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As you progress in life, there are times when you realise that some more space in your house is required. This could be for your kids or additional members staying with you or even simply having some extra space to make your house bigger. This is almost trying to build a part of a house and requires similar effort as buying or building a new house. You can smartly take up a loan which will not pinch your pockets in terms of meeting your daily financial obligations. The HDFC Home Extension loan just fits into this need of yours. You can add more space to your house without having to forego your savings and utilize the available finances in a prudent way.
1. The HDFC Home Extension Loan is given for building extra space in your house like rooms.
2. This loan is available for both existing and new customers.
3. HDFC Bank offers easy and hassle free documentation.
4. One can make simple repayments on the loan with monthly instalments.
5. This loan is made available at home loan interest rates itself.
Like other banks, HDFC bank also charges some fees for processing any loan. Some of the main fees are listed below. However, do note that these charges are liable to change at the discretion of the bank.
Conversion Fees: HDFC Bank allows you to take advantage of reducing interest rate on your home loan through the Conversion facility. What this essentially does is to change the spread of your loan or switch between schemes. A nominal fee is charged for this service and you can opt for either reducing your EMIs or the loan term. This facility is made available at the Bank’s discretion for existing customers only.
Prepayment Charges: There are some norms and charges applicable when you prepay and close the loan account. It has been listed below for quick reference:
Do note that these prepayment charges are subject to change as per prevailing policies of HDFC and may vary from time to time.
As is the case with other loans, there are some basic eligibility criteria to be considered before applying for this loan.
Having a good credit score increases your chances of getting a faster loan approval. A credit score can be generated at www.creditmantri.com wherein your income and liabilities are assessed for a strong financial capability. If you have a good score (normally considered at 700+), the bank will process your loan without any glitch or additional documentation. If you have a lower score, it is advisable that you pay off your existing debts and sort credit issues before applying for the Home Loan to avoid rejection.
The HDFC Home Extension Loan can be spread out for a maximum term of 20 years. The bank fixes the loan tenure on the basis if your age, risk profile, age of the property, specific repayment plan and other terms applicable.
*Funding is normally approved on the basis of the repayment capacity of the customer and is subject to market value of the property, as assessed by HDFC.
There are two types of HDFC Home Extension loan:
-Adjustable Rate Loan : This type of Home Extension loan is linked to the Retail Prime Lending Rate (RPLR) of the Bank. If there is a change in the bank’s RPLR, the interest rate on the loan will be revised once in 3 months depending on the first date of disbursement with or without a change in EMI. If the interest rate increases, the interest component of your EMI will increase and the principal amount will decrease resulting in an extension of the loan term and vice versa.
-TruFixed Loan : 2/3 Fixed Rate Variant: This type of loan offers a part fixed term rate and a part adjustable rate term. The fixed rate is for a maximum of 2/3 years, post which the loan automatically converts into the variable rate.
Before signing up for a home extension loan, it is important to check on the interest rates being offered by the bank. HDFC Home Extension Loan interest rates is one of the most competitive offerings in the market. The details of interest rates offered by the bank is mentioned below:
Retail Prime Lending Rate: 16.65%
The above mentioned interest rates are applicable for loans under the Adjustable Rate Home Loan Scheme of HDFC and subject to revision at the time of disbursement. These rates are also linked to the Retail Prime Lending Rate and will fluctuate from time to time. All loans and interest rates are at the sole discretion of HDFC Bank Limited.
TruFixed Loan – 2 year Fixed Rate Variant
For a successful home loan application, one needs to submit some mandatory documents along with the completed and signed Application Form. This applied to both Applicant and Co-Applicant. These documents have been listed out below:
All documents need to be self-attested. The list of documents can be updated by the bank from time to time. Depending on your application details, the bank has the right to ask for additional documents to process the home loan.
The HDFC Home Extension Loan is probably the best option when you are planning to extend your house or add more space. There are some inherent advantages of the HDFC Home loans that can be noted:
1. What is an EMI?
Equated Monthly Instalments (EMIs) is the loan repayment amount made every month to the bank. It is to be paid on a specific date each month till the loan is repaid in full. It consists of the interest rate on the loan and the principal amount of loan.
2. Do I get tax benefits on my loan?
Yes, you are eligible for tax benefits when you take a home loan under the Income Tax Act, 1961.
3. What is an under construction property?
It refers to a house or apartment which is under construction and possession will be handed over to the buyer at a later date.
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