How to get top up loan in lichfl
It is also available for new customers as a top–up loan on balance transfer of their home loan from another financial institution so that they can enjoy lower interest rates as well as other benefits that LIC HFL offers.
…
LIC Top Up on Home Loan Interest Rates.
| Type of Customer | Interest Rate |
|---|---|
| Existing customers | 8.50% p.a. |
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.
Can I get a top up on my 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.
What is the procedure for top up loan?
You must have an existing on-going personal loan with the lender that you are approaching for your top-up loan. If the vendor does not have a top-up loan facility, you must transfer your personal loan with the bank or a financial institute that provides top-up loan facility and then apply for it.
How much top up loan can I get on home loan?
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.
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.
What is the upper cap for top-up under home loan?
Maximum loan amount
and is subject to your outstanding home loan plus the top-up loan being offered, not exceeding 75 to 80% of the market value of the property. However, on an absolute basis, the maximum amount of top-up loan on home loan possible is Rs. 50 lakh.
What happens when you top up a 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.
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 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 I use home loan top up to buy a car?
Funds with no restriction on end usage
The proceeds of a top-up home loan can also be used for buying a car, financing child’s higher education, etc.
Which is cheaper car loan or home loan?
You get lower interest rates than that on a car loan: Top Up on home loans are relatively cheaper than car loans even as they are available at 0.5-1% higher interest rates than that on the home loans.
Can you finance a car and mortgage at the same time?
Yes, a person can have both a car loan and a home loan simultaneously as long as he/she meets the eligibility criteria for both and has enough evidence to prove that he/she is capable of repaying both the loans without defaulting on payments.
Can I get top up loan on car loan?
You can get a top-up loan on your existing car loan for up to 150% of its value if you maintain a clear payment record for at least 9 months. This requirement may vary from lender to lender.
Can I get a car loan if I already have one?
You can have two car loans at one time, but you must be mindful that it may be more difficult to qualify for a second loan. Lenders will only approve you if your income and debt can handle the added monthly expense. In addition, you will need good to excellent credit to receive a low APR.
What is the max tenure for car loan?
Most lenders offer car loans for a maximum tenure of 7-8 years. The State Bank of India, for instance, offers car loans for a longer tenure of 7 years. However, experts say while opting for a car loan, borrowers should opt for shorter tenures, after taking into consideration the EMIs.
Can I transfer my existing car loan to new car?
The existing owner has to transfer the registration certificate of the car along with the loan to the buyer. This process has to be initiated by visiting the RTO (Regional Transportation Office). They will help you in transferring the ownership of the vehicle to the buyer.
Does transferring a car loan affect credit score?
Transferring a car loan can affect your credit score—even if you’re not behind on payments. When you transfer a loan, you effectively close an account, which could affect your credit age and your credit mix. In that case, you may see a temporary drop in your credit score.
Can we sell a car which is on loan?
until you clear the outstanding loan amount, you cannot sell the car. you will need a no objection certificate (noc) from the bank. with this noc, you can remove the hypothecation on the registration certificate (rc).