Need more money after taking a home loan? Opt for a ‘top-up’
If you are already paying the EMI on an existing home loan and need more money, you can opt for a top-up loan. Here’s a look at the eligibility criteria, tenure and how you can take this loan When a person buys any property, it generally involves taking a home loan and also exhausting a substantial amount of one’s savings, to fund the margin money. Moreover, home buyers also try to avail of the maximum possible loan amount, to get the best home. Sometimes, a situation may arise, where you need a substantial amount of money, while you are also servicing an existing home loan. There is an option called a ‘top-up home loan’, to deal with such situations. When and from whom can you get a top-up loan? A top-up loan is an additional amount that one gets as a loan, over and above your existing home loan. Various lenders have a minimum qualifying period for which the original home loan should have run, before you become eligible for the top-up loan. The period gen...