A Home Extension Loan meaning is a type of housing loan offered by banks and financial institutions in India to help homeowners finance the expansion or extension of their existing property. This loan is ideal for individuals or families who need additional space due to growing needs, such as adding a new room, extending a floor, or building a balcony.
What is Home Extension Loan?
It is meant specifically for extending an already owned residential property. The property must be legally owned and approved for such construction activities.The loan amount depends on the estimated cost of construction, borrower’s income, repayment capacity, and property value. Some lenders finance up to 80 to 90% of the extension cost.
Banks offer home extension loans with interest rates ranging between 7% to 12%. The tenure can extend up to 20 years or more, making the EMI affordable. Similar to home loans, home extension loans also offer tax deductions under Section 24(b), and Section 80C.
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What is a Home Extension Loan ?
akash
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2025-05-21T12:28:47+00:00 2025-05-22T16:51:43+00:00Comment
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