How to get hdfc home loan top up

Can we get top up loan on home loan?

NEW DELHI: A top-up on a home loan is a convenient way to raise money. The borrower has a property already mortgaged with the bank, and all that is required is asking the lender to top up the loan. If borrowers have paid money for 12 months without missing a single installment, they are eligible for a home loan top-up.

How can I check my HDFC loan top up status?

How to Check HDFC Personal Loan Status Online Using HDFC Bank Account?

1. Click on the net banking link on the official website of HDFC Bank.
2. Enter your details and log in to the website.
3. Once you have logged in, locate the ‘loans’ section on the menu bar.
4. Track Loan Application form through HDFC website.

How do you get a top up loan?

If you already have an active loan, and if your lender offers the option of an additional loan, you can apply for the top up loan. In case your existing lender does not offer a top up loan, you can shift an active loan from your present lender to another through a balance transfer.

How is home loan Top Up calculated?

Banks will calculate the top-up loan amount, after taking into account the Equated Monthly Instalment (EMI) of your running home loan. The bank will estimate the Fixed-Obligation-to-Income ratio (FOIR) for your top-up loan, after deducting the instalments of all your running obligations.

Is Top up loan a good idea?

“Due to the relatively lower interest rate structure and flexible loan tenure, top-up loans are a better alternative to a personal loan. A top-up loan can be taken for a maximum tenure of upto 30 years or the remaining period of your existing home loan, while a personal loan is offered for a maximum of five years.

How much top up loan can I get?

The amount to be granted as top-up home loan differs from bank to bank. Moreover, the actual home loan amount and the new top-up loan amount should not be more than 70% – 80% of the value of the property. The interest rates of the top-up loans are available at the same rates as home loan rates.

Can we claim interest on top up loan?

If the top-up loan is utilized to buy or build a new home, both the principal and interest components are tax-deductible under Sections 80C and 24. (b). However, if the funds are utilized for residential property renovation, alteration, or repair, the deduction can only be claimed for the interest component.

Can I transfer top up loan?

Home loan balance transfer vs top-up loan with your existing lender: While you can take a top-up loan with your current lender, the other option is to go for a home loan balance transfer and top-up loan with the new lender.