How You Can Transfer Your Home Loan With A Top Up Loan?

When you are unhappy with the customer service of your existing lender or if they are charging you a higher Home Loan interest rate, you can always switch your loan account.

When you switch your current Home Loan account from an existing lender to a new one, the process is called Home Loan balance transfer. A Home Loan balance transfer helps you bring down your Home Loan interest rate and makes it affordable to let you save some money each month.

When you do Home Loan balance transfer, usually the new lender also provides with the facility of a Top Up Loan at a lower rate to assist you in taking care of other financial needs.

Leading online lenders provide a Top Up Loan facility of up to Rs.50 lakh at reduced rates. Yes, the interest and tenor part associated with a Top Up Loan is lesser and longer, respectively. 




Thus, if you want to reduce your Home Loan interest rates and also want to avail a lesser rate of interest, opting for balance transfer should be a good bet. Here’s how!

● Affordable rate of interest

Compared to standard loan, the Top Up Loan that you get with a Home Loan balance transfer is only 8-12%, making it an affordable version of a personal loan. It also means that you pay lesser EMI figure each month.

● You can use it for multiple purposes

A Top Up Loan could be used just like a personal loan which you can use for numerous purposes as per your preferences. Be it renovating your home, emergency medical needs, an abroad trip or more, you can use it for as many purposes as you can think.

● Easy eligibility

Top Up Loans don’t have many issues when it comes to the eligibility. Why? It’s simply because a Top Up Loan is an additional facility with a Home Loan balance transfer and that makes it a no-eligibility loan.

● Flexible tenor

The tenor is nothing but the total duration of any loan in which you need to repay the credit as EMIs. Depending on your loan scheme, the tenor can go up or down. However, when you avail Home Loan balance transfer, the tenor of your Top Up Loan is also the same as that of the Home Loan. What does it mean? It means that you have enough time to repay your Top Up Loan. It is one of the most vital benefits of the Top Up Loan and why borrowers prefer it while availing Home Loan balance transfer.

● Non-fussy and quick application procedure

Although a Home Loan requires you to care for various terms and conditions, the Top Up Loan does not. You can easily eliminate these consuming and exhaustive exercises while opting for a Top Up Loan. Why? It’s because a Top Up Loan is a linked feature of Home Loan balance transfer, you don’t have to care about the application procedure. All that you need to do is – request your new creditor the Top Up Loan facility, quote the loan amount and, you are good to go!

The Bottom Line

A Home Loan balance transfer is a unique facility which also helps you avail a non-messy and feature-rich Top Up Loan. If you are looking out for an additional loan to cover up your various needs to fulfil your life goals? Opt for a Home Loan balance transfer and apply for a Top Up Loan to the tune of Rs.50 lakh with a leading online Home Loan service provider.

When you will do a Home Loan balance transfer, you also stand to gain good customer care services and not to forget the reduced Home Loan interest rates. Contact your new lender today and know more!