Acquiring assets can be beneficial in several ways. Hence, you can consider investing in it. While there are different types of assets to acquire, real estate is a must-have asset in your portfolio, given its incredible capital appreciation potential. Consider investing in a residential property. It assures maximum financial and emotional security for you and your loved ones and lets you enjoy excellent capital appreciation thanks to the thriving real estate market.
Thanks to Home Loans, buying a residential property is now a realisable dream. Besides facilitating systematic financing, a Home Loan also opens pathways to other financing options. You can apply for a Home Loan Top-Up to meet various planned and unplanned financial requirements. It lets you borrow a significant amount at a competitive interest rate without completing a lengthy procedure. Here are the top reasons to apply for one:
Great source of financing
When a financial requirement comes up, you need a reliable source of financing to meet it. The Home Loan Top-Up can be that reliable source. Banks offer up to Rs. 50 lakh as the Top-Up Loan amount. The bank considers your requirement and eligibility to extend a suitable Loan amount. This ensures you have the necessary funds to meet your financial requirements.
No end-use restrictions
The Home Loan Top-Up Loan has no end-use restrictions. You can use the Loan amount to construct a residential or commercial property, and to meet personal and business financial requirements. However, note that you can use the Loan amount to buy another residential or commercial property.
Competitive interest rates
The Home Loan Top-Up is a secured line of credit. Hence, you can get it at a competitive interest rate. Typically, you can get the Top-Up Loan at the same interest rate as the parent Loan. The bank checks your eligibility to extend a suitable Loan amount at a fair interest rate. Improve your Loan eligibility to get a significant Loan amount at reasonable interest rates.
Suitable repayment tenures
You can obtain the Top-Up Loan for the same tenure as your outstanding Home Loan. This translates into smaller EMIs for a longer tenure, which you can repay without feeling burdened. Consider your repayment capacity and financial obligations to determine a suitable repayment tenure. Use the Home Loan EMI calculator for assistance. It estimates the payable EMI within minutes, letting you plan your repayment systematically.
Quick processing and disbursement
You can either apply for a Top-Up Housing Loan with your existing bank or opt for a Home Loan Balance Transfer and claim the Top-Up Loan facility. In either case, you need to complete a simple application procedure and submit a set of documents. The bank takes reasonable time to verify your documents and establish Loan eligibility.
Upon approval, the bank disburses the Loan amount within the shortest possible time frame, ensuring you meet your financial requirement in time.
