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What is a top-up loan ?

What is a top-up loan ?

A top-up loan is offered when you take a home loan, over and above the home loan amount. You can opt for this add-on loan if you need extra funds and usually, there are no restrictions that accompany this loan. You can use it for home-related needs or to finance other expenses such as your child’s education, buying an asset such as a car, or even a vacation.

Here is a quick look at Bajaj Finserv’s Top up Loan key features and benefits.

It has A Nominal Interest Rate: This loan features a nominal rate of interest that ensures that it is affordable and repayment is smooth and easy. You can avail a high amount with just a small adjustment to your EMI.

It has A Long Tenor: The top-up loan enjoys the same long tenor as your home loan. This makes the EMIs really low in value, further aiding easy repayment.

It Gives You Funds Quickly: The loan has simple eligibility criteria and has a quick disbursal mechanism. This ensures that you can apply and get the funds as soon as you need them.

It doesn’t Require A Separate Application: When you take a top-up loan, you don’t have to apply for a separate loan from scratch. The application process is simpler and quicker.

It Offers Tax Benefits: The interest that you pay towards the top-up loan is exempt from taxation under Section 24 of the Income Tax Act. To claim this benefit, you must be able to prove that you have used the top-up loan to acquire, construct, expand, repair or renovate a residential property. You can also make use of this exemption if you use the loan amount for your children’s education.

Here are some ways in which you can use the Top up loan.
• Home renovation and expansion
• Buying furniture for your home
• Upgrading soft furnishings and home appliances
• Make structural changes and repairs
• Modifying the plumbing or wiring Next

Next, take a look at how you can apply for this handy loan.

Match the Loan Eligibility :

When you take this loan from Bajaj Finserv, it is offered to you once you carry out a home loan balance transfer. Usually, lenders review your past payment history and the total home loan amount before sanctioning the top-up loan to you. The amount of the top-up loan also depends from case to case. Bajaj Finserv even offers a Top-Up Loan that exceeds the amount of your home loan, if the value of your property is high.

Fill the Application Form:
When you apply for this loan, you can choose between online and offline modes of application. Applying online is simple, and involves submitting a basic form that you can fill out in a matter of minutes. However, remember to enter your details accurately to aid smooth processing. If you’re applying to Bajaj Finserv, you can also call 1-800-209-4151 and a representative will guide you about the steps that you need to take.

Submit the Required Documents:
You may have to submit basic KYC documents, identity and address proofs, and a copy of your property papers. Before you apply, get information about the required documents for home loan that you need and submit them at the earliest to speed up the approval process. After this, Bajaj Finserv will review your application and disburse the amount directly to your account.

Armed with this information, you can apply for a top-up loan with ease and use it to its full potential.

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