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Home Loan

Top Up Home Loan

In life, needs are not a term that can be comprehended in a rigid format. These vary from one period to the other. Growth and/or derivation of needs is a fact. Where does a top-up home loan fit in the rather dynamic and seemingly growing picture? It satisfies the demand, needs and the funds available to supply the demands. Those who cannot afford the cost of the home, their decoration or renovation due to lack of funds need not to worry as there is the top-up home loan.

Top up home loan is therefore not a new home loan. It is best foundational to facilitate and simplify all that gives assured comfort once in a new purchase, or even when fixing up the old one. In this article we will make an attempt to describe what it is that is understood by the term a top up home loan.

Top up home loan simply means that one loans on top of his existing home loan. A top up home loan is not a fresh loan that is provided to you; instead, it is a further amount on the existing home loan if the initial amount is not sufficient enough for the clients. If you find your expenses exceeding your initial estimates then the top-up loan is just for you. In case you apply for a top up home loan, your lender will disburse more cash in the previous home loan. In this way you will be saved the ordeal of going through a new process to get the loan sanctioned and disbursed.

Top-up loan offers a faster turnaround time than other loans. Therefore, it can be easily used with more flexibility in comparison to the other funds. In addition to this, the interest rate to borrow on a top up loan is very reasonable compared to the competitors.

5 unique products

Loan up to 50 lac

Tenure 240 months

No Collateral

Minimum Documentations

No extra charges

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1 L to 50 L		 EMI Per Lakh
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Criteria eligibility documents

Documents Needed to Take out Top-up Home Loan

In most cases, the lender will not ask for any document as you already submitted them for obtaining the original loan. However, you should always keep some documents ready so that you can produce them if asked to do so. These documents are:

2. Income Documents – Salaried:

  • Address Proof
  • Photo Identity Proof
  • PAN Card
  • Income Proof
Eligibility Criteria

To obtain a top-up home loan: you must meet the following criteria:

Your age must be between the minimum and maximum limits set by the lender institution.
Whether you are a salaried person or self-employed, your minimum income must meet the standard set by the lender.

You must be a permanent citizen of the country, where the lending institution is registered and runs its business.

There are other conditions too and you must check with your lender for the details.

Important Points to Remember

In a few cases, your lender may ask for other things. Hence, it is always better to know what you are required to submit for getting a top-up on your existing home loan.

You must remember a few points before applying for a top-up loan on your existing home loan.

The interest rate on your top-up loan may be slightly higher than that on your existing home loan. Still, a top-up loan is a good choice due to the simple and straightforward process involved in it.

You can use a top-up loan to buy a new home or furnish/renovate it.

The loan tenure can be up to 20 years or until the original loan is settled. The lender will decide the term according to your age, annual income, type of property and property value.

How to Improve Your Chances After a Home Loan Rejection

If your home loan application was rejected, here are some simple steps to boost your approval prospects next time:

  • Maintain a credit score of 750 or above.
  • Review your credit report for any errors.
  • Consider adding a family member with income as a co-applicant.
  • Increase your down payment contribution.
  • Compare home loan offers from different banks and housing finance companies (HFCs) before finalizing a deal.
  • Avoid applying for multiple loans within a short period.
  • Ensure your total EMIs, including the proposed home loan EMI, are within 55-60% of your net monthly income.

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