What is a Top Up Home Loan? Know the Benefits, How to Apply?
For middle class families, building their own home is like a dream come true because a lot of money is spent on building a house. It is not possible to pay so much money at once, so people take home loans to make their dreams come true.
What is a Top Up Home Loan?
Even after the construction of the house, all the expenses remain, for which money is needed. Like, furniture, interior, repair etc. In such cases, a top-up loan can be helpful to meet the cash requirement.
A top up loan is a type of personal loan that you get at a low interest rate. This is an additional loan amount, it can be taken on top of the existing home loan. All banks and financial institutions provide top up loan facility to their customers. The tenure of your top up loan depends on the home loan.
Advantage of a Top Up Home Loan
The first advantage of a top-up loan is that you don’t need any kind of security or guarantee, that is because the home loan in your bank is still pending. This is a personal loan, if you use it only for house construction and renovation, you can also avail tax exemption.
Rules Regarding Top Up Home Loan
Banks may have different rules regarding how much top-up home loan you will get. Generally speaking, a top-up loan amount of up to 70% of the total home loan amount and the market value of your property can be availed.
How to Apply?
You can apply for a top-up loan by visiting the bank from which you have taken the home loan or through the bank’s website.
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