Benefits of Top-up Home Loans: It offers more low interest loans, here are 5 special things to know about it.

 Benefits of Top-up Home Loans: It offers more low interest loans, here are 5 special things to know about it.

Top-ups on home loans can also be taken for a period of 30 years

Under this you get a loan at a lower interest rate as compared to a personal loan

If you have a home loan, you can take a top-up loan on this loan. Under it you get more loans at lower interest rates. Home loan top-up loans can also be taken for a period of 30 years. Today we are going to tell you some special things about top-up home loans.

You can use the loan for any work

The home loan top up can also be used for any purpose such as home repairs, children's studies, daughter's wedding or additional property purchase. In addition to repaying the loan, monthly installments of the top-up loan have to be paid.

Loans can be taken for 30 years

Top-ups on home loans can also be taken for a period of 30 years. In that case you can easily pay it at your convenience. You can easily repay it with a home loan.

Get a loan at low interest

Under it you get a loan at a lower interest rate as compared to a personal home. If you are going to take a personal loan, you will get it at the rate of 10 to 12% per annum, while you will get a top-up home loan at an annual interest rate of about 8 to 9%. In such a case, taking a top-up home loan will have to pay less interest as compared to a personal loan.

Get more loans

In it you can take a loan of Rs 50 lakh or more. However, your top up loan amount depends on your home loan. As well as personal loan amount up to a maximum of Rs 40 lakh. In this case, if you need more money, it would be advisable to take a top-up loan.

Easily get a top-up home loan

You can take this loan only after you have taken a home loan. Usually the bank gives you a top up loan by looking at the repayment pattern of the home loan. In this case, if you pay the home loan installments on time, you will easily get a top-up home loan.

What is a top-up home loan?

If you have a home loan, you can take a top-up loan on this loan. You can top up a home loan in the same way that you recharge top up your mobile phone and get balance in your phone. You get it on your home loan so you have to pay the top-up loan monthly along with the home loan repayment. Its time limit is usually the same as a home loan.

Which bank is giving top-up loan at what interest rate

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Bank interest rate (%) How much loan can be taken (Rs.) Duration

Limit of SBI 7.90- 10.20 as long as the term of the home loan

HDFC 7.90- 8.40 50 lakh for 30 years

Axis Bank 6.9-7.70 50 lakhs as long as the home loan period

ICICI

8.60 - 9.40

No limit as long as the term of the home loan