Need money? Think about a top-up home loan instead of personal loan or gold loan

Do you have a home loan and are in need of some extra money? There is a better alternative to getting a personal loan, gold loan or loan against property (LAP) — a top-up home loan.

“Generally, top-up home loans are given for home renovation or extension of home and for personal needs such as financing marriage, medical expenses or paying education fees, etc.,” said Sachin Chaudhary, Chief Operating Officer, Indiabulls Housing Finance.

Manav Jeet, Managing Director and Chief Executive Officer at Rubique said that his company already advises customers to go for top-up home loans, since the interest rate on them is similar to that on their existing home loan, and processing fees are less or waived off in certain cases.

Top-up home loan rates by some of the banks

table 1_top up loan

Who is eligible for a top-up home loan?

“Existing customers are eligible for top up home loans depending on their property’s market value, repayment track record and a healthy credit score. They should exhibit a regular repayment history of minimum 9 months to 1 year (varies with financial institution) to get the benefit of a top up home loan,” said Harshil Mehta, Joint Managing Director and CEO, Dewan Housing Finance.

However, Naveen Kukreja, CEO and Co-Founder of, cautioned that some lenders may provide top up loans only against completed residential properties, and not against under-construction ones.

“Existing home loan borrowers who have opted for home loan transfer may be offered a top up loan from the new lender,” he said.

New home loan customers are also eligible for top up home loans. An interested borrower needs to have a good credit history and should submit their know your customer (KYC) and income documents in order to

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