Delhi. Many people have lost their jobs due to Corona, so the salary of many people has been cut. Due to this many people are facing economic problems. In such a situation, many people are borrowing money or are thinking of a personal loan. But if you want, you can also take a top-up loan from the bank. This loan provides you money at a low-interest rate. If you have taken a home loan, you can easily talk to the bank and make it top-up on that loan. The interest rates of top-up loans are slightly higher than home loans but lower than personal loans.
What is a top-up home loan?
- Just like you recharge top-up in your mobile phone and balance comes in your phone, similarly, you can top up a home loan. Home loan top-up loans can also be taken for a period of 30 years.
- Shortly after taking a home loan, you can take this loan. Generally, banks give you top up loans by looking at the home loan repayment pattern. It is really like a personal loan. You can take it for home needs.
- This loan can also be used for any purpose such as home repair, children’s education, daughter’s wedding, or purchase of the additional property. Along with the loan payment, the monthly installments of the top-up loan are also to be paid.
Know which bank is offering the loan at which interest rate
|Bank||Rate of interest(%)||How much loan can I take (Rs.)||Period|
|SB I||7.90- 10.20||No limit||As long as the home life period is|
|Hdfc||8.35- 9.30||50 million||For 30 years|
|Axis Bank||7.70 – 9.35||50 million||As long as the home life period is|
|ICICI||8.60 – 9.40||No limit||As long as the home life period is|
Source: Interest rates are according to the My Loan Care site.