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How to Top Up your Home Loan
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Disclaimer: This Article is for information purpose only. The views expressed in this Article do not necessarily constitute the views of Kotak Mahindra Bank Ltd. (“Bank”) or its employees. Bank make no warranty of any kind with respect to the completeness or accuracy of the material and articles contained in this Newsletter. The information contained in this Article is sourced from empaneled external experts for the benefit of the customers and it does not constitute legal advice from Kotak. Kotak, its directors, employees and the contributors shall not be responsible or liable for any damage or loss resulting from or arising due to reliance on or use of any information contained herein.
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Buying a home is one of the most important milestones. A substantial planning and research is essential before one ventures into buying a home. This is where home loan plays an integral role. When one opts to buy a home, it is bound to exhaust a substantial amount of one’s savings. During the loan tenure, there might be circumstances wherein you might need a considerable amount of money for unforeseen expenses. So one of the easy ways to deal with such circumstances is to make a smart financial move by availing a Top-up loan.
Top-up loans are essential when it comes to fulfilling any of your needs. Expenses such as wedding expenditure, school or college fees, dream vacations, home renovation projects might require financial assistance. With regards to home loan, a top-up Loan is a financial assistance provided by banks or housing finance companies above your existing home loan. The purpose of a top-up loan is to assist you in fulfilling your financial requirements like, Renovating / refurbishing your house, upgrading your house and other purposes.
It is important to understand that top-up loans are different from your personal loans. If you already have a home loan and you have been making regular repayments, then you can apply for a top-up loan.
Eligibility Criteria:
To avail a top-up home loan, you need to:
The Advantages of Top-up Loans Are:
Today banks endeavor to create delightful experience by providing top-up solutions for you in the most hassle-free manner through quick approvals and disbursal. Today’s banks and financial institutions understand your needs and strive to deliver customised pragmatic solutions across multiple platforms.
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