Home loan top up | Benefits | Interest Rates| options

If you are paying an emi of Home loan for more than 24 months and you are in need of some loan.This loan can be for anything from renovation , medical expenses or for a trip. The option that customers feels is to go for a personal loan.

Now if you compare Personal loan – The rates are from 13.9% to 22.00%. So your per lac EMI will be in range of Rs.2727.00 – Rs.3150.00 for an 4 year loan.

The Home loan top up will come at the range of 10.15-11.00 % and your EMI will be in range of Rs.2543.00 – Rs.2584.00 and thus saving min Rs 200 per lac.

If your Personal loan amount is 5 lac – the minimum you will save is 1000 per month which can work out to saving of 48000 in four years.

Now the question is that do all Banks give Top up on Home loan?

Most banks give top up after 18-24 months of home loan. This helps them to retain their customer and maKe more net interest out of him.

If your Bank is not giving Home loan top up then ?

Then try going in for a Balance transfer with some Bank of your home loan which has a top up option.

So save now- Don’t go for a personal loan- opt for a top up on your Home loan