Here's How to Apply For A Top Up On Home Loan
Everyone wants a space that they can call their own. And for decades, Home Loans have been making this possible for millions of people. But why restrict your dream to just buying your own house! Investing in a chic home facelift or even the basic repair work is possible with a top up on Home Loan. In fact, it is quite easy and convenient. Most lenders provide attractive top up on Home Loan interest rate. Apart from that, you can also enjoy a top up on Home Loan tax exemption. All you need to do is ensure your top up on Home Loan eligibility before you apply.
But first of all, what is a top up on Home Loan? And how to avail it?
As the name suggests, a top up on Home Loan is the additional funds borrowed over and above the existing Home Loan. Your top up on Home Loan eligibility and top up on Home Loan interest rate depend on various factors. For example, you should have paid at least some EMIs of your ongoing Home Loan. Usually, banks allow their customers to take a top up on Home Loan after 6 or 12 months. Availing of this top up is quite easy and the process is convenient too.
How to apply for a top up on Home Loan?
The procedure to apply for a top up on Home Loan is determined by the bank and its policies. Different banks have various application processes. As a result, you will need to follow a specific process that your bank has in place. However, there are a few common methods that almost all banks in India use –
• If you want to apply for a top up on Home Loan offline, go to your preferred bank's nearest branch and apply for the loan directly with the help of the bank officials.
• You can also apply for a Top Up Loan from the comfort of your own home. Simply go to your preferred bank's official website, navigate to the Top Up Loan page, and fill in the online application form.
The bank asks for your personal and financial information, such as your address proof, income proof, current home loan details, and other information. They will then review your application. Usually, if you have top up Home Loan eligibility and you have also submitted the correct documents, then the loan approval can be instant. In any case, allow a few business days for the bank executive to respond.
The top up on Home Loan is usually available for up to 20 years, or until the original home loan's balance is paid off. In this case, the applicant's profile, income, age, and property value are all taken into account. Furthermore, the tenure varies from bank to bank
Documents Required for a Top Up on Home Loan
The documentation is also quite simple. Lenders may not need all the documents that are generally required for a loan approval. This is so in case of Top Up Loans because the bank already has your documents when you have applied for the Home Loan. If you are shifting to a different lender, then you might need to submit the mandatory documents for identity, address, and income verification.
Things to consider when applying for a top up on Home Loan:
• Loan tenure can change depending on the lender
• Top up on Home Loan interest rates are higher than Home Loan interest rates
• The Top Up Loan deal depends on the borrower’s financial profile
• The maximum loan amount that can be sanctioned depends on the lender
Remember that your financial history, credit score, and relationship with the lender should be good. Offering you an affordable deal depends on all these and even more factors. So, if you are looking for a Top Up Loan, focus on improving your top up on Home Loan eligibility.