Faqs - L&T Finance

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What is a Home Extension Loan?

A Home Extension Loan is specifically designed to help homeowners finance the cost of expanding their existing property. This could include adding a new room, extending the kitchen, or creating additional living space. The loan is typically secured against your property and offers flexible repayment options.

Who can avail of a Home Extension Loan?

Anyone who owns a home and meets the lender's Home Extension Loan eligibility criteria can apply for a loan for house extension. This includes being an Indian citizen aged 23 years or older, with a good credit score and sufficient income to repay the loan.

How much money can I borrow with a Home Extension Loan?

The amount you can borrow with a House Extension Loan depends on your income, existing debts, property value, and the lender’s policies. Using a Home Extension Loan calculator is advisable to get an estimate based on your financial profile.

What is the maximum term I can avail of a Home Extension Loan?

The maximum tenure for a home loan for extension of house extends up to 30 years.

What is the interest rate of a Home Extension Loan?

The Home Extension Loan interest rate with L&T Finance starts from 8.65%* p.a.

Are the interest rates of a Home Extension Loan higher than that of a Home Loan?

Typically, Home Extension Loans have similar interest rates to standard Home Loans.

Do I get Tax Benefits for a Home Extension Loan?

Yes, you can avail Home Extension Loan tax benefit under Section 24(b) of the Income Tax Act. Interest paid on the loan is eligible for deduction up to ₹ 2 Lakh per annum for self-occupied properties.

What security will I have to provide for a Home Extension Loan?

The security for a House Extension Loan is usually the property being extended.

In how many installments is a Home Extension Loan disbursed?

A home loan for a house extension is disbursed immediately to your bank account after loan approval.

What are the documents required for a Home Extension Loan?

For a Home Extension Loan, you will need to provide age proof, address proof, income proof and property documents.

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