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What is a Home Loan Top-Up?
A home loan top up is a facility offered by lenders under which a borrower can take an additional loan over and above their existing home loan. The home loan top up facility is available only for existing home loan borrowers without the need for any additional security or guarantee. A top up loan on a home loan is a multi-purpose loan that can be used for any purpose.
For example, if the property builder overshoots the initial budget and you need money to fulfill this price gap, you can opt for a housing loan top up. With Tata Capital, you can avail of a home loan top up and pay for your various requirements, such as buying furniture, extending or renovating your house, and planning the interiors of your house.
Why Should You Go for a Home Loan Top-Up?
A top-up loan on a home loan allows you to avail of financing at lower interest rates and meet your additional financial requirements. Here are the reasons why you opt for a housing loan top up:
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Who Can Get a Top-Up Loan?
The eligibility for top up home loan varies from one lending institution to another. Therefore, you must confirm your home loan top-up eligibility with your lender before approaching it for a top-up on your home loan.To get a top-up home loan with Tata Capital, you must fulfill the following eligibility criteria:
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You must be an existing customer with us. This means that you must have already taken a loan for house from Tata Capital
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Your home loan payment history should not reflect any outstanding dues or defaults on EMIs
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You should have a good credit score, preferably over 750
Note that our home loan top up eligibility may differ from case to case based on the customer’s profile. Hence,
you may need to fulfill some additional eligibility requirements to avail of a home loan top-up with us.
How to calculate a top-up loan?
A home loan top-up is calculated on the basis of your existing home loan amount, tenure, credit score, and other similar factors. Most lenders assess your Fixed Obligation to Income Ratio (FOIR), a metric commonly used by loan providers to determine your ability to repay a loan.
In addition to this, you also have to pay an interest rate on top-up loans, which can differ based on your credit score and the loan amount and tenor.
A home loan interest calculator on our app can help you understand how to calculate a top-up loan in greater detail.
How to Apply for a Home Loan Top-Up?
Applying for a home loan top up with Tata Capital is easy and convenient. All that you have to do is follow the steps mentioned below:
Once you complete these steps, your home loan top-up amount will be transferred directly into your bank account.
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Popular FAQs
To qualify for an increase in your loan through the top up on your home loan, you need to meet these three criteria:
- You must be an existing Tata Capital Loan customer with an active home loan
- You must not have any outstanding loan dues, or Equated Monthly Installment (EMI) defaults in your payment history
- You should have a high credit score of over 750
At Tata Capital, we offer home loans starting from Rs 5 lakhs and ranging up to Rs 5 crores. You can pick any amount based on your financial needs, credit score, budget, etc.
The top-up on home loan interest is usually calculated based on the prevailing interest rates on your home loan. However, it is on essential to note that the interest rates for a top-up loan may be higher or lower than the interest rates for the original home loan. It is best to discuss this in detail when applying for the top up home loan.
Yes. You can apply for a home loan top-up at the same bank as well as if you are transferring your loan to another bank through a home loan balance transfer.
The processing time for it is reasonably quick. These loans are generally pre-approved and granted quickly, so you do not have to wait long.
The top-up on home loan can be repaid with your existing EMIs within your original home loan tenure. At Tata Capital, we offer a maximum home loan tenure of up to 30 years. You can select the tenure that best fits your budget.
It is a multi-purpose loan and can be used for any purpose. As long as you have an existing Tata Capital home loan, you can apply for it and use it as you see fit.
Yes, you can apply online by using the following steps:
- Visit the Home Loan Top-Up page
- Click on Apply Now
- Select Existing Customer
- Enter your mobile number
- Click on Send OTP
Since the top-up loan is a pre-approved loan, you will be shown the details of the loan amount you are eligible for. You can then proceed to apply for it.
You need to submit the following documents:
- Know Your Client (KYC) documents, such as identity and address proofs, including Aadhaar card, Pan card, Voter's ID, Passport, etc.
- Bank statements
- Income proof
- And other similar documents
Yes, your credit score plays a critical role in all your loan applications. To qualify for a top-up on your home loan, you must have a credit score of 750 and above. The higher the credit score, the easier it gets to avail of a top-up on home loan of your preferred amount.
At Tata Capital, we charge a nominal processing fee of 0.5% of the loan amount + Goods and Services Tax (GST) for all home loans. You can reach out to our home loan customer care service to understand the applicable fees and charges involved in processing the top-up loan.
Yes, you can deduct the interest paid on the top-up loan and save money spent on tax under Section 24 of the Income Tax Act 1961. A top-up on a home loan is treated like a regular home loan for tax purposes. You can claim income tax deductions on the interest paid on the top-up loan as long as you use the funds for renovation or improvement of the concerned property. Section 24 offers tax deductions of up to Rs 2 lakh on a home loan.
The repayments towards a top-up on a home loan must be made on time. If you fail to make the payments, you will incur a late penalty fee of up to 2.00% per month over and above the prevailing home loan interest rate. You may also receive legal notice if you are unable to pay the EMIs over a period of time. It is advised to pick a loan amount and tenure that comfortably fits your budget to avoid late payments and hassles later.
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