Top- up Loan
Need additional funds while managing your home loan? A top-up loan from Bajaj Finance offers a seamless way to finance your needs, whether for home renovation, medical expenses, or personal investments. Get extra funds over your existing loan at competitive interest rates, ensuring cost-effective borrowing. Enjoy a hassle-free application process, minimal documentation, and swift approval. Additionally, you may benefit from tax deductions on interest paid, subject to eligibility. Take advantage of this financial flexibility without impacting your current loan terms.
What’s more is that you can avail these funds at a nominal interest rate to ensure your outgo stays cost effective. You can also claim deductions, similar to the home loan tax benefits, on the interest repaid, provided you meet the usage criteria for the same.
Features and benefits of availing of a top up loan
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Affordable rates
Access funding at an attractive and competitive home loan interest rate for maximum affordability.
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Quick financing
Avail of the home loan balance transfer and get a top up approval without any hassles
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Large sanction
Get easy access to an ample funding that can cover big-ticket expenses.
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Restriction-free usage
Use the funds to renovate your home, repair damaged areas, or even to host a wedding with no restrictions on usage.
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Digital loan tools
Track your loan and manage loan payments online through the digital customer portal.
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Prepayment facilities
Make partial-prepayments or foreclose the loan whenever you have excess funds on hand at zero extra costs.
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Make tax savings
Claim deductions under Section 24 of the IT Act for the interest you repay annually.
Documents required for top-up loan
To avail a home loan top up, you must opt for the balance transfer facility. This is required to qualify for the offering and once you meet this criterion, all you need to do is furnish basic documents required for home loan* mentioned below.
KYC documents:
- Passport
- Driving License
- Voter’s Identity Card
- Aadhaar Card
- Job Card issued by NREGA duly signed by an officer of the State Government
- Letter issued by the National Population Registe
- PAN card
Top up loan fees and charges
Bajaj Finserv's Home Loan Balance Transfer has one of the lowest home loan interest rates in India and this helps you secure an equally attractive top-up loan interest rate. However, be sure to use our Home Loan EMI calculator to account for the added responsibility.
Top up loan eligibility criteria
If you have an ongoing home loan with us, the eligibility criteria for a top-up loan are generally similar to those for a home loan. Additionally, consider the following when opting for a home loan balance transfer:
- For a balance transfer combined with a top-up loan, ensure at least one year of consistent repayment history with the previous lender.
- Your existing mortgage should have been active for a minimum of six months before applying.
- Clear any pending EMIs and maintain a record of no more than one missed payment in the past year.
Top-up Loan Interest Rates
A top-up loan allows existing home loan borrowers to access additional funds over their current loan amount. We offers competitive top-up loan interest rates, ensuring affordable borrowing for various needs like home renovation, education, or personal expenses. The interest rates are generally slightly higher than home loan rates but lower than personal loan rates, making them a cost-effective option. Factors like credit score, repayment history, and loan tenure influence the final rate. With flexible repayment options and quick disbursal, a top-up loan can be a convenient financial solution.
Please note that these guidelines may vary depending on the specific policies of the lender you choose.
Additionally, you could use a home loan eligibility calculator to better understand your options, and estimate your borrowing capacity.
Steps for apply top up loan
Before you fill the online application form, you should know exactly how much you need to borrow. Use our top up loan calculator to arrive at this figure without any hassles. Once you have this data, follow these steps to apply.
- 1 Log on to the webpage, click 'Apply Online' and enter basic details
- 2 Verify your identity by the OTP sent to your mobile
- 3 Enter the loan amount and ideal tenor
- 4 Input your personal, employment, financial and property-related information
- 5 Submit your application
After you submit the form, await contact from our authorised representative within 24 hours* of making your application.
*Terms and conditions apply
**Indicative list only. Additional documents may be necessary.
Frequently asked questions
A top-up loan is an additional credit that can be availed of over and above an existing loan and when opting for a balance transfer. A top-up loan does not come with any end-use restrictions and requires minimum documentation.
A borrower who has an existing home loan that he/ she is transferring to Bajaj Housing Finance is eligible for a top-up loan. The additional loan can be availed of only after the applicant has already made a certain number of EMI payments towards the existing loan.
The documents required for a top-up loan include:
- Basic KYC documents (both identity and address related)
- Property papers
- Proof of income
You may need to submit other documents as mandated.
You can avail a sizable amount as a top-up loan. The loan amount varies depending on factors such as your repayment history, the home loan amount repaid, and your credit score.
You can opt for a top-up loan when you avail of the home loan balance transfer facility. So, once the balance transfer process is initiated, you can apply for this additional advance alongside and utilise the funds to cover any expense(s) of your choice.
The maximum tenor for a top-up loan is either 25 years, or the tenor or the base home loan on which you are availing of a top-up, whichever is lower.
A top-up loan is offered on the home loan. While there may be two or more applicants when applying for a home loan, the primary applicant is one whose name the loan amount is sanctioned. Likewise, the Top-up amount is also sanctioned to the primary applicant. In other words, even if there are three co-applicants on a home loan, the primary applicant is then one eligible for a Top-up.
A top-up home loan can be a good option for those who require additional funds for personal or business purposes while already having an existing home loan. Top-up home loans are usually offered by the same lender who provided the original home loan. However, borrowers can also transfer their existing home loan to Bajaj Finserv and avail of a top-up loan.
Top-up home loans can be used for various purposes, such as home renovation, education expenses, medical expenses, or business needs. However, it is important to note that the loan amount must be used for the purpose specified at the time of application.
You can apply for a top-up loan if you require funds to renovate or construct a property. Depending on the lender’s policies, there is no restriction on the end use of the top-up loan amount.
A home loan top-up is an additional loan amount that existing home loan borrowers can avail over their current loan. It offers flexible usage, including home renovation, education, or emergencies, without needing new collateral. With lower interest rates than personal loans and easy approval, a top-up loan is a cost-effective financing option for borrowers.
