Do you have an ongoing home loan that you are paying a large interest amount on and want to cover your different needs without managing larger interest rates?
If yes, you can switch your home loan to another lender offering a lower rate.
This way, not only your home loan interest rate will come down, helping you pay lower EMIs, but even a top up loan.
A top up loan will help you manage all other needs at a lower rate and a longer tenor.
Let’s know about the eligibility terms, features and benefits of a top up loan in this post!
What are the eligibility criteria of a top up loan?
All existing borrowers who apply for home loan balance transfer are eligible to avail of the top up loan facility. They also need to procure a few basic documents as required by their new lenders to complete the application procedure.
What are the features and benefits of a top up loan?
Lower interest rate
Since a top up loan is given on an already active housing loan, the interest rate on a top up loan is lower. It is some points above the active home loan – making it easier for you to manage.
Quick and easy financing
You need not follow strict terms and conditions to apply for a top up loan. In turn, it lets you get the loan approval faster.
High-value loan money
Based on your eligibility, the top up loan amount could be as high as up to Rs.1 crore and even more.
No restrictions on funds usage
You are free to use the top up loan amount for anything as per your needs if the purpose is legal.
Longer repayment tenor
You don’t have to strain your wallets to repay the top up loan. It is because its tenor is almost the same or less than your ongoing housing loan.
If you need a considerable amount to meet other needs when you have an active home loan, then a top up loan is what you can rely on.
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