A home loan top-up can help borrowers get extra funds, says Kathuria of Easiloan

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Interest rates are typically lower compared to those of personal or home loans, says Pramod Kathuria, Founder and CEO, Easiloan.

In an interview with MintGenie, Kathuria said that the repayment period for top-up home loans usually goes up to 15 years, with some lenders offering loan tenures of 20 or even 30 years.

For existing borrowers, a top-up loan provides the opportunity to obtain additional funds on top of your existing home loan, serving as a valuable resource during times of necessity. These funds can be utilized for diverse purposes, spanning from home renovations and registration fees to purchasing furniture. 

A loan top-up can help borrowers get extra funds. This can be particularly helpful if your existing loan has a good repayment history, potentially unlocking higher borrowing limits. Compared to other unsecured loans like credit cards, top-ups often boast lower interest rates.  Applying for a top-up is typically easy, especially with your existing lender. The process is often streamlined, with minimal paperwork and quicker approval times compared to a fresh loan application.

A loan top-up is an additional loan amount that a borrower can obtain in addition to their current house loan. For top-up loans, no additional security is required as top-up loans are sanctioned on existing housing loans. Also, it helps in extending the overall loan tenure. Existing borrowers can fulfill Various requirements: Top-up loans can be utilized for a variety of purposes. This can include meeting expenses for a wedding, education, business, house renovation/construction, and so on. 

Interest rates are typically lower compared to those of personal or home loans. This financing option can cater to diverse needs ranging from