Mortgage loan top-up is an extra loan quantity you could avail on a current mortgage loan. You might be entitled to submit an application for a mortgage top up when you yourself have a operating mortgage if you earn regular loan repayments on the current loan. Banking institutions such as for example HDFC, ICICI, SBI and Axis Bank offer top-op loans during the exact same interest as that on mortgages. In many cases, the interest levels offered on top-up loans could be marginally more than the attention price on the mortgage loan.
You really need to and that can make an application for home loan top-up if
- You’ve got a current and running mortgage from the bank. You can easily make an application for an extra loan in your current loan for those who have currently paid back a specific percentage of the mortgage making most of the re payments in a manner that is timely.
- You might be keen to go for a balance transfer loan with a loan that is top-up means you move your loan to a different bank and avail a top-up loan in your current loan.
Either way, you can easily affect for a top-up loan together with your current bank or a fresh bank after you have minimum repayment track record of just one 12 months in your current mortgage and also currently gotten control or conclusion for the property that is financed.
|Banks||Interest Rate-Home Loan Top up|
|SBI Top up loan||8.35percent – 10.55%|
|HDFC Top up loan||8.05percent – 8.7%|
|ICICI Top up loan||8.6percent – 9.4%|
|Axis Bank Top up Loan||8.55per cent – 11.75per cent|