Almost all people believe they can only spend the money acquired from a home loan on construction purposes. And if you think the same way, it’s time for you to learn something interesting.
If you acquire a home loan today, you can use the funds for medical emergencies and other essential purposes. And if you already possess an existing loan, you can easily avail of a top-up loan on a home loan.
Today, this article gives you informative insights about the top 5 banks offering home-up loans. Also, you can conduct a thorough comparison among them and determine your best suit. Let’s get started.
Standard Chartered Bank
Standard Chartered Bank offers NRI home loans to top up on existing home loans. Borrowers can acquire quick home loans top-up for longer tenures at meager costs. So, you can quickly transfer your existing home loans to Standard Chartered Bank and considerably ease your EMIs.
Some of the compelling features of this top-up loan option are:
- Remarkable processing fees and interest rates on top-up loan
- Exceptionally longer tenure
- Greater loan amount
- Convenient repayment method
- Home loan balance top-up at incredibly lower costs
HDFC Bank
HDFC offers a fair amount in their top-up loan over the existing home loan. With attractive home loan interest rates, borrowers can significantly enjoy simple and seamless repayment methods.
Listed here are some of the noteworthy features offered by this option:
- Loan tenure can extend up to 15 years
- A top-up loan can be applied after 12 months of loan disbursement
- Highly integrated branch network
- Top-up loans available for both new and existing customers
- Hassle-free documentation procedure
ICICI Bank
The top-up facility offered by ICICI Bank applies to those who have already acquired loans from them. And if you have an existing loan from ICICI, getting a top-up will efficiently help you. So, whether it is for expanding your business or renovating your home, ICICI’s top-up is essentially useful.
As you get a lot from ICICI Bank’s top-up loan, you can also expect:
- A remarkable repayment tenure for up to 20 years
- Quick and instant disbursal
- Quick and efficient processing
- Easy and simple documentation
- The outstanding facility for overdraft
Axis Bank
Axis Bank allows its existing customers to offer additional finance against their property. This means you can acquire a top-up loan against mortgaging your property. And you can efficiently use this amount for various purposes, including business requirements, commercial or residential construction, personal requirements, etc.
Out of the various things offered by Axis Bank top-up loans, you are likely to expect the following:
- Repayment tenure as long as the existing home loan runs actively
- You can use the top-up loan for serving various purposes
- The interest rates are competitive as they are linked to tensor based MCLR
State Bank of India
The home loan top-up offered by the State Bank of India allows borrowers to obtain an amount loan. However, you can only acquire this over an already taken-home loan amount. And if you require more funding than the disbursed home loan, the SBI home loan top-up is an ideal option.
Listed here are some of the considerable features of this option:
- Availability of overdraft home loan
- The repayment period for up to 30 years
- Zero prepayment penalty
- Applicable interest charges over a decreasing daily balance
- Zero hidden charges
To Conclude
If you think a home loan can solve every problem, you are partially wrong. Since, on the way toward achieving your goals, you might require more revenue. And for dealing with such situations, acquiring a top-up loan is probably the best option.