Mortgage loan top-up is an extra loan amount that one can avail on a existing mortgage loan. You might be entitled to make an application for a mortgage top up when you yourself have made regular loan payments on your existing loan if you have a running home loan and. Banking institutions such as for instance HDFC, ICICI, SBI and Axis Bank offer top-op loans during the exact same interest as that on mortgages. In some instances, the interest levels offered on top-up loans could online payday loans Maryland be marginally more than the attention price in your mortgage.
You ought to and certainly will apply for a true home loan top-up if
- You’ve got a preexisting and running mortgage loan from the bank. It is possible to make an application for an extra loan on the current loan when you have currently paid back a specific percentage of the mortgage making most of the re payments in a manner that is timely.
- You may be keen to go for a stability transfer loan with a top-up loan which means you shift your loan to a different bank and avail a top-up loan in your current loan. Read more