Diwali 2024: Whether you want to get the house interior done or renovated, arrange the money from here...you will only benefit
Diwali 2024 is coming. Before this festival, people get the house cleaned and renovated, etc. Many people buy a new house and shift to it and after shifting, they get the house interior done. Whether it is renovation of the house or interior, all these cost a lot of money. If you are thinking of taking a personal loan for this, then wait a bit because we are going to tell you such an option by which your work will be done very cheaply and you will not even know.
Whether it is renovation of the house or interior, lakhs of rupees are spent on it. If you want to take a personal loan for this, it would be better that you take a Top-Up loan on your home loan itself. With a top-up loan, you will also arrange the money and it will be much cheaper than a personal loan. Apart from this, you will be given a very long tenure to repay the top-up loan, due to which you will be able to pay its EMI easily and you will not feel much load.
A top-up loan is an additional loan amount, which can be taken on an already running home loan. Many banks and financial institutions provide the facility of top-up loans to their customers. A top-up home loan is a type of personal loan that you get at low interest rates. The tenure of your top-up loan also depends on the home loan. The longer the tenure of your home loan, the longer the time you will get to repay the top-up loan.
The first advantage of a top-up loan is that you do not need any kind of security and guarantee in it, the reason for this is that you already have a home loan running in the bank. A top-up loan is a kind of personal loan, so you can spend the amount of this loan anywhere as per your convenience, such as you can use it for home furniture, renovation, interior, construction, or any other personal or business reason. If you use it only for home construction and renovation, then you can also avail tax exemption on it.
Before giving a top-up loan, banks look at the record of your loan installment payment. If the record related to EMI payment is good, you can easily get a top-up loan. But if your record is bad, then you may not get this facility. Banks may have different rules regarding how much amount you will get as a top-up home loan. It is generally believed that the top-up loan amount can be up to 70% of the total amount of the home loan and the market value of your property.
You can apply for a top-up loan by visiting the bank from which you have taken a home loan or through the bank's website. Since the top up is available on your home loan, after taking the loan, you have to pay the monthly installments of the top up loan along with the payment of the home loan.