Financial emergency? A top-up home loan is best option for raising funds

You can borrow a large amount at a low rate of interest

Turn to top up home loan in an emergency

• Among all loan products, a top-up home loan is the cheapest option for raising funds.
• When you apply for a top-up loan, the bank adds the amount lent to your existing home loan.
• Interest rates on top-up loans are lower than on loan against securities, gold loan, personal loan, etc. One can get a top-up loan for 8.65-12.15 per cent.
• Lenders don’t impose any restriction on end-use of the loan. You can take a home loan top-up for home renovation, home extension, child’s education or marriage, or even to consolidate your existing loans.
• Many businessmen use it to meet their cash flow requirements.
• You can get a tax deduction on a top-up loan, too, provided it’s used for purchase, construction, repair or renovation of a house.
• The tenure of these loans can be as high as 15 years, or until the borrower turns 70, or equivalent to the remaining tenure of the existing home loan. 
• To avail a top-up home loan, the borrower should have a regular payment record of at least a year and a good credit score.