In today’s time, people get many facilities to fulfill their needs. If someone wants to buy a house then he does not have money for it. Then he can apply for loan from the bank. If you want to buy a car, you can apply for a car loan. That is, if anyone has to fulfill any of his financial needs and in such a situation he does not have enough money.
So the person can apply for the loan. But if you have already taken a home loan and your needs are not fulfilled. So you can take a top-up loan on your already existing home loan. For example, if you have taken a home loan to build your house, then you can take additional money on it which is called top up loan.
What is Top-up Loan?
If you already have a loan somewhere and you take extra money on it. That is, if you take a second loan on top of an already existing loan, then it is called top up loan. As we said, nowadays everyone needs a house. And people take loans to buy houses. Suppose you need money even after the home loan, for some work, say you have to buy some other thing for the house. So in such a situation you can take extra money on home loan only. For this you will not need any guarantee. So in such a situation, if you need it immediately, you can take a top up loan.
How to apply for top-up loan
The bank in which your home loan is running. You can apply for top-up loan on home loan by visiting the bank. If you want, you can also apply for top-up loan online by visiting the bank’s website. Because your home loan is already running from this bank. So in such a situation, when you take a top-up loan, the EMI of your top-up loan also gets added to your home loan. You have to pay for both together.
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