Can I top up my existing home loan?

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Can I top up my existing home loan?

1. To be eligible for a top-up loan, you should have an existing home loan with the bank. Top-up loans are available for up to a maximum of 20 years or till the tenure of repayment for your home loan. Top-up loans are available for a longer tenure than a gold loan, personal loan, or car loan.

How does home loan top up work?

A Top up loan meaning an extra loan is a financing option that is offered over and above the existing loan amount for products such as home loan and personal loan. The top-up loan is offered to customers who have an existing relationship with the lender, have a good credit score and have repayment ability.

What are the 3 most common documents required for certification of a purchase loan?

Documents Required for Loan against Property

  • Proof of Residence – Any one of Ration Card / Telephone Bill / Electricity Bill / Voters Card.
  • Proof of Identity – Any one of Voters Card / Aadhaar Card/ Drivers License / Employers Card.
  • Latest Bank Statement / Passbook (where salary / income is credited for past 6 months).
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Which documents are required to be submitted to Bank for taking house loan?

15 Must Have Documents Required for Home Loan in 2021

  • Loan application form.
  • 3 photographs passport sized.
  • Identify proof.
  • Residence proof.
  • Bank Account Statement/Passbook for last 6 months.
  • Signature verification by bankers of the applicant.
  • Liabilities statement and Personal Assets.
  • Property detailed documents.

When can I take top up loan on home loan?

If borrowers have paid money for 12 months without missing a single installment, they are eligible for a home loan top-up. The amount of money that a bank will sanction depends on the number of equated monthly instalments (EMIs) paid.

What is the maximum term for top up loan?

You can repay the top-up loan in monthly instalments (EMI) over a maximum term of 15 years. The actual loan term depends on factors such as your profile, age at maturity of loan, age of the property at loan maturity, etc. The term would also depend on the specific repayment scheme opted by you.

How can I top up avail loan?

How to Apply for a Top Up Loan?

  1. Visit the branch of the bank you have availed your home loan from and apply directly.
  2. Visit the website of the bank and apply online, leaving your contact details, after which the bank will get in touch with you.
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How many payslips do I need for home loan?

A lender will usually be satisfied with recent pay slips showing the amount you’re paid both before and after tax. They’ll require three months’ worth of pay slips, which also show your year-to-date total pay. They may also ask for a work contract, bank statements or in some cases a tax return.

What is the minimum salary to get home loan?

What is the Minimum Salary for a Home Loan? Your salary should be above Rs. 15,000 per month to qualify for a home loan.

Is it good to take top up loan?

“Due to the relatively lower interest rate structure and flexible loan tenure, top-up loans are a better alternative to a personal loan. A top-up loan can be taken for a maximum tenure of upto 30 years or the remaining period of your existing home loan, while a personal loan is offered for a maximum of five years.

Can I make fake salary slip for loan?

Here are the implications of fake salary slip for personal loan: Legal prosecution: If someone manages to fake pay slip and get loan, then lender has complete authority to take legal route if this is cross verified. And if this happens, individual’s future will be at risk.

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What is home loan top-up?

Home loan top-up is a facility which is available for both existing home loan borrowers and new borrowers. Existing borrowers might not have to submit any documents to get a top-up loan but those who apply for the facility at other lender are supposed to submit a few documents.

What are the documents required for SBI home loan top-up?

Below is the documents checklist for SBI home loan top-up: TDS certificate on Form 16 or copy of IT Returns for last two financial years, duly acknowledged by IT Deptt. Acknowledged copies of three years I.T. returns/ Assessment Orders.

What is the next step after getting pre-approved for a mortgage?

After selecting a lender, the next step is to complete a full mortgage loan application. Most of this application process was completed during the pre-approval stage. But a few additional documents will now be needed to get a loan file through underwriting.

What are the key documents required for home loan transfer?

The prerequisite key documents for home loan transfers are the following: Filled application form for loan transfer (of the bank / NBFC) Latest three months’ Salary Slips indicating break up of Gross salary that is the Basic Pay, House rent and Net Salary after deductions, if any.