Maximum Amount of Home Extension Loans:
Banks normally offer 70-85% of the total amount of home extension as loan. The amount of loan sanctioned also depends on a number of factors such as the age of the applicant at the time of loan, tenure of the loan, repayment capacity of the borrower etc.
Interest Charged by Bank for Home Extension Loans:
Rates of interest charged will be as per Bank's policy on the date of disbursement of loan. Interest rates can be either on fixed or floating basis.
Process of Home Extension Loans Application:
Customers can fill online application forms or personally visit the bank for approval of loan. A nominal fee of 1-2% is charged as processing by the banks.
Documents Required by Banks for Home Extension Approval:
Businessman/ Self employed professional:
Application form with photograph
Educational qualification
Identity and residence proof
Proof of business existence with business profile and last three years income tax return
Last 3 years income statement and balance sheet.
Last 3 month's personal and business bank statements.
Processing fee check
Salaried customers:
Application form with photograph
Identity and Residence proof
Latest salary slip
Form16
Last 6 months bank's statement
Processing fee cheque.
