Everything You Wanted to Know About Top-up Loans

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Everything You Wanted to Know About Top-up Loans _WC

6 min 09 Apr 2024

Highlights

Top-up Loans
Features of Top-up Loans
Benefits of a Top-up Loan
How to Apply

What is a Top-up Loan?

A Top-up Loan is a loan option extended by lenders to existing borrowers who already have a Home Loan or opt to transfer their Home Loan balance. Top-up Loans enable borrowers to access extra funds over their current loan amount. The eligibility for a Top-up Loan Loan generally depends on the borrower's repayment history. These loans often come with competitive interest rates and can be used for additional housing purposes, such as home renovations.

Features of Top-up Loans

Top-up Loans come with several beneficial features such as:

Competitive Interest Rates

Top-up Loans come with competitive rates of interest. Also, Top-up interest rates are comparatively lower than the rates of unsecured loans.

High Loan Amount

The maximum Top-up Loan amount availed on a Home Loan can vary as per the lender’s policies and discretion. Generally, one may get funds worth Rs.1 Crore*, or higher, basis eligibility.

Benefits of Top-up Loans

A top-up on your Home Loan extends the following advantages:

A top-up allows you to meet any housing requirement
It entails minimal documentation
Since you already have an existing housing loan, the application process and eligibility parameters simple and straightforward
Top-up repayments are easier due to low interest rates and flexible tenors.

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