How Home Extension Loan Will Help You Build Your Dream Home

Everyone wants to build their dream home – a place that matches their individual style and preference. If you own a home already, you can simply make additions to it as per your liking and convert it to your dream home. It is simpler and does not require you to change houses. However, making additions also involves a considerable sum of money and this is where home extension loans come into the picture. 

Here’s a quick guide to home extension loans, which can help you build your dream home – 

What are home extension loans?

Home extension loans are a type of home loan that are allowed for making additions or extensions to an existing house property. So, if there is a shortage of area in your current home, or if you want to make extensions to your home to give it a facelift, a home extension loan can come in handy.

How do home extension loans help in building your dream home?

Here are some ways in which home extension loans help in building your dream home –

• Easy availability 

Home extension loans are offered by many lenders. They are, thus, easily available. You can even apply online to get the loan at the earliest. Moreover, with different loan options available at your disposal, you can compare the loan across different lenders and choose a deal that gives you the required amount at the most competitive home loan interest rates. Just check your home loan eligibility and apply for the loan online for quicker processing and disbursals.

• Simple eligibility requirements

A home extension loan has simple eligibility parameters. You need to have a steady source of income and a good credit score and you can apply for a loan. You can even avail of an extension loan under your existing home loan if the lender offers the same. The home extension loan, thus, becomes easily accessible. 

• Affordable interest rates

Home extension loans have low and affordable interest rates. These rates ensure that the loan does not strain your finances and you can pay it off easily. Moreover, when you compare the home loan interest rates across different lenders, you can choose the lowest interest rate bringing down the interest cost further.

• Flexible use

With a home extension loan, you can make any additions and extensions to your existing home. The lender does not restrict the usage of the funds. You can add a new wing to your home, a new room, a new floor or even a swimming pool. You can make extensions as per your preferences so that you can create the dream home that you want to live in.

• Ease of repayment

Home extension loans come with long-term repayment tenures. You can use the home loan EMI calculator to calculate the most suitable repayment tenure which gives the most affordable EMIs. You can, then, repay the loan over the chosen tenure. There is also the facility of prepayment or foreclosure allowing you to pay the outstanding loan in a lump sum, partly or fully. Thus, with home extension loans, you can repay the debt easily and in a manner that suits your budget.

So, rather than moving houses in a space crunch, choose a home extension loan. Transform your existing home into your dream home with extra space so that your family can live comfortably. With easy availability, simple eligibility parameters, low interest rates and flexible repayments, a home extension loan proves ideal for adding space to your home. To add icing to the cake, you can get tax benefits on the principal as well as the interest paid for the loan. So, a dream home and tax savings, what more can you ask for!