Have you ever wondered what the top up loan is? If you are carrying the home loan balance transfer, then you can meet your multiple needs with top-up loans.
The top-up loan is a financial facility that is given to borrowers opting for the loan balance transfer. If you want to know about top-up loan, then this post is for you!
What is the home top-up loan?
If you want to switch your home loan account from one lender to another offering a lower rate, then it is called the home loan balance transfer. Leading lenders reward you with the top-up loan when you switch your home loan to them. If you have been repaying your home loan EMIs on time, then you can avail the top-up loan facility.
What are the benefits of the top-up loan?
When you have an active home loan account and if you have some other financial needs to fulfil, then you can cater to all with the top-up loan. The benefits of a top-up loan are many. Take a look:
The top-up loan’s documentation process is simple and the loan approval time is less time-consuming.
The disbursement for the top-up loan is fast.
The rate of interest for the top-up loan is affordable and is almost the same as that of the housing loan rate.
You are free to use the top-up loan amount for anything as per your needs. Be it the debt consolidation loan, marriages, home improvements, business expansions and more, you are free to use the top-up loan money for anything.
There is no need to submit any collateral for availing the top-up loan. It is because the loan is linked with your home loan profile only.
Depending on the lender that you apply for top up loan with, you can get higher or the higher top-up loan amount.
Read Also: Top Five Things to Check about Home Loan Balance Transfer
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