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A top-up home loan is an addition made on the existing home loan. It is provided at varying interest rates, and come along with several benefits, as listed below: A top-up home loan requires minimum paperwork since the documents are already submitted with the lender. A top-up loan can be used for a variety of purposes, including renovation, to fund education or marriage, or even to fulfill personal needs. A top-up home loan is much more affordable than a personal loan since the interest charged on a personal loan is way higher as compared to a top-up home loan. Further, as per section 24 and section 80C, a top-up home loan could provide you with tax benefits. It's better to opt for a top-up loan rather than a personal loan. Top-up loans are provided at a larger tenure than a personal loan. They can be availed for a maximum of 20 years. Read more:- Why should you opt for a top-up home loan? Thus, top-up home loans can be an affordable medium to fix financial instability.

Living in your dream home is no big deal in today’s time. Though there are a large number of platforms to guide regarding home loans, yet certain things to keep in mind are listed below: Joint home loans: A joint home loan implies bringing in family members for the loan application. Co-applicant can add to eligibility for the loan.  Documentation: The initial procedure for a home loan involves paperwork formalities. Necessary documents include PAN card, income and address proof, banking papers, and property papers. Income matters: The reason why joint home loans are readily accepted is because of the joint income of the applicants. The collective income of the applicants is any day preferable by the loan lenders. Shared Responsibility: The loan applicators are expected to be aware of their responsibility regarding the payment of the loan and EMI, on due time. Shared Benefits: Just like the responsibility, benefits related to the tax are equally shared. According to IT-Act, ...

The documentation process of Home loan for NBFC and banks are slightly different from one another, and so is their process. Documents required by Banks are: a) Signed Home loan application form b) As many passport size photographs required c) Identity Proof like; aadhar card, passport, PAN, Voter, Driving license, etc. d) Age proof like; Aadhar card, PAN, Birt Certificate, Bank passbook, etc. e) Residential Proof; LIC Policy Receipt, Passport, ration card, etc. f) Income documents; For salaried • payslip of last 3 months • Form 16 • Certified letter from Employer For self-employed professionals • Balance Sheet and P/L account • License for Practice • Proof of Business Address • Registration certificate of business g) Property Documents like; NOC from the builder estimated the cost of construction, Sale deed, building plan, etc. Documents required by NBFC are similar to the documents required by the bank with regards to the proof of identity, add...