Home Top-Up Loan – Meet Your Housing Requirements
1 . What is a Top-up Loan?
A home top-up loan is a lot similar to the top-up we do on our mobile balance when we are running low on our balance. The difference is that a home top-up loan is applied above your home loan when you need some funds for renovation or similar projects regarding your house. This facility is provided by banks as well as housing finance companies like agrimhfc. Under this, You can borrow a certain amount over your housing loan. There are certain factors related to this facility and you should be able to fulfill certain criteria if you want to apply for it.
2. Advantages of Top-Up Loan :
- It is a good source of some extra finances in the case of an emergency.
- It has a much lower interest rate if compared with other loans like personal loans etc.
- You can use this loan as per your needs.
- The eligibility is pretty simple.
- It has a much longer tenure when compared with personal loans or other similar loans.
- It is easy to get a Top-Up Loan due to your pre-established relationship with the financing company or bank, Agrimhfc provides swift top-up loans with attractive interest rates.
3. Tax Benefits on Home Loan Top-up :
The tax benefits that a top-up loan offers are a lot similar to that of a regular home loan. A top-up home loan offers a tax deduction on the payment of the interest rate if the loan amount is used for renovation or any similar purpose. If it is used for purchasing a new piece of property or building a new home then you can get a tax deduction on the payment of the principal amount of the top-up loan under section 80C of the ITA.
4. Documents Required :
The documents required to apply for a top-up loan are :
- Identity proof such as Aadhar Card, Voter ID, Driving license, etc.
- If you are a salaried applicant then you’ll have to provide your salary slip for the last 3 months.
- Address proof such as a passport or any utility bill.
- Passport-sized photographs.
- Bank statements for the last 3 months.
5. Eligibility Criteria:
The eligibility to apply for a top-up loan is a lot similar to that of a home loan but you need to have an adequate loan repayment capacity. Having a good credit score is also quite essential. You should make sure that you don’t have any missed EMIs.
A top-up loan is an efficient and effective way of getting some extra funds if you are looking forward to renovating your home or have any other things in your mind to do with that money. Agrimhfc provides swift top-up loans conveniently. The paperwork is also swift and interest rates are also pocket friendly. With benefits like tax deduction and availability of time, A top-up loan is an amazing choice if you’re looking for expansion or renovation projects.
