A Brief Guide on Top-Up Home Loan
As we evolve in our lives, so do our needs and goals, especially in terms of expansion and development of our homes. Hence, top-up home loans are offered by lenders to close the gap between a borrower’s desires, demands, and funds required to fulfil them. However, a top-up loan is different from a home loan. It is an add-on to an existing home loan, which provides access to more funds.
In simplest terms, when an individual’s budget is unable to cover their home buying, renovating, and decoration needs, a top-up home loan helps realize the vision of their dream home.
What are top-up home loans used for?
A top-up loan is ideal for when your home building or buying expenses exceed your estimate. An approved top-up loan means that additional funds will be added on to the previous loan amount. It eliminates the often tedious process of loan sanction and subsequent disbursement.
Top-up home loans are released much faster, which offers more flexibility and liquidity in terms of using said funds. Moreover, these loans offer competitive interest rates, which make them more advantageous.
Need more information on how a top-up home loan can help fulfil your dream home goals? Sign up, login, or call to consult an Arthavidhi financial expert today.
