Benefits of Opting Home Loan Top-Up

For many people, buying a house is akin to a dream come true. After paying a hefty down-payment, they settle into paying Equated Monthly Instalments (EMIs) that turn their dream into reality. However, new financial requirements like unanticipated home renovations can crop up anytime. To cover such expenses, choosing a top-up on your Home Loan is often a smart choice.

As the name suggests, a Home Loan Top-up allows customers to borrow funds, over and above their existing Home Loan. With the help of this facility, you can access more money without making a massive change in your repayment structure. The extra amount borrowed can be used for various needs, including those for business, education, and travel.

While most banks offer a Home Loan Top-up facility, ICICI Bank provides existing customers with an instant Top-up on their Home Loans. It allows borrowers to access funds within 24 hours. Not only does this facility allow borrowers to consolidate all their dues under one loan, it also provides them with comparatively low-interest rates.

This Article Takes A Look at The Top Benefits of Instant Top-Up On Home Loans:

Longer Duration Loan Tenure

As compared to Personal and Gold Loans, Home Loans tend to come with a longer tenure. When you opt for an instant top-up on your existing mortgage, you can leverage those extra years to pay back the additional amount. Since the tenure of the top-up cannot exceed that of the duration of the original loan, going for an increase in the amount on a longer tenure is better.

Attractive Interest Rates

Home Loans fall under the ‘secured loans’ category, thereby offering lower interest rates. The primary reason for low interest rates is that customers opting for these loans have already pledged their property to secure the loan. Consequently, when you opt for an instant Top-up on your Home Loan, the interest on the new sum also remains low. Moreover, opting for an increase in the original amount can allow borrowers to consolidate their debts by paying off other loans running at higher interest rates.

Instant Processing and Disbursal

One of the key features of Home Loan Top-ups provided by ICICI Bank is that you can get access to increased funds instantly. Considering the ongoing relationship of the Bank with you, the documents required for an additional loan amount are minimal. You can easily apply for the Top-up loan online or from ICICI Bank’s Mobile Banking app. Since Home Loan Top-up is instant, this facility could be a preferred choice to gain funds, like in the case of an emergency.

What Are the Eligibility Requirements For An Instant Top-Up?

To be eligible for an instant Home Loan Top-up, you must have an existing Home Loan. Before applying for a top-up, you would need to have paid the instalments for a minimum of one year. Once you have successfully applied for funds, the processing and disbursal should be complete instantly or within 24 hours.

How to Apply for Instant Home Loan Top-Up with ICICI Bank?

The instant top-up facility is available for existing Home Loan customers of ICICI Bank. In order to avail of the top-up facility, you need to log in to your ICICI Bank Account and check the details of the offer. After filling out the available forms, where you mention the required top-up amount, you can click on the ‘Disburse Now’ button. The required amount will get credited to your bank account instantly.

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