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TOP-UP LOAN vs PERSONAL LOAN – What’s better for You

A top-up home loan is an addition to an existing home loan you have obtained. A personal loan is provided for any financial necessity with little documentation and without the need for collateral.<br><br>https://www.herohousingfinance.com/blog/knowledge-series-of-experts/5-reasons-why-top-up-home-loan-is-better-than-personal-loan

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TOP-UP LOAN vs PERSONAL LOAN – What’s better for You

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  1. TOP-UP LOAN v/s PERSONAL LOAN –What’s better for You ? Hero Housing Finance Ltd. Mob: 1800-212-8800 https://www.herohousingfinance.com/ customer.care@herohfl.com

  2. Introduction A top-up home loan is an addition to an existing home loan you have obtained. A personal loan is provided for any financial necessity with little documentation and without the need for collateral. Factors to consider before choosing what’s the right fit for you ? 1.Reduced Interest This loan has a low-interest rate when compared with a personal loan here because the lender considers your home to be collateral security and not requiring you to provide any further security. 2.Term of Loan To help you lower your monthly EMI, you can receive a top-up house loan with a max tenure of up to 15 years, or equivalent to the parent loan tenure, whichever is shorter. In contrast hand, personal loans may have a maximum term of up to 5 years, during which the unpaid balance must be repaid. 3.Prepayment penalties Borrowers are not punished or charged for early repayment of top-up home loans. The same is not true of personal loans, though. 4.Loan Payment Period The greatest option for you is a personal loan if you need money right away but if not You can opt for a Top-up loan. 5.Tax Advantages Although personal loans aren't taxable, if you use the loan amount for a defined purpose, you may still be eligible for personal loan tax exemptions. Based on how the funds are used, top-up house loans, in contrast, hand, benefit from tax advantages on capital returns.

  3. About Company: Company Name: Hero Housing Finance Ltd. Address: 9, Community Centre, Basant Lok, Vasant Vihar, New Delhi, Delhi, 110057 Office Hours: 9 am to 7.30 pm Working Day: Monday to Friday Contact No: 1800-212-8800 Email Id for Enquiry: customer.care@herohfl.com Website: https://www.herohousingfinance.com

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