What Makes Top-Up Loans Popular Among Indian Borrowers?
Top-up home loans are an affordable way to fund various expenses without applying for a separate loan. Whether it’s renovating your home or funding your child’s education, these loans offer flexibility and convenience.
Key Features Comparison:
Parameter | Regular Home Loan | Top-Up Home Loan | Personal Loan |
Interest Rate | 7% – 9% | 8.80% – 11.30% | 10% – 24% |
Loan Tenure | Up to 30 years | Up to 30 years | Up to 5 years |
Approval Time | Moderate | Quick | Quick |
Tips for Choosing the Right Loan
- Assess Your Financial Goals: Match the tenure with your repayment capacity.
- Compare Interest Rates: Check multiple lenders for the best deal.
- Maintain Good Credit: Pay EMIs on time to improve eligibility.
Eligibility Requirements
- Minimum of 12 EMI payments on your existing loan.
- Loan amount depends on your repayment history and income.
Did You Know? A top-up loan is quicker to approve than a personal loan since it’s based on your existing home loan.
Simplify your borrowing needs by leveraging the advantages of a top-up home loan. It’s a cost-effective solution designed to meet your financial goals efficiently.