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Home Extension Loans |
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One of the most popular loans under the bank loans in India is the home loans and the Home Extension Loans is just a part of the home loan scheme. If you are in the thinking process of buying a home, you can still apply for home loans from the banks even before you find a property. The banks these days are offering loans at much cheaper and lucrative rates, which is attracting more and more people to take loans before they start of with any big project. The Banks have several housing schemes and they have loans for buying a flat, a house or a land. The new implemented loan policies of the government have made it easier for procuring home extension loans in India from the banks.
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However, it must be pointed out that the home extension loans are mainly aimed for those customers who want to extend a part of their already existing house. This means you can go for these home extension loans offered by banks, if you have plans to expand your house like building more rooms and other such extension works. The banks usually offer about 70-85% of the total amount needed for extension, as loan. However, this also depends on a number of other criteria. These include the factors like age of the borrower at the time of taking loan, tenure, repayment capacity of the applicant and other such criteria.
Some of the banks offering home extension loans include HDFC Bank, ICICI Bank, Bank of India, Standard Chartered, IDBI Bank, State Bank of India, Union Bank of India,
UCO Bank, Bank of Baroda, Citibank and Development Credit Bank. The interest rates offered by the banks on the home extension loans can be fixed or on floating basis. These days many of the banks offer online filling up of the forms for these home loan plans.
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