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Home Loan Top Up

What is a Home Loan Top-Up?

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.

Why Should You Go for a Top-Up Home Loan?

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 

  • Faster Loan Processing – Since your existing lender has already built a relationship with you,  top-up loan will take minimal processing time

Who Can Get a Top-Up Home Loan?

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

What are the Documents Required for a Top-Up Home Loan?

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

  • KYC Documents

  • 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.

When Should You Opt for a Top-Up Home Loan?

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!