Why Should You Opt For Instant Home Loan Top-up


For most people, buying a house is similar to a dream come true. After reimbursing a considerable down-payment, they settle into paying Monthly EMI’s that turn their vision into reality. Nonetheless, different financial requirements, like unforeseen house renovations, can crop up anytime. 

As the name implies, a Home Loan Top-up enables clients to borrow funds over and above their prevailing Home Loan. For this option you can access more money without making a big modification to your repayment system. It would help if you used a PNB Housing Finance Ltd home loan calculator for an estimate. The additional amount borrowed can be utilized for numerous necessities, including education, business and travel.

Below are a few reasons as to why you should opt for an instant home loan top-up from PNB Housing Finance Ltd:

  • Longer duration tenure.

As compared to Personal and Gold Loans, Home Loans tend to come with an extended-term. When you select an instant top-up on your home loan, you can leverage those additional years to repay the extra amount. Since the term of the top-up cannot surpass that of the initial loan period, going for an increase in the amount on a longer-term is a smart choice.

  • No restriction on end usage.

While the home loan borrowers can avail of top-up home loans, they do not come with any constraint on the usage of funds except for hazardous objectives. The lack of end usage regulation makes top-up home loans a great alternative against credit cards or personal loans for existing home loan borrowers. You can also utilize the dividend of a top-up home loan for purchasing a car, funding a child’s higher schooling, medical purposes etc.

  • Lesser interest rate.

Personal loan interest rates vary anywhere between 9% and 24% p.a. Interest rates of top-up home loans are usually the same or a little greater than the already existing interest rate of underlying home loans. This makes top-up home loans one of the most inexpensive credit alternatives for the prevailing home loan borrowers.

  • High loan amount.

The loan amount in case of top-up home loans can go up to Rs 50 lakh or more. The likelihoods of getting an elevated loan amount are much greater in the case of top-up home loans, particularly for those who have already paid back a substantial amount of the actual home loan amount. It is advised to use a home loan calculator to get an estimate of the loan you can take.

  • Quick processing and disbursal.

One of the fundamental characteristics of home loan top-ups provided at PNB Housing Finance Ltd is that you can instantly access intensified funds. Considering the ongoing connection of PNB Housing Finance Ltd with you, the documents needed for an extra loan amount are minimal.

Those facing financial shortfalls to meet certain expenditures can consider availing top-up home loans from PNB Housing Finance Ltd. It is a handy, efficient and easy solution for an immediate fund requirement according to your need and convenience!