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.

Image result for Top Up Loans: Ideal Solution For Home Loan Borrowers

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.




Comments

Post a Comment

Popular posts from this blog

Blog Collection

Hi All, we have got the collection of some of the amazing blogs. You can have a look 1)  http://www.theranthole.com/important-things-to-consider-before-transferring-your-home-loan/ 2) https://www.thehickeyunderworld.com/how-to-apply-for-pradhan-mantri-awas-yojana/ 3)  https://dhowd.com/top-5-lenders-for-home-loan-balance-transfer/ 4) https://gingerkids.org/how-can-home-loans-help-you-save-big-on-your-tax/ 5) http://oneeyedmonstermovie.com/rbi-keeps-repo-rate-unchanged-heres-what-it-means-for-home-loan-borrowers/
Read more

Tips To Get Quick Home Loan Approval

Image
Home loan provides the necessary funds required to help you invest in a home to fulfill your dream of own house. By doing some basic homework, you can easily get your home loan application approved.  Let’s discuss some simple preparatory steps you can follow for the easy approval of your home loan application:  Having a good credit score (650 and above) is considered good. Check your credit score before applying for the home loan . In case of a bad credit score, it can be improved by paying your existing loans and credits on time without fail. The amount of loan you are eligible for is directly proportional to your disposable income and inversely related to your EMIs on existing debt. So try to get rid of your existing debts. Home loan is usually allowed 75% to 90% of the property’s value.  The rest is to be paid as down payment. So keep your down payment ready for the quick approval of your application. Prepare the list of the documents required and...
Read more

What is Pradhan Mantri Awaas Yojana Gramin (PMAYG)

The Pradhan Mantri Awas Yojana Gramin has been introduced after restructuring the Indira Awas Yojana, which was launched in 1996. This restructuring was done to achieve the government's ambition of providing 'Housing For All' by 2022. Under PMAYG , the pucca house is to be provided along with basic amenities to the beneficiaries of the scheme. These pucca houses will be disaster-resilient, along with fit as per the socio-cultural and geo-climate factors. The benefits under the scheme include; loan upto Rs. 7 lakhs, subsidy on interest for up to 3%, maximum subsidy on principal amount is Rs. 2 lakhs and the maximum subsidy that can be availed for a payable EMI is up to Rs. 38,359. However, to be eligible for the scheme, you need to satisfy any of the following criteria: Houseless family A household without any literate adult above 25 years. A household without any adult between 16 to 59 years. Various minorities plus schedule castes and scheduled tribes. Family having a...
Read more