Why consider a top‐up home loan instead of a personal loan?

Are you in financial trouble? Preplanned your home renovation work. But not getting any backup to move ahead. This results in stuck of Home renovation work due to a financial mishap.
A Bad financial obstacle may put you under mental and physical pressure. Henceforth the term Top up on home loan can help you with sorting out home renovation work.
If you owned a home with a home loan on it then say thank you to yourself. The door is always open for a Top‐up home loan. Here you need to approach your existing lender for a top‐up loan on your existing home loan. A good track record of ﴾EMI﴿ payback may help in fast processing.
Buying a home in India is easy. Banks' easy repayment structure, best rebate on interest rates can entice a nonhome buyer for a home loan to buy a home. Same as buying a home, a home renovation is also becoming easy because of a Top‐up Home loan.
Why top‐up home loan is better than a personal loan?
Taking a personal loan instead of a top‐up home loan will be costlier. Having approved top‐up offers or approaching a banker for your requirement will save your extra repayment interest. The top‐up home loan interest rate is always lower than a personal loan. Please check with the bank for current interest rates for personal as well as top‐up loans. How do top‐up home loan works?
Remember a top‐up loan works on an existing home loan. There is a small condition for the top‐up housing loan. Check of eligibility limit offered by the banks during a first‐time home purchase. If the limit is reached then you will lose eligibility for a new loan. Paying an extra installment over a certain period May eligible your profile for a top home loan What is the maximum year of repayment for a top home loan in India?
Maximum 15 years tenure is applicable for top‐up home loan repayment.
After how many months of an existing home loan? An owner can apply for a top‐up loan?
After 6 to 12 months ﴾EMI﴿ owner can apply for the top‐up on the home loan. But must be a good track record of all past
payments.
How one can get a top‐up on a Home loan?
Any existing home loan user can avail of a top‐up loan. One can approach an existing bank for the same with mandatory documents or else can approach other banks for loan transfer adding top‐up requirements with it. Important factors like dues should be clear, good record, right property valuation, and present Income plays a great role to get top up on home
What are the reasons one can apply for Top up on Home Loan?
Below are the important needs for which a homeowner should consider a top‐up loan.
Used as a personal loan
paying huge medical debt
buying any other plot, or land
Buy any very essential consumer appliance
For higher studies,
cover marriage expense
house renovation
business needs
What are the most important benefits of taking Top up on Home Loan?
While taking a top‐up home loan. Homeowners don’t need to put any assets or valuables under lenders' custody. As original papers are already with the lender owner make sure that collect them after full settlement of home loan as well as top‐up loan.
Good tax benefit applies if a respective loan is used for buying a new plot, land, or used for home renovation. Most banks charge certain processing fees for a top‐up loan. It is the same as taking a new home loan. One can get a top‐up loan on a home loan till he reaches the eligibility set by the bank.
Conclusion:
Always consider Top up on a home loan before moving to personal finance or other high rate financing option. Only homeowners with an active home loan can fit into this. Post itself somehow answered the benefit of purchasing a home on loan. Having a home on a loan can solve your other financial needs via a top‐up loan. Good KYC and financial track records are a must for processing.
So without wasting a day. The best is to find good budget class residential flats in your city. If looking for residential flats in Kalyan Mumbai then feel free to approach Sonawane. One of the trusted known builders and Developers in Kalyan Mumbai.

Thank you
Team Sonawane
Mail us at care@sonawanegroup.com
Date: 28th jan 2019