A Complete Guide to Top-Up Home Loan
Needs in life are not a static concept. These keep changing over time. Expansion and/or evolution of needs are a reality. How does a top-up home loan fit in the evolving and expanding landscape? It bridges the gap between demands, desires and fund supply. If your budget does not support your needs for home purchase, decoration or renovation, a big relief comes in the form of a top-up home loan.
Top-up loan is not a new home loan. The concept is central to ease and convenience that will give you peace of mind in times of a new buy or renovating the old one. In this article, we will try to explore the concept of a top up home loan.
What is top-up home loan?
A top-up home loan is not a new loan; rather an addition to your existing loan if you need more funds. If your expenses are more than initial estimate, a top-up loan can serve your purpose. If your application for a top-up home loan is approved, your lender will release more funds within the previous loan. This way, you will be exempted from undergoing a fresh procedure for loan sanction and disbursement.
The turnaround time for a top-up loan is shorter. Hence, you can use the money with greater liquidity and flexibility. On top of that, the competitive interest rate on a top-up loan makes it an ideal choice.
