The Top Up Loan on Home Loan is a unique facility offered by leading online lenders to housing loan borrowers. Lenders extend the facility of the Top Up Loan on Home Loan to help Home Loan borrowers cover their vital needs at a lower rate of interest.
This post will talk about the concept, terms and conditions and benefits of the Top Up Loan on Home Loan.
Suppose you availed a Home Loan of Rs.50 lakh from a top online lender to fund your dream home. However, even after availing the housing finance, you feel that you need some more money to cover needs related to housing interiors, décor and more.
So, what are the options available? You can take a personal loan up to Rs.25 lakh and meet those needs. But the personal loan interest rates are higher and can go up to 15% or more and that’s why availing the Top Up Loan on Home Loan is a good idea.
Since the Top Up Loan on house loan is a loan that’s linked with your housing loan, prominent loan providers offer it just 2% more than the Home Loan interest rate.
What’s more, there are no repayment hassles you can easily repay in smaller EMIs. It is because all borrowers opting for a top-up loan get a tenor as wider as their Home Loans.
Another advantage of availing the Top Up Loan on Home Loan is the higher amount that it offers. You can get up to Rs.50 lakh from leading creditors to fund your needs without feeling the loan burden.
The top loan facility is also available to borrowers who transfer their Home Loan accounts for the attractive interest rate to another lender. Once they opt for Home Loan transfer facility, they can ask for a Top Up Loan worth Rs.50 lakh in case if they need funds.
There are many reasons that may convince you to opt for the Top Up Loan on Home Loan. Here are some of the major benefits of the Top Up Loan:
If you have availed a Home Loan and have some other needs to cover for which if you need finance, you can rely on the Top Up Loan on Home Loan to help you out!
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