Top-up Home Loan: Eligibility, Features and Benefits

Top-up Home Loan:

Top-up home loans add to your existing loan. You can apply for a Top-up loan if you already have a Home Loan and have been making regular repayments by agreeing to the bank’s Terms and Conditions.

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Eligibility criteria:

The eligibility criteria to get a top-up loan:

1. You must have an existing Home Loan with the bank.

2. Make regular repayments for at least a year.

Features of top-up loans:

1. A top-up plan can be used for any purpose, be it for a vacation, wedding or to pay college fees. You can treat it as a personal loan and use it accordingly, the choice is yours.

2. The tenure of top-up loans can be 20 years or for the remaining tenure of the Home Loan, which is at the bank’s discretion. It also depends on your profile, income, age and so on.

3. The maximum amount of top-up offered differs across banks.

4. These loans are offered at interest rates almost similar to Home Loans.

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