In today’s time when property prices are skyrocketing, most people opt for a home loan to buy their dream house. However, it often happens that the home loan amount is insufficient to cover other extra expenses such as registration fees, renovation expenses or property maintenance costs. In such cases, top up loans prove helpful. Home loan top up is a type of financial assistance provided by banks and financial institutions that allows a borrower to avail certain funds above his/her home loan.
A top-up loan is an excellent way to funds in case of any urgent requirement. An applicant need not submit any extra documentation for processing a top up loan on home loan.
The top-up facility available at Finserv Markets comes with attractive and affordable home loan top up interest rate. This affordable interest rate ensures that the borrower does not face any added financial burden of repaying the top-up loan.
While most people avail a top-up on home loan to meet additional expenses like renovation and construction, the use of these funds is not restricted to these purposes only. The money availed as a top-up loan can be used for several other purposes like paying educational fees, financing a wedding or traveling abroad.
A top-up loan is mostly taken to cover urgent, extra financial expenses. However, if a borrower feels that he/she can manage to make part-prepayments or foreclose on the housing loan top up, he/she can easily avail the facility at Finserv Markets. To calculate how much interest can be saved on the prepayments or via foreclosure, a borrower can take the help of a home loan top up calculator.
As per Section 24 of the Income Tax Acts, borrowers can claim deductions up to INR. 2 lakhs on the payable home loan top up interest rate.
Any borrower wishing to avail a balance transfer facility on their Bajaj Finserv home loan can avail a top up loan facility. Both salaried, as well as self-employed individuals, can apply for a loan as long as they fulfill the following top up loan eligibility-
Existing home loan borrowers with 6 months of clear EMI repayments (Flexibility is offered in the case of minimum 1 EMI bounce)
Applicants with an approved home loan balance transfer who have a clear repayment record of 1 year
Following are the list of documents needed to avail the facility-
Identity Proof (Aadhar Card, Passport, Voter ID card, etc)
Address Proof (Passport, Driving license, Electricity bill, Telephone bill, etc)
Income Proof (Salary slips, Bank Statements, etc)
Property Papers ( All the required deeds, including any previous chain of home loan related documents)
A top up loan is your best bet when you wish to consolidate your debt, or avail an extension on your primary loan or want to meet any other financial need. To know more about the advantages of availing a top-up loan on home loan balance transfer, get in touch with our loan experts at Finserv Markets today! Finserv Markets is your one-stop destination for all your financial needs. To know more about the application process an eligibility criteria for the Bajaj Finserv Home Loan, visit today!