Expand your house with our Home Extension Loan.
Add a room for your growing child, gift your family a larger kitchen, or create another floor for your growing needs with this loan. With attractive interest rates and superior customer service, we make your home extension loan hassle-free.
At Capital India Home Loans, we believe in customer engagement and education at every step. We guide customers throughout the process by providing services at the doorstep for ease of documentation and timely loan delivery.
Home extension loans are designed to provide finance for additional construction in existing property.
As per the Section 24 of the Income Tax Act, interest paid on the capital borrowed for the acquisition, construction, repair, renewal or reconstruction of property is entitled to a deduction of a maximum amount of INR 2,00,000. The property should be self-occupied. For rented out property there is no limit to the amount of deduction.
As per the Section 80C of the Income Tax Act, you can get a maximum deduction of INR 1,50,000 from the income, on repayment of principal during a financial year.
Up to 90% of the Cost of home extension. This value must be verified and certified by an inhouse technical officer or empanelled chartered engineer or architect.
| Fixed Rate of Interest | Floating Rate of Interest | ||
|---|---|---|---|
| Minimum | Maximum | Minimum | Maximum |
| 11.00 % p.a. | 26.00 % p.a. | 9.00 % p.a. | 16.00 % p.a. |
| *Above rates are currently applicable and are subject to changes from time to time. | |||
The purpose of a home extension loan is to borrow money if you want to extend your home or create more space in a home that you already own. This could be in the form of a room built on the terrace, in place of a balcony etc.
The tenure of a home extension loan works in the same way as that of a regular home loan.
A home loan provides finance for the purchase or construction of a new house whereas a home extension loan is used for extending your current house.
701, 7th Floor, Aggarwal Corporate Tower,
Plot No. 23, District Centre,
Rajendra Place,
New Delhi – 110008
Tel: +91 11 69146000
CIN: U65990DL2017PLC322041
IRDAI Registration Code for Corporate Agent: CA0688
Level - 20, Birla Aurora,
Dr. Annie Besant Road,
Worli, Mumbai – 400030
