How to Avail Top-Up Home Loans for Premium Villas in Hyderabad Well, you have taken a loan for your home & are already paying EMI but need more money to spruce it up! You can go for a top-up loan. Let us take a look here at the eligibility criteria, tenure & how possibly can you avail this loan.
It generally involves taking a home loan when you buy property. Along with this you would also probably exhaust a substantial amount of your savings in order to fund the margin money. Home buyers moreover try their best to avail maximum loan amount so as to get their dream home. Subsequently, there may come a time when you need substantial amount of money even while you are servicing an existing home loan. Top-up home loan is an ideal option to overcome such situations.
Criteria for a Top-Up Loan Top-up loan is an additional amount of money which you can get over & above the existing home loan. However, many lenders have a minimum qualifying period of time for which the original home loan should have run before you can become eligible for a top-up loan. This
eligibility period typically varies from six months to one year. Another aspect which lenders insist is that the house for which the original loan was taken is completed. You Need a Good Track Record for a Top-Up Loan Yes, you need to have a good repayment track record on the existing home loan for availing a top-up home loan. Lenders will not commit any further amount of money otherwise when the existing loan is already at stake. However, you always have the choice of approaching another lender if your existing lender is not willing to give you a top-up loan. In such a situation you can transfer your existing loan along with the top-up loan to the new lender. For this purpose you will have to comply with all documentations including KYC formalities with the new lender. Amount of Your Top-Up Loan It may be possible that your income has increased after the initial home loan was disbursed. The value of the property may also have appreciated by now. Your overall credit eligibility would therefore improve because of these factors. It will however depend upon the lender as to the maximum amount of top-up loan you can avail. Quite often lenders cap the aggregate of the proposed top-up loan along with balance outstanding of the original home loan to the original amount which was sanctioned for your home loan subjected to margin requirement & level of your income. Some other lenders calculate overall loan eligibility after taking your present income into account along with a margin of around 25% of the current market value of your home. Tenure of Your Top-Up Loan Tenure of your top-up loan also varies from one lender to another. However, maximum top-up loan tenure is restricted to 15 years but some home loan lenders may restrict it to the remaining period of the home loan in order to ensure that repayment of top-up loan & home loan is completed at the same time. Moreover, maximum tenure of the top-up loan is also limited by residual life of your home. Reasons for Which Top-Up Loans are Available Top-up loans can be taken for any personal need including laptops, refrigerators, televisions, holidays, purchase of consumer durables, marriage, education & others. But top-up loans are not available for speculative activities like trading in shares & others. Moreover, the lender may also insist upon obtaining an undertaking from you about how you propose to use the loan.
Top-Up Loan is better than Gold Loan or Personal Loan Rates of interest on top-up loan are lower than pure personal loan since they are given on security of the house. Similarly, rate of interest on gold loan is also higher than top-up home loans. It is also true that tenure of personal loan or gold loan is normally much lower than what is available on your top-up home loan.
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