Home Extension Loan

Home is where story begins. Your dream of making your place into a lovely home can be fulfilled easily now with ABM Financial Services Home Renovation Loan. Now you can plan interiors & exteriors of your home without the hassle of insufficient funds.

Apply for loan

Get financing for whatever you need now

Enquire Now

Features of Home Extension Loan

All loans are not created equal, Home Extension Loan has become a great option for people to use.

Loan Term

Your loan term is maximum up to 30 years which cannot extend your retirement age of 60 years. (Whichever is earlier) for self employed its 70 years.

Loan Amount

You can get a home construction loan up to 90% of the cost of a property market value.

Interest Rate & charges

8.80% to 12.00%.  The final rate of Interest will depend upon Profile, Loan amount, tenor and property type.

Home Extension Loan - Eligibility

Any salaried, self-employed or professional Public and Private companies, Government sector employees including Public Sector is eligible for Home Extension Loan.

Age

Salaried (Min-Max) 21 – 60 years

Self Employed (Min-Max) 21 – 70 years

Co-applicant

Co-applicant : Not mandatory – but should be family members

Credit Rating

Applicant should have the bank specified credit score of 750 or above.

Frequently Ask Questions

It is not mandatory to have a co-applicant but having a co-applicant will increase your eligibility and your chances of getting the home loan sanctioned. If you are an individual, your parents, your spouse or even your major children can be your co-applicant. A co-owner of your property has to be a co-applicant but a co-applicant need not be a co-owner.Non Individual organizations like a partnership firm, an LLP, and a private limited company can also be a co-applicant.

Market value is the fair value of the property that you propose to mortgage with us as security against the home loan you avail of. Our specialized team calculates this value based on the prevailing market conditions and trends.

An under construction property is one which is in the process of being built up. When you book a property in such ‘under construction’ property, you will gain possession at a future date.

Security of the home loan would generally be mortgage of the property that is financed by us and / or any other collateral / interim security as may be required by us. It is extremely important for you to ensure that the title to the property is clear, marketable and free from encumbrance. There should not be any existing mortgage, loan or litigation, which is likely to adversely affect the title to the property

Yes. You are eligible for tax benefits on the principal and interest components of your Home Loan under the Income Tax Act, 1961. As the benefits can vary each year, please do check with our Loan Counselor about the tax benefits that you can avail on your loan.

An EMI is the ‘Equated Monthly Installment’, which is the monthly payment that you make towards repaying your Home Loan on a specified date until your loan is repaid in full.

Documents

Below is the list of documents required for loan process.

  • Aadhaar card
  • Valid Driving License
  • Valid passport
  • Voter ID card
  • Last 3 months’ salary slips
  • Last 6 months’ bank statements, showing salary credit
  • Latest Form-16 & IT returns
  • Income Tax Returns with computation of income for the last 3 Assessment Years
  • Balance Sheet and Profit & Loss account statements of last 3 years along with the annexures and schedules
  • Current account statements of the business entity for the last 6 years
  • Savings account statements of the individual for the last 6 years
  • Plot’s title deed
  • An estimate of the home extension by an architect/civil engineer
  • Any proof of no encumbrances on the property
  • Self-attested passport size photograph of the applicants and co-applicants
  • Own Contribution Proof

Let us help You With Your Next Loan!