Top News

A top-up loan means an additional loan given on top of your already running loan. This loan is provided to existing home loan customers by banks or financial institutions. Which is approved based on your home loan balance and the current interest rates of the property. How much top-up home loan you will get depends on the market value of your property.

You must have heard about many types of loans. Do you know what are top up home loans? How is it used? The biggest feature of top up home loan is that it is available at lower interest rates than personal home loan and can be obtained for a longer period. Know what is a top up home loan, what are its benefits and how to apply for it.

What is a top-up home loan?

Top up loan means an additional loan given on top of your already running loan. This loan is provided to existing home loan customers by banks or financial institutions. Which is approved on the basis of your home loan balance and the current interest rates of the property. How much top up home loan you will get depends on the market value of your property.

Eligibility for top-up home loan

Eligibility for top up home loan may vary according to the bank and financial institutions. Know the general eligibility conditions.

1. To take a top up home loan, you must already have a home loan running.

2. To take a top up home loan, your credit score should be 750 or more.

3. If you want to top up your existing home loan, then for this you have to pay the home loan EMI on time.

4. To take a top up home loan, your stable monthly income and proof of employment are required.

5. You will get a loan based on the market value of your property.

6. The age of those taking a top up home loan should not be more than 70 years.

Benefits of Top-up Home Loan

1. Top up home loan is available at a much lower interest rate than personal loan. In such a situation, if the house has to be renovated or there is additional expenditure apart from the home loan, then many people prefer to take a top up home loan.

2. While taking your home loan, the customer's documents are already deposited in the bank, so there is no need for much documentation at the time of top up home loan. 3. If you want to transfer your home loan to another bank, then also a top up home loan can be taken.

4. It is very easy to apply for a top up home loan.

5. The amount received from the top up home loan can be used as per your need without any restriction.

Documents required for top-up home loan

While applying for a top up home loan, identity card, address proof, income certificate, property documents, home loan documents etc. are required.

How to apply for top up home loan

The application process for top up home loan is very easy. For this, follow the process given below.

1. First of all you have to go to the official website of the bank from which you have taken your home loan.

2. Now go to the home loan section and choose the option of top up home loan or home loan balance transfer plus top up.

3. You have to enter your personal, financial, employment information.

4. Scan and upload all the necessary documents.

5. Verify through OTP received on mobile number.

6. Now after submitting the form, the application process will be completed.

If you want, you can also apply offline by going to the bank branch. Where you have to take the application form for top up home loan. After taking the form, submit all the necessary documents and do the verification process, after this the application will be completed.