Home Loan Top Up
Fund financial obligations when servicing your home loan without any worries by opting for a top-up loan.This provision by Bajaj Finserv gives you access to a sizable sanction, over and above your existing home loan to help you address urgent expenses. Whether you need to renovate your home, repair damaged areas, or address a medical emergency, this provision is equipped to handle it all.
What’s more is that you can avail these funds at a nominal interest rate to ensure your outgo stays cost effective. You can also claim deductions, similar to the home loan tax benefits, on the interest repaid, provided you meet the usage criteria for the same.
Features and benefits of availing of a top up loan
-
Affordable rates
Access funding at an attractive and competitive interest rate for maximum affordability.
-
Quick financing
Avail of the home loan balance transferand get a top up approval without any hassles
-
Large sanction
Get easy access to an ample funding that can cover big-ticket expenses.
-
Restriction-free usage
Use the funds to renovate your home, repair damaged areas, or even to host a wedding with no restrictions on usage.
-
Digital loan tools
Track your loan and manage loan payments online through the digital customer portal.
-
Prepayment facilities
Make partial-prepayments or foreclose the loan whenever you have excess funds on hand at zero extra costs.
-
Make tax savings
Claim deductions under Section 24 of the IT Act for the interest you repay annually.
Documents required for top-up loan
To avail a home loan top up, you must opt for the balance transfer facility.This is required to qualify for the offering and once you meet this criterion, all you need to do is furnish basic documentation* mentioned below.
- KYC documents:
1. Passport
2. Driving License
3. Voter’s Identity Card
4. Aadhaar Card
5. Job Card issued by NREGA duly signed by an officer of the State Government
6. Letter issued by the National Population Register - PAN card
Top up fees and charges
Bajaj Finserv's Home Loan Balance Transfer has one of the lowest home loan interest rates in India and this helps you secure an equally attractive top-up loan interest rate. However, be sure to use ourHome Loan EMI calculatorto account for the added responsibility.
How to apply for a top up loan with Bajaj Finserv
Before you fill theonline application form, you should know exactly how much you need to borrow.Use our top up loan calculator to arrive at this figure without any hassles. Once you have this data, follow these steps to apply.
- 1 Log on to the webpage, click 'Apply Online' and enter basic details
- 2 Verify your identity by the OTP sent to your mobile
- 3 Enter the loan amount and ideal tenor
- 4 Input your personal, employment, financial and property-related information
- 5 Submit your application
After you submit the form, await contact from our authorised representative within 24 hours* of making your application.
*Terms and conditions apply
**Indicative list only. Additional documents may be necessary.
- Apply for a Home Loan
- Housing Loan Interest Rate
- Home Loan Calculator
- Home Loan
Frequently asked questions
What is a top-up loan?
A top-up loan is an additional credit that can be availed of over and above an existing loan and when opting for a balance transfer. A top-up loan does not come with any end-use restrictions and requires minimum documentation.
Who can avail of a top-up loan?
A borrower who has an existing home loan that he/ she is transferring to Bajaj Housing Finance is eligible for a top-up loan. The additional loan can be availed of only after the applicant has already made a certain number of EMI payments towards the existing loan.
What are the documents required for a top-up loan?
The documents required for a top-up loan include:
- Basic KYC documents (both identity and address related)
- Property papers
- Proof of income
You may need to submit other documents as mandated.
How is the home loan interest rate calculated? what’s the maximum amount that can be availed of as a top-up loan?
You can avail a sizable amount as a top-up loan. The loan amount varies depending on factors such as your repayment history, the home loan amount repaid, and your credit score.
Can I avail of a top-up loan along with a balance transfer loan?
You can opt for a top-up loan when you avail of the home loan balance transfer facility. So, once the balance transfer process is initiated, you can apply for this additional advance alongside and utilise the funds to cover any expense(s) of your choice.
What is the maximum term for which I can avail of a top-up loan?
The maximum tenor for a top-up loan is either 25 years, or the tenor or the base home loan on which you are availing of a top-up, whichever is lower.
Can co-applicants get top-up loans on a housing loan?
A top-up loan is offered on the home loan. While there may be two or more applicants when applying for a home loan, the primary applicant is one whose name the loan amount is sanctioned. Likewise, the Top-up amount is also sanctioned to the primary applicant. In other words, even if there are three co-applicants on a home loan, the primary applicant is then one eligible for a Top-up.
Is it good to take a top up home loan?
A top-up home loan can be a good option for those who require additional funds for personal or business purposes while already having an existing home loan. Top-up home loans are usually offered by the same lender who provided the original home loan. However, borrowers can also transfer their existing home loan to Bajaj Finserv and avail of a top-up loan.
Top-up home loans can be used for various purposes, such as home renovation, education expenses, medical expenses, or business needs. However, it is important to note that the loan amount must be used for the purpose specified at the time of application.
When can I get a top up home loan?
You can apply for a top-up loan if you require funds to renovate or construct a property. Depending on the lender’s policies, there is no restriction on the end use of the top-up loan amount.
Read More Read Less
- 01:16 Tax Benefits on a Home Loan
- 00:57 How to reduce your Home Loan interest burden?
- 00:59 Factors to consider before taking a Home Loan
- 01:00 Home Loan - How to apply?
