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Overview

A Top-up Loan is a handy refinancing option for borrowers who already have an existing Home Loan and would now like to seek additional funding along with better lending terms on their ongoing Home Loan. A ​​Home Loan Top-up can be facilitated through a Home Loan Balance Transfer, wherein you transfer your Home Loan balance to Bajaj Housing Finance for a more competitive interest rate.

When you opt for a balance transfer, you have the option to avail of a Top-up Loan of Rs.1 Crore* or higher, based on your eligibility – giving you access to a sizeable loan sanction as well as letting you save on your total Home Loan cost.

The Top-up Home Loan sanction comes at a relatively low interest rate compared to unsecured loans, such as a personal loan. Further, it comes with end-use flexibility and can be used to meet any financial need for housing purposes. If refinancing is your top priority, look no further than the Bajaj Housing Finance Top-up Loan.

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Features and Benefits of a Top-up Loan

With a Bajaj Housing Finance Top-up Loan, here are the benefits that follow:

Loan Amount of Rs.1 Crore*

Top-up on your ongoing Home Loan with sanctions as high as Rs.1 Crore*, or even more. The amount will be sanctioned based on your eligibility and application verification.

Competitive Interest Rate

Eligible borrowers (salaried) can get Home Loan Top-up interest rates as low as 9.80%* p.a. along with other favourable terms. ​​

End-Use Flexibility

As the loan amount comes with end-use flexibility, you can use it to address all housing expenses, such as home renovation.

Ease of Application

We have made the entire application process of applying for a Top-up Loan as easy as possible. This includes a fully online application process and doorstep document pick-up.​​

​​Simple Eligibility Criteria

​​ The eligibility criteria for a Top-up Loan will be similar to that of a Home Loan. This maximises your chances of availing it.​​​​​

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Eligibility Criteria for a Top-up Loan​​

If you have or had a Home Loan from a lender, the eligibility requirements for a Top-up Loan will be similar to those for the Home Loan. Different lenders may have different Top-up Loan eligibility, but here are some important things to keep in mind:

  • ​​​Before the next EMI is due, you need to clear any missed payments.​​
  • ​​​When combining a balance transfer from another bank's Home Loan with a Top-up Loan, it is important to have a one-year record of consistent repayment.​​
  • ​​​You must have completely paid off the existing mortgage for at least 6 months.​​
  • ​​​You should not have missed more than one EMI payment in the previous year. It's okay if there was only one missed payment.​​

​​​Please note that these requirements are general and may vary depending on the specific policies of the lender you approach for a Top-up Loan.​​

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Top-up Loan Interest Rates and Charges

Our attractive interest rate is one of the prime benefits of seeking a Top-up Loan from us. It lets you address costs not covered by your Home Loan with an economic approach.

Eligible applicants who are salaried and professionals can enjoy a sizeable loan sanction starting at just 9.80%* p.a. and repay the amount at their pace.

If you wish to know the other fees and charges of a Top-up Loan, click here.

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Step-by-Step Process to Apply for a Top-up Loan

​​​Before you start filling out the online application form, it's important to know the exact amount of money you need to borrow. You can use our Home Loan calculator, which makes it easy to figure out this amount. Once you have the necessary information, follow these simple steps:​​​

  1. ​​​​Go to our website and click on the 'Apply Online' button.​​​
  2. ​​​​Provide basic details about yourself.​​​
  3. ​​​​Verify your identity by entering the OTP sent to your ​number​.​​​
  4. ​​​​Enter the loan amount you require and choose the ideal repayment period.​​​
  5. ​​​​Input your personal, employment, financial, and property-related information.​​​
  6. ​​​Submit the application​​​​

​​​​By following these steps, you can complete the application process smoothly and efficiently.​​​

​​​​Once you have submitted the form, you can expect to be contacted by our authorized representative within 24 hours* of submitting your application. They will reach out to you to discuss the next steps and provide further guidance.​​​

*Terms and conditions apply

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Frequently Asked Questions:

A Home Loan Top-up is a useful refinancing option for those who already have a house loan. ​It​ allows you to ​​borrow a certain amount ​over and above your current ​Home Loan balance. Unlike a regular Home Loan, a top-up comes with flexible end-use. So, you can use it for housing-related needs such as home renovation, repair, or remodelling.

​The interest rates of Top-up Loans are usually lower than unsecured loans, making them better choices for those with an existing Home Loan.​

​​​​Lenders offer Top-up Loans to their existing customers who have paid Home Loan EMIs for at least 6 months. Borrowers who have not missed more than one EMI payment in the previous year are eligible. Anyone who avails a Top-up Loans with the balance transfer facility needs to have at least one year of record of paying EMIs regularly.​​​

​​​​You will need to provide basic documentation to avail ​​of ​​a Top-up Loan loan. This includes documents for KYC verification such as ​an ​Aadhaar card, voter ID card, passport and driving license, and recent photographs.​​​ ​​​PAN card or Form 60 are mandatory documents.

​​​​Salaried applicants will need to furnish their latest salary slips and account statements for income proof. Self-employed applicants need to furnish ​their latest ​P&L statements​, ITR, ​and proof of business vintage.​​​

​​​​Note that these requirements are indicative and lenders may ask for additional documents.​​​​​

While Bajaj Housing Finance provides Top-up Loans amount of Rs.1 Crore* or more, you can avail of a sizeable amount as a Top-up Loan.

Compared to personal loans, Top-up Loans are better as they come with lesser rates of interest and longer tenors.

​Home loan Top-ups start from as low as 9.80%* and can go up to 18.00%*

Yes, you can get tax-benefits on Top-up Loans under the following sections:

Section 80C of the Income Tax Act – Maximum deduction of Rs.1.5 Lakh on the principal repayment.

Section 24 of the Income Tax Act – A maximum deduction of Rs.2 Lakh on the interest paid.

Section 80EE of the Income Tax Act – An additional 50,000 deduction for first-time Homebuyers in addition to deductions after Section 24 and Section 80C.

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