Home Extension Loans
As time passes by, the requirements of your family change. Accordingly you may demand more from your current property and rightly so. You may aspire for a comfortable living for your growing family. For this you may need extra space in the existing property. We make it convenient to make this extension to your existing home. We provide loans to construct additional room/s or floor within the permissible building plan.
Eligibility
Loan Amount
Loans covering up to
85%
of the Home Extension cost
Maximum
Rs.25 Lakhs
*At the sole discretion of MOHFL
Loan Tenure
Minimum
5 Years
Maximum
25 Years
Salaried
25 Years
Self-Employed
We offer loans covering the total cost towards home extension with the cost estimates approved by a certified engineer / architect and verified by an MOHF valuer with a cap of 85% of the cost of construction.
Loan tenure may not be extended beyond the age of sixty (60) years in case of Salaried and Seventy (70) in case of self-employed customers at the time of loan maturity *
Loan tenure may not be extended beyond the age of sixty (60) years in case of Salaried and Seventy (70) in case of self-employed customers at the time of loan maturity *
Interest Rate
| Customer Type | Interest Rate | RPLR Minus Spread | MOHF RPLR |
|---|---|---|---|
| Salaried | 11.75% to 16.00% | 7.55 % to 3.80 % | 19.30% |
| Self Employed | 12.75% to 17.00% | 6.55 % to 3.05 % | 19.30% |
*RPLR - Retail Prime Lending Rate
Processing Fees
Up to Rs. 5,000 /- (Rupees Five Thousand only). Initial Processing Fee collected is onetime non-refundable fee, and is collected for the purpose of processing the loan application of the borrowers and the same is independent of the outcome of such processing. The same is payable by way of Cheque / Demand Draft / Electronic mode of payment from borrowers bank account in favour of Motilal Oswal Home Finance Limited.
