Mumbai. Corona has created economic problems in front of many people. Such people are trying to create financial balance in life in many ways. Personal loan is the only way left for most of the people. But its interest rate ranges from 10 to 24%, which is quite high. If you have taken home loan then you can take top-up loan against this loan. Under this, you get more loan at a lower interest rate. Today we are telling you the special things related to top-up home loan.
Get loan at low interest
Under this, you get a loan at a lower interest rate than a personal loan. If you take a personal loan, then you will get it at around 10 to 24% per annum rate whereas you will get a top-up home loan at an interest rate of around 7 to 9% per annum. In this case, you will have to pay less interest on taking a top-up home loan as compared to a personal loan.
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Top-up home loans can be used for any purpose like home renovation, children’s education, daughter’s wedding or even for purchase of additional property. Along with the repayment of the loan, the monthly installments of the top up loan also have to be paid.
Long term loan
Top-up on home loan can also be availed for a tenure of 30 years. In such a situation, you can easily pay it according to your convenience. You can easily repay this with a home loan.
get more loan
In this, you can take a loan of Rs 50 lakh or more. However, your top up loan amount in this depends on your home loan. Whereas the personal loan amount can be maximum 40 lakhs. In such a situation, if you need more money then top up loan will be right.
Easily get top-up home loan
You can take this loan after some time of taking home loan. Banks generally give you a top up loan based on the home loan repayment pattern. In such a situation, if you are paying your home loan installments on time, then you will easily get a top-up home loan.
What is Top-up Home Loan?
If you have taken home loan then you can take top-up loan against this loan. You can top up a home loan just like you do a top up recharge in your mobile phone and the balance comes in your phone. Since it is available only on your home loan, hence the top up loan monthly installments have to be paid along with the home loan repayment. Its tenure is usually the same as that of a home loan.