Mortgage loan top-up is an extra loan amount you could avail for a current mortgage loan. You may be qualified to submit an application for a mortgage top up when you have a operating mortgage of course you get regular loan payments in your current loan. Banking institutions such as for instance HDFC, ICICI, SBI and Axis Bank offer top-op loans during the exact same interest as that on mortgage loans. The interest rates offered on top-up loans can be marginally higher than the interest rate on your home loan in some cases.
You ought to and may make an application for a true home loan top-up if
- You have got a preexisting and running mortgage loan from a bank. You can easily make an application for yet another loan on the current loan for those who have currently paid back a specific part of the mortgage making most of the re payments in a manner that is timely.
- You may be keen to choose for a stability transfer loan with a loan that is top-up means you move your loan to a different bank and avail a top-up loan on your own existing loan.