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Home loan top-up is a facility provided by lenders under which a borrower can take an additional sum of money as loan over and above his existing home loan. Moreover, home loan top-ups are a safety net during moments of emergencies. For example – If the property builder overshoots the initial budget, prices may rise and to meet the price gap, a home loan top-up is the easiest and the most seamless option.
The following are the benefits of opting for a home loan top up –
Lower Interest Rates – Relatively lower interest rates are the primary reason for choosing home loan top-ups
Longer Tenure – Home loan top-ups also come with longer tenure options which helps in lowering monthly EMIs and also results in higher loan eligibility
Tax Benefits – For purposes of home repair or construction, even for the education of your children, you can avail tax benefits on your home loan top-up
Debt Consolidation – Another major benefit of top-up loan is that it can be used to close existing unsecured loans that may have high interest rates
To get a top-up home loan, you must meet the following eligibility criteria –
You must be an existing customer. Meaning, you must have already taken a home loan from Tata Capital
The payment history of your existing home loan should be free from defaults
You should have a good CIBIL or credit score, preferably over 750
The standard documents required for a top-up home loan are as follows -
Age Proof documents – valid Passport/Driving License/PAN Card/Birth Certificate/ Life Insurance Policy/School Leaving Certificate
Identity Proof documents – Voter ID/Passport/Driving License/Aadhar Card/PAN Card
Address Proof documents – Utility Bills/Bank Statements/Property Registration Documents/Property Tax Receipt/Voter ID Card
Business Proof documents – Registration Certificate for Commencement of Business/copy of the last two years’ Income Tax Returns
Income Proof documents – Last six months’ operative current account statement/copy of the last three years’ P/L Projection Statement/Bank statements for the last six months of CC, OD facilities (if taken)
Existing Loan details – to be provided via bank statements
Processing Fee Cheque – to be issued from your business account
Disbursal Request Letter
Latest coloured photograph
Home loan application form
Photocopy of PAN Card
Note – The documents required may differ from case to case on the basis of the customer profile. For pre-approved top-up loans, document requirements will be minimal.
Applying for a top-up loan is easy. Simply follow the following steps –
Step 1 – Choose your mode of application – online or via a phone call
Step 2 – Fill in your personal, employment, and financial details in the application form
Step 3 – Enter in the top-up loan amount
Step 4 – Enter in the details of your existing home loan
Step 5 – Submit the necessary documents and fees involved
And that is all it takes to apply for a home loan top-up!
* Offer applicable only for customers availing a Home Loan via the online Home Loan application process.
You have to meet some basic conditions to get a home loan. Our easy-to-use home loan eligibility calculator will let you determine your housing loan eligibility in a quick and seamless manner. You can use our Home Loan Eligibility Calculator to find out your eligibility. To be eligible for Tata Capital Home Loan, you have to meet a few basic home loan eligibility criteria.
Home loan eligibility criteria will further differ depending on whether you are a salaried individual or a self-employed individual