Top up of Home Loan
Top Up of Home Loan
Existing Home Loan borrower can apply Top up when requires for Construction, Renovation and Furniture’s without any guarantee or security. Processing Fees apply charges 1%.
A top-up home loan, also known as a home loan top-up, is a financial product offered by banks and housing finance companies that allows existing home loan borrowers to borrow additional funds on top of their existing home loan. This type of loan is designed to provide homeowners with extra funds for various purposes without the need to avail of a separate personal loan or mortgage loan. The top-up home loan is a convenient and cost-effective option for meeting financial needs while taking advantage of the lower interest rates offered on home loans.
The process of obtaining a top-up home loan is relatively straightforward for existing home loan borrowers. Once a homeowner has repaid a significant portion of their existing home loan and built up substantial equity in the property, they become eligible for a top-up home loan. The amount of top-up loan that can be availed depends on the outstanding principal amount of the existing home loan and the current market value of the property.