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Home Extension Loan

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Home Extension Loan

Name: Home Extension Loan
Brand: SMFG Grihashakti

Extra Comfort at Affordable Interest Rates

A home extension loan is a popular choice among many homeowners these days, especially after the recent pandemic has reshaped the way people work, study, shop, and basically -- spend more time at home.

As we go through our life journey we build our dreams and we work towards fulfilling them. Having a beautiful home is certainly one of the most important dreams we all share. As time passes, you may want a bigger house. Rather than purchasing a new house, you may wish to add new floors or rooms. Apply for a home loan for an extension today and extend your house right away.

Features of a Loan for Home Extension
Benefits of SMFG Grihashakti Home Extension Loan
Documents Required for Home Extension Loan
Home Extension Loan Eligibility Criteria
FAQs for Loan for House Extension

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Features of a Loan for Home Extension

QUICK DISBURSAL OF FUNDS

The entire home improvement loan application process is smooth and seamless. Post verification of your documents and house extension loan approval, the disbursal process is initiated within 72* hours.

AFFORDABLE HOME LOANS

We offer attractive interest rates on home loans for extension. You can use the home loan calculator to determine your EMI.

LOWER EMIS

You can extend the tenure of your home loan for extension and enjoy lower EMIs.

MULTIPLE REPAYMENT OPTIONS

You can pay your EMIs for the renovation loan through post-dated cheques or by availing of the ECS (Electronic Clearing Service) facility. You can even pay your EMI online through our website from the comfort of your home or office.

TAX BENEFITS

You can also receive tax benefits on the principal and interest components of your home remodelling loan.

Benefits of SMFG Grihashakti Home Extension Loan

Apply online :

You can apply for a loan for a home extension online from the comfort of your home or office by clicking the "Apply now" button here. You have to enter the details like loan amount, location, bank account details, etc. Thereafter, you need to upload all the documents on the site. Next, our representatives will get in touch with you to take the home expansion loan process ahead.

If your home extension financing application gets accepted, you will receive a tracking ID, through which you can even track the status of your loan for house extension online.

Various types of home extensions are covered

You can avail of a home extension loan from us to either build new floors or new rooms. We cover multiple forms of home loans for extension.

Documents required for home extension loan

Here are the documents you may need to provide when applying for a home upgrade loan.

Type of document	Salaried	Self-employed
Proof of Identity	PAN Card Voters ID Driving License Employee Card	PAN Card Voters ID Driving License
Proof of Income	Last 3 months’ salary slips 2 years’ Form 16 6 months’ bank statement with salary credits	Last 2 years’ ITR with computation CA audited Financial wherever applicable 6 months primary bank statement
Proof of Residence	Aadhaar Card* Latest Electricity bill/piped gas monthly bill Ration Card Property Tax/Water Bill	Aadhaar Card* Latest Electricity bill/piped gas monthly bill Ration Card Property Tax/Water Bill

Documents pertaining to the architect’s plan will also be requested.

*Terms and conditions apply. Please note that Aadhaar card copy will need to be masked as per regulatory requirements. Depending on the applicant's profile & requirements as well as SMFG Grihashakti's policy at the time of loan application, additional documentation may be requested.

Home Extension Loan Eligibility Criteria

Depending on whether you are salaried or self-employed, there are different eligibility criteria to apply for a loan for a home extension. We have listed down the types of organisations which a salaried or self-employed applicant can be a part of to apply for a home loan for an extension.

Salaried	Self-employed
MNCs/Listed Public Ltd. Cos/Govt.	Individual businessmen/sole proprietorship
Pvt. Ltd. Organisations/unlisted or closely held companies/partnerships/proprietorship firms	Professionals – doctors/architects/CAs/consultants, etc.
	Partnership Firms
	Pvt. Ltd. Organisations/unlisted or closely held companies

Please note that other factors like monthly income, location, credit score, etc. and SMFG Grihashakti policy at the time of home addition loan application will also be considered while determining an applicant's eligibility.

Quick Links

Home Loan

Home Loan EMI Calculator

Home Loan Eligibility Calculator

Home Loan Interest Rates

FAQs for Home Loan for Extension

What is a home extension loan and how does it work?

A home extension loan is taken to extend or increase the living space of your house. You can build additional floors or rooms by availing the loan for a house extension.

How do I apply for a home loan for an extension?

You can call the toll-free number given at the top of this page or fill up the form that will appear once you click on the 'apply now' button on this page. Alternatively, you can also walk into one of our branches to apply for home renovation financing.

What is the maximum home extension loan that I can obtain?

Generally, you can expect to receive 90% of the amount required to extend your home. However, the maximum loan for home extension amount will depend on various factors including the applicant's income, credit score, existing loans, etc. as well as SMFG Grihashakti's policy at the time of application.

How do I repay a house extension loan?

You can repay your home extension loan through an electronic clearing service (ECS) which will debit the EMI directly from your account or pay by PDCs (post-dated cheques). Alternatively, you can also repay the remodelling finance EMIs online through our website from the comfort of your home or office.

Which factors affect your home loan for extension eligibility?

The home extension loan eligibility depends on multiple factors such as your age, income, tenure of loan, credit history, repayment capacity etc.

How to get a home extension loan with ease?

Well, it is quite easy to apply for a loan for a home extension. Just get in touch with us and enjoy a seamless loan application and disbursal process. But you may want to keep the following points in mind before applying for home extension funding:

Apply for your credit report and check for errors. Get the errors rectified.
Check whether you fulfil the eligibility criteria
Depending on your eligibility, you can receive up to 90% of the home extension loan amount. The remaining amount will have to be provided upfront by the applicant. Applicants who require additional funding to fulfil this need can also apply for a personal loan.
You can use the home loan for extension calculator to estimate your EMIs for your desired loan amount. If the EMI amount, along with your other monthly obligations doesn't exceed 30%-40% of your monthly salary, you should be able to receive the loan for a house extension.
Ensure that the paperwork of your property is in order.

How long does it take to get a home extension loan sanctioned?

The entire process may take three to four weeks since the property will also need to be verified. However, after verification checks are successfully completed, and your loan for home extension gets approved, the disbursal process gets initiated within 72 hours.

What are the types of home extension loans available?

We offer various types of home extension loans for a variety of purposes. It is recommended to get in touch with us to know more about our house extension loan options.

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EXPAND YOUR HOME WITH A HOME EXPANSION LOAN

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Happy Homes

Mr. & Mrs. Vijaya Bhaskar Besta, Secunderabad

Mr. & Mrs. Chandrashekhar Shashtrimath, Karnataka

Mr. & Mrs. Kaithepalli Harishkumar, Vishakhapatnam

Mr. &Mrs. Rakoti Simhachala, Vishakhapatnam

“Owning a home brings in a sense of satisfaction and pride. The representative from SMFG Grihashakti has delivered good service and made our walkthrough in loan process easy. My favourite part in the entire home is the living room, which I have decorated well with special care.”

Mr. & Mrs. Vijaya Bhaskar Besta, Secunderabad

“Nothing compares to the happiness, which you get on moving to a home of your own. We are thankful to SMFG Grihashakti for helping us to achieve this happiness – they delivered excellent services in all aspects. Ever since we have moved to our home, our business has been booming!”

Pujan N. Maniar Family, Ahmedabad

“We are really happy to shift to our own place. Thanks to SMFG Grihashakti team, who helped us with their good service. The new home is very lucky for us because after we shifted here, I started my own business.”

Mr. & Mrs. Chandrashekhar Shashtrimath, Karnataka

“Having a house of your own gives you a sense of security and fulfilment. Kudos to the SMFG Grihashakti team – they are very prompt in their services! Our home is very special to us as we bond together as a family and also spend quality time with friends.”

Rupam Das Family, Kolkata

“We were looking for a home of happiness and peace. Thanks to the SMFG Grihashakti team, who helped us to realise this dream of ours. Our home has been very lucky for us – ever since we have shifted to our new home, prosperity followed!”

Mr. & Mrs. Kaithepalli Harishkumar, Vishakhapatnam

“I was very excited when I moved to my first home. Along with purchase of my new home, I also needed some funds to renovate my home. SMFG Grihashakti has been very cooperative and made my loan process very smooth. I love the balcony of my house, where I see birds chirping every morning."

Mr. R Sarvanakumar, Chennai

“Our new house is very special to me as it was the first house after our daughter was born. With SMFG Grihashakti we completed the loan process very smoothly. I love the hall of my house, where I can watch my daughter play.”

N. Durga family, Chennai

“The best part of our new home is its locality! Situated near a children’s park, now our children get to play during evenings. Service from SMFG Grihashakti has been wonderful with speedy and hassle-free loan process.”

P. Vasanthakumari family, Chennai

“Having a home is a special feeling and we experienced this when we moved from our rented accommodation to our own home. We feel fortunate to come across Grihashakti, who made the entire loan journey so simple and fast. My favourite place in the home is the living room, where I can relax with my wife after a day’s work."

Mr. &Mrs. Rakoti Simhachala, Vishakhapatnam

“It was a great feeling to own my first home. I am thankful to SMFG Grihashakti for their assistance throughout the loan process. Now my home being closer to my workplace, I can spend a quality time with my family”

Mr.Hemant Chandramani, Rajkot

“Staying in a home of your own has its own comforts. And if it is your first home, the feeling becomes more special. Thanks to SMFG Grihashakti as they helped us to realise our dream. The entire home is very special to us as we build sweet memories every day.”

Y. Sai Kumari Family, Vishakhapatnam

“A home of your own makes you feel independent. My mother was so happy when I shifted her to my own home. SMFG Grihashakti has been really helpful in making the entire loan process smooth and hassle-free. The favourite place at my home is the living room where I can spend quality time with my mother.”

Ms.Reema Chandiramani, Bhopal

Our home being the first home of our own is very special to me. It has also been a symbol of security for us. SMFG Grihashakti has been really quick in their processes and helped us through the entire loan process. Every corner of our home reflects a part of us – happiness and peace!"

Mr. & Mrs. Dinesh Sharman, Bhopal

I really feel proud to own my first home. I am thankful to Grihashakti, as the employees were so cooperative that I didn’t have to visit the branch repeatedly. My favourite in the home is balcony, from where I can see the vast sky."

Ms.Anju Saini, Kishangarh

Disclaimer: *Please note that loans are disbursed at the sole discretion of SMFG Grihashakti. Final approval, loan terms and disbursal process will be subject to SMFG Grihashakti’s policy at the time of loan application. If you are an existing customer and wish to foreclose your loan, please note that foreclosure terms and charges will be applicable as per our policy at the time of loan foreclosure.