Home loans: To top up or not to top up?
Business Standard|April 15, 2024
The home loan top-up, a kind of secured multipurpose personal loan, is on the regulator's radar. Rightly so

You can now apply for a top-up on your existing home loan and use the funds to fulfil a host of requirements such as home renovation, marriage expenses, business expansion, funding of your child's higher education or any other personal need with a combination of overdraft facility.

As our esteemed home loan customer, you can avail extra loan of up to 50 lakh against the mortgage of your property. You can use the top-up loan for multiple purposes such as construction of residential/commercial property, personal requirements or for business purposes.

We offer top-up loans to our customers to borrow a certain amount over and above the home loan amount.

The customer who already has a home loan and requires more funding can opt for home top-up loans. It can be availed for any personal purpose. The interest rates are much lower than usual personal loan interest rates.

With our top-up loans, you can celebrate your personal or professional milestones such as marriage, a dream vacation, business expansion, debt consolidation, etc. with super ease and minimal new documentation. Let your dream fuel more dreams.

I have picked all four statements from the websites of large commercial banks hawking top-up home loans. This is an additional loan provided by most banks and housing finance companies on existing home loans. If you have a running home loan with a particular bank or a non-banking financial company (NBFC), applying for the top-up loan gets simpler, hassle-free and needs minimal documentation.

هذه القصة مأخوذة من طبعة April 15, 2024 من Business Standard.

ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.

هذه القصة مأخوذة من طبعة April 15, 2024 من Business Standard.

ابدأ النسخة التجريبية المجانية من Magzter GOLD لمدة 7 أيام للوصول إلى آلاف القصص المتميزة المنسقة وأكثر من 9,000 مجلة وصحيفة.

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