How to get home loan top up
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 much home loan top up can I get?
What’s is the maximum amount that can be availed as a top up loan? The maximum Top Up Loan that you can avail of is equivalent to your originally sanctioned loan amount of all the Home Loans put together or Rs. 50 lacs, whichever is lower.
What is the eligibility for top up loan?
Top-up Loan Eligibility Criteria
You must have a clean repayment track record and there should be no overdue EMIs/ missed EMI payments. You should also have adequate loan repayment capacity. You should have a good CIBIL/credit score, as it points towards higher creditworthiness and a lower repayment burden.
How do I get top up loan?
A Top up loan meaning an extra loan is a financing option that is offered over and above the existing loan amount for products such as home loan and personal loan. The top-up loan is offered to customers who have an existing relationship with the lender, have a good credit score and have repayment ability.
What documents are required for top up home loan?
What are the documents required to apply for a top-up loan?
- Proof of identity: Passport, Aadhaar card, voter ID card, PAN card, driving license.
- Salary slips for 3 months (in case of salaried applicants)
- Proof of address: Rental agreement, passport, utility bills, etc.
- Income details in the bank statement for 3 months.
Is it good to take top up loan?
A top-up loan should not be taken just because it is simply available. It becomes fruitful only when you have the requirement for finance. Because a top-up personal loan could be costly, and you might end up paying additional interest on the repayment.
Is it good to top up 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 many times can you top up a loan?
Yes, you can apply for a top up loan at any time; you don’t have to repay one loan before applying for another.
What is the interest on top up loan?
Best Home Loan Top Up Interest Rates Apr 2022
| Banks | Interest Rate |
|---|---|
| Union Bank Home Loan top Up | 6.80% to 7.35% p.a. |
| BoB Home Loan Top Up | 7.45% to 8.80% p.a. |
| Citbank Top Up Exist Home Loan | 6.75% p.a. |
| MahaBank Top up for Home Loan | 7.55% to 8.55% p.a. |
What is the processing fee for top up loan?
A processing fee of 0.75% of the loan amount or ₹ 11,000, whichever is higher, will be charged to avail a Top Up loan.
Can we take loan on existing home?
To put it simply, to avail a home loan, you pledge the property you are buying and for a loan against property. Then, you take a loan against your existing property, which you can then use to fund an array of other needs, including buying a new property.
Can we take top up on home loan for personal use?
However, according to the State Bank of India’s and Bajaj Finance’s websites, borrowers can avail top-up loans for any personal use.
Is mod mandatory for home loan top up?
With the recent regulations almost all the banks and financial institutions have made it mandatory to execute the MOD at the disbursement of the last installment of the loan amount. Since the MOD is a registered document, it will reflect in all the encumbrance certificates.