Expand your dreams and home space with a Truhome Finance Home Extension Loan
Home Extension Loans of up to ₹10 Crore
Truhome Finance Limited, formerly known as Shriram Housing Finance Limited. For FAQs Click Here.
Home Extension Loan Features and Benefits
Loan Amount
Up to ₹10 Crore
Flexible Loan Tenure
Up to 25 years
(Subject to your retirement)
Rate of Interest
Starting from 8.5%
Maximum Loan
Upto 90% of the property cost
(*subject to regulatory norm)
Processing Fees
Up to 1.5% of the Loan Amount
Pre-payment Fees
Individual Borrowers - Nil
Easy Repayment
Make multiple part payments with zero prepayment charges* (only for floating rate)
Easy Documentation
Get your loan quickly with the simple documentation process.
Dedicated Relationship Manager
Need help with your loan application?
We provide a dedicated relationship manager to help solve your issues.
Tax Benefits
Get tax exemptions as per the IT Act, 1961
Life Insurance Cover
Life insurance cover is offered to housing loan borrowers, at affordable premiums against risk of death during the tenure of the loan under group insurance Credit Shield Scheme.
Nationality
Indian citizen residing in India.
Age
Salaried: Up to the age of 60 years.
Self-Employed: Up to the age of 65 years.
Occupation
Salaried, Self-Employed
Step 1
Register using your mobile number.
Step 2
Select the loan amount and tenure and submit the application.
Step 3
Our dedicated relationship manager will contact you to process your home extension loan application.
Documents for Home Extension Loan Application
Here is the list of documents required for an Truhome Finance Home Extension Loan:
KYC Documents:
Mandatory Documents
- PAN Card or Form 60
ID Proof
- Voter's ID or
- Aadhaar card or
- Driving License or
- Passport or
- Job Card Issued by NREGA
Address Proof
- Valid driving license or
- Latest electricity bill or
- Latest Telephone Bill or
- Aadhar Card
Income Documents
- Last 3 months' salary slip or latest salary certificate
- Last 6 months’ bank statement
- Form 16
KYC Documents:
Mandatory Documents
- PAN Card or Form 60
ID Proof
- Voter's ID or
- Aadhaar card or
- Driving License or
- Passport or
- Job Card Issued by NREGA
Address Proof
- Valid driving license or
- Latest electricity bill or
- Latest Telephone Bill or
- Aadhar Card
Income Documents
- Last 2 years Income Tax Returns (ITR)
- Computation of income
- Profit and Loss Account (P&L)
- Last 6 months’ bank statement
What are the Tax Benefits on Home Extension Loans?
Here is a detailed guide on home extension loan tax exemption:
| Deductions | Sections | Maximum Deduction (₹) | Terms and Conditions | |
|---|---|---|---|---|
| Principal | 24b | ₹2 Lakh | You must finish building or buying a new house within five years of availing the loan. | |
| Interest | 80C | ₹1.5 Lakh | House property should not be sold before five years of possession. | |
| Interest | 80EE | ₹50,000 | For a home loan amount of up to ₹35 Lakh and for a property value of not more than ₹50 Lakh. | |
| Interest | 80EEA | ₹1.5 Lakh | Home properties with a stamp value up to ₹45 Lakh. | |
| Interest | 80C | ₹1.5 Lakh | Claim to be made in the same financial year the stamp duty was paid. |
Important Tools for Smarter Housing Finance Decisions
EMI Calculator
Learn how loan amount, interest rate, and tenure affect your monthly payments. Use this tool as a guide to plan better.
Eligibility Calculator
Discover how lenders evaluate your eligibility based on income, expenses, and other factors. Get an estimate of the loan amount you may qualify for.
How is a home extension loan different from a regular home loan?
A home extension loan is specifically for expanding or renovating your existing home, while a regular home loan is for buying or constructing a new property.
How much can I borrow with a home extension loan?
The loan amount depends on factors like property value and the construction cost (related to home expansion).
What are the interest rates for home extension loans?
Interest rates for the Truhome Finance Home Extension Loan start from 8.5% and may increase depending on the loan amount, credit history and tenure.
How long is the repayment period for a home extension loan?
With the Truhome Finance Home Extension Loan, the repayment period is highly flexible & can go up to 25 years. For a salaried person, the loan repayment period of up to the retirement age or 60 years whichever earlier and for self-employed individuals, the loan repayment period of up to 65 years of age.
Who is eligible for a home extension loan?
Indian citizens who own the land and have a steady source of income are eligible.
What can be the use of a home extension loan?
You can use the loan to build new rooms, increase the size of your living space, add levels, or modify existing parts in your house.
Are there any tax benefits for a home extension loan?
Yes, you can avail tax exemption on the interest paid and principle paid for your home extension loan as per the Income Tax Act
How is the home extension loan disbursed?
The home extension loan amount is usually disbursed in instalments based on the progress of the extension work.
What happens if the extension project costs exceed the loan amount?
You can check with us if you are eligible for an additional loan amount in case your project costs more than the original loan amount.
Can I prepay the loan before the tenure ends?
Yes, you can prepay the house extension loan before the tenure ends. Truhome Finance does not charge for part or full prepayment of home extension loans with a floating interest rate.
What happens if I default on loan payments?
Failure to pay your debts on time may lower your credit score and subject the lender to take legal action. Furthermore, it will lead to bounce charge penalty.
Can I apply jointly for a home extension loan with a co-applicant?
Yes, you can apply for a house extension loan with a co-applicant at Truhome Finance. Co-applicants can be your siblings, spouse, parents and children.
Can I avail a home extension loan for an apartment?
Yes, with Truhome Finance, you are allowed to avail a home extension loan for an apartment.
Are there any processing fees for home extension loan?
Truhome Finance typically charges a small processing fee as mentioned in the sanction letter.
Can I get a loan if I have an existing home loan?
Yes, even if you already have a loan, you can apply for a home extension loan with Truhome Finance.
