Why A Top-Up On Your Home Loan May Be Better

1. Home Loan

2. Why A Top-Up On Your Home Loan May Be Better

3. Do you have an active home loan? Are you looking to renovate your home or need extra cash to fully furnish your home? • Before you go searching for an appropriate personal loan to help you with that, why not try a top-up on your existing home loan and get the cash you need in no time. • Top-up loans are an add-ons to your existing loan products that banks and financial institutions provide from time-to-time to meet the growing needs of their existing customer base.

4. As such anyone with an existing home loan can apply for a top-up loan. • However, banks usually grant a top-up loan once a certain time period has elapsed in your home loan payments. • Typically, top-up loans on home loan are granted after an year and your payment history and consistency is determined.

5. Top-up loan tenure can either be lower or equal to the tenure of your home loan, in which case, you will see a significant increase in your EMI. • The interest rates for a top-up loan are flexible and are basically determined to the prime lending rate or the base rate of home loans. • Typically they range between 9% to 14% per annum. • [Source: https://www.letzbank.com/blog/why-top-your-home-loan-may-be-better-you-personal-loan]

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