Top Up Loans: Ideal Solution For Home Loan Borrowers

If you are need of urgent cash and are having a home loan going on you can always apply for a top-up loan. A top up loan is provided ideally over the ongoing home loan from the same bank or NBFCs with a general tenure of around 10 to 15 years. However, unlike home loan which can be used only for house purchase, this can be used for any of your personal or professional purpose which could be medical emergencies, education, house renovation or anything such.

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It has its own benefits apart from its multiple utilization; it comes with less paperwork and a low rate of interest compared to the personal loan. Also, if you are availing it for house renovation or such, it offers tax benefits as well.
It generally requires basic documentation like your income statement, basic KYC and 3-month payment receipt of the ongoing home loan.

You are easily liable for such loan if you have been paying off the installments timely and have a stable income.

However always remember to evaluate three things before applying: firstly, the type of fees or charges levied here, secondly, your property value which helps you to evaluate the proper estimate of the loan to be fetched and thirdly if your lender offers this sort of service.

However, if you want to switch to any other bank or account always analyze, compare and decide and a top-up loan is the best option in case of urgent funds requirements.




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