whether you’re converting your sprawling villa into a multi-storey apartment or constructing additional rooms within the house, home extension loan by HDFC offers ready help.

Urban Money offers complete assistance in filling out HDFC home loan applications. Keep reading to find the complete overview of this loan, including interest rates, eligibility criteria and much more.

Key Features and Highlights of HDFC Home Extension Loan

Take a quick glance at the prominent features of the HDFC home extension loan.

Benefits of HDFC Home Extension Loan

Home Extension Loan by HDFC offers a number of advantages to its borrowers:

• End-to-end digital loan applications
• Competitive interest rates
• Low Processing Fee
• Customisable Repayments
• Co-applications accepted 

HDFC Home Extension Loan Interest Rates

HDFC Bank’s interest charges on Home Extension Loans range from 8.75% p.a. To 9.40% p.a. A borrower’s credit score significantly impacts the interest rates offered to them. The higher the credit score, the lower the interest rate will be. And the lower the interest rate, the lower will be the monthly EMI.

HDFC Home Extension Loan Fees and Charges

Apart from the HDFC home extension loan interest rate, the following fees and charges apply to the loan.

• Processing Fee: A processing fee of 0.50%-1.50% of the loan amount, plus GST, is applicable on a home extension loan by HDFC.
• GST: An 18% goods and services tax applies to all loan-related services by the bank.
• Other charges: These include stamp duty charges, document verification charges and others.

HDFC Home Extension Loan – Eligibility Criteria

HDFC home extension loan eligibility is determined by the following criteria:

• Eligible Candidates: Self-Employed/ Salaried Individuals who already own a home
• Age Limit: 18-70 years
• Nationality: Indian
• High Credit Score

HDFC Home Extension Loan – Documents Required

The document requirements HDFC home extension loan:

• Mandatory Documents: PAN Card and Form 60
  
• KYC Documents: ID Proof (Aadhar Card/ Valid Passport) and Residence Proof (Utility Bills/ Aadhar Card)
  
• Income Documents: 3 months’ salary slips/ 6 months’ bank statements/ 2 years’ Balance Sheet and P&L account
  Property Related Documents: Title Deed/ Plan Copy/ Encumbrance Certificate