Top Up Loans
Top Up Loans
Owning a home is a dream of every common man. However, in the limited monthly salary and several expenses, it is difficult to build a home of dreams for most people. But, thanks to home loans, now everyone can buy their own homes. However, it can’t be ignored that a home loan is a liability that a person must pay for years
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Top Up Loans
Owning a home is a dream of every common man. However, in the limited monthly salary and several expenses, it is difficult to build a home of dreams for most people. But, thanks to home loans, now everyone can buy their own homes. However, it can’t be ignored that a home loan is a liability that a person must pay for years.
So, while paying home loan EMIs, if a person wishes to renovate a house or remodel it, then taking a personal loan on top of it will only increase the financial burden. Thus, to cover small expenses, a top-up loan has been introduced.
WHAT IS A TOP-UP LOAN?
A top-up loan is a financial aid provided by banks and other lending institutions that facilitate customers to borrow a lump sum amount on top of their home loans. The maximum amount of this loan depends upon the internal policies of the lender. However, general calculation criteria – if the market value of your property is ₹1 crore and the outstanding home loan amount is ₹50 lakhs, then the top-up amount can vary between ₹35 – ₹37.5 lakh.