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Home Loan Top-up: 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 lower interest rate compared to other unsecured loans. Further, it comes with end-use flexibility and can be used to meet any housing-related expenses. 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 a sanction of Rs.1 Crore*, or even more. The amount will be sanctioned based on your eligibility.

Competitive Interest Rate

Eligible borrowers can get Home Loan Top-up interest rates as low as 9.80%* p.a. for salaried applicants 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 facility.​​

​​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 of it.​​​​​

Quick Processing and Disbursal

A Top-up Loan is offered to borrowers who have already availed of a Home Loan, if borrower meets the eligibility criteria, they can easily get approved for a Top-up Loan

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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:

  • You should clear any missed EMI payment
  • When combining a balance transfer from another financial institution's Home Loan with a Top-up Loan, it is important to have a one-year record of consistent repayment.​​
  • ​​​You should 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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Home Loan Top-up: 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 additional housing expenses not covered by your Home Loan with ease.

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

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, you can use our Home Loan EMI Calculator, to understand your monthly obligations. To apply for a Top-up Loan, 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 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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Top-up Loan: FAQs

A Home Loan Top-up is a useful refinancing option for those who already have a housing loan. ​It​ allows you to ​​borrow a certain amount ​over and above your existing ​Home Loan balance. Unlike a regular Home Loan, a top-up comes with flexible end-use. 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.​

A ​​Home Loan Top-up can be facilitated through a Home Loan Balance Transfer, wherein you can transfer your Home Loan balance to Bajaj Housing Finance for a more competitive interest rate.

​​​​You will need to provide basic documentation to avail ​​of ​​a Top-up 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.​​​​​

When you have an existing Home Loan, you can avail Top-up Loan of Rs.1 Crore* or higher by transferring your Home Loan balance to us. However, you need to meet the eligibility criteria to avail of a Top-up Loan. 

Top-up Loans come with lesser rates of interest and longer tenors. You can avail of a Top-up Loan from Bajaj Housing Finance to address any housing-related expenses such as home renovation.

​Home Loan Top-up starts from as low as 9.80%* and can go up to 18.00%* for salaried and professional applicants.

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

Section 80C of the Income Tax Act – A 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 Rs.50,000 deduction for first-time homebuyers in addition to deductions after Section 24 and Section 80C.

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