If you want to take a top-up on this loan after taking a home loan, then you get it sometime after the home loan. Actually, banks see the top-up loan issue by seeing the pattern of home loan repayment. Well, in a way, it is like a personal loan.
Do you know that if you have taken a home loan, then you can take a top-up loan on this as well. For example, as you recharge the topup in your mobile phone and the balance gets in your phone, just like when you top up on a home loan, you get a fixed amount. Explain that top-up loans can be taken for a period of up to 30 years. Let us tell you some important things about the top-up taken on home loan, which can be useful for you.
When to take topup on home loan ?
If you want to take a top-up on this loan after taking a home loan, then you get it sometime after the home loan. Actually, banks see the top-up loan issue by seeing the pattern of home loan repayment. Well, in a way, it is like a personal loan. You can take it when needed.
Where can I use home loan topup ?
You can use the top up on home loan for any purpose. You can use this loan according to your need. For example, it can be used for essential household work, children’s education or their marriage.
How is payment made ?
The top up on home loan is also paid along with the monthly installments of the home loan. Its time limit is also equal to home loan. SBI top-up: Want to recharge your mobile phone? Remember these useful tips
What is the difference between a home loan topup and a personal loan ?
If you are taking a personal loan, then you get it at an interest rate of around 11% per annum. At the same time, the top up on home loan can be taken at 9 percent annual interest rate. In such a situation, the difference between the two is that if you take a home loan topup, you will have to pay less interest than a personal loan.
