If you have taken a home loan and you need money, then you have a better option to overcome this problem. You can take topup loan against home loan. Topup loan is similar to a personal loan. You can take it for home needs.
when can take ?
- Top up loan can be taken after some time after taking home loan.
- Banks give top up loan by looking at the repayment pattern of home loan.
- If you are looking for home loan If you are paying the installments on time, then you will easily get a top-up home loan.
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- Topup loan can be used for any of your work, such as home renovation, children’s marriage or education.
personal loan than better choice
- Topup on home loan leads to lower interest rates as compared to personal loan.
- Personal loan comes at an annual rate of around 11% or more whereas home loan topup gives you around 9% Will be available at interest rate only per annum.
Along with the repayment of the home loan, the monthly installments of the top up loan also have to be paid. Its tenure is usually the same as that of a home loan.