Home loan top-up will solve your money problems: Loan will be available at lower interest compared to personal loan, know special things related to it.

If you have taken a home loan then you can take a top-up loan on this loan. Under this you get more loan at lower interest rate. According to SBI website, top-up loan of home loan can also be taken for a period of 30 years. Today we are telling you special things related to top-up home loan. First of all understand what is top-up home loan? If you have taken a home loan then you can take a top-up loan on this loan. Just as you top up your mobile phone and get balance in your phone, in the same way you can top up your home loan. Since it is available on your home loan only, along with the home loan payment, you also have to pay the monthly installments of the top up loan. Its time limit is usually the same as that of a home loan. Loan can be used for any purpose Top-up home loan can be used for any purpose like home renovation, children’s education, daughter’s marriage or even purchase of additional property. Along with the loan repayment, the monthly installments of the top up loan also have to be paid. Loan is available at low interest. Under this, you get loan at a lower interest rate as compared to personal loan. If you take a personal loan, you will get it at an interest rate of around 11 to 15% per annum, while a top-up home loan will be available at an interest rate of around 9 to 12% per annum. In such a situation, you will have to pay less interest on taking a top-up home loan as compared to a personal loan. You get more loan, in this you can take loan up to Rs 50 lakh or even more. However, your top up loan amount depends on your home loan. In such a situation, if you need more money then top up loan will be right. Top-up home loan is easily available. You can take this loan after some time of taking the home loan. Generally, banks give you top up loan after seeing the repayment pattern of home loan. In such a situation, if you are paying your home loan installments on time, then you will easily get a top-up home loan.

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