27 October 2013
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Canada Goose Parka Do you have a home loan and are in need of some extra uk canada goose money? There is a better alternative to getting a personal loan, gold loan or loan against property(LAP) atop up home loan. Canada Goose Parka
“Generally, top up home loans are given for home renovation or extension of home canada goose outlet and for personal needs such as financing canadian goose jacket marriage, medical expenses or cheap canada goose uk paying education fees, etc.,” said canada goose factory sale Sachin Chaudhary, Chief Operating Officer, Indiabulls Housing cheap Canada Goose Finance.
Manav Jeet, Managing Director and Chief Executive Officer at Rubique said that his company already advisescustomers 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.
Who is eligible for a top up home loan?
Canada Goose Jackets “Existing customers are eligible for top up home loans depending on their property’s market value, repayment track record and canada goose uk black friday a Canada Goose Parka healthy credit score. They should exhibit a regular repayment history of minimum 9 months to 1 year (varies with financial institution) to Canada Goose Jackets get the benefit of a top up home loan,” said Harshil Canada Goose online Mehta, Joint Managing Canada Goose Outlet Director and CEO, Dewan Housing Finance.”Existing home loan borrowers who have opted for home loan transfer may be offered a top up loan from the new lender,” he said. Canada Goose Jackets
canada goose clearance “Loan to value (LTV) is also important parameter taken into consideration before approving the top up loan,” said Chaudhary of canada goose uk shop Indiabulls Housing Finance. canada goose clearance
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The fact that home loans offer tax benefits on repayment of both interest and the principal amount holds partially true for top up home loans.
“For top up loans, interest portion Canada Goose Coats On Sale repaid is eligible to be claimed as tax deduction under Section 24b, only if the top up loan has been used for acquisition, construction, repair or renovation of residential property. The total amount that can be claimed as deduction in a particular year is inclusive of the tax deduction claimed on existing home https://www.canadagoosejacketonlines.ca loan,”Kukreja said.
buy canada goose jacket cheap The maximum amount that can be claimed for tax deduction is Rs 2 lakhper canada goose store annum for interest repayment. This is inclusive of the interest on both the original home loan and the top up home loan. buy canada goose jacket cheap
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Canada Goose sale Top up home loans clearly outscore other loan options such as personal loans, gold loans and loans against property. They come canada goose coats with a lower rate of interest rate, higher tenure, and tax benefits. Canada Goose sale
“For top up home loans financial institution charges interest rates 0.5 uk canada goose outlet 1 percenthigher than home loans, which involve interest rates as low as 8.45percent per annum. Also, top up loans provide longer loan tenures of up to 20 years,”Kukreja said.
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canada goose coats on sale Mehta explained some of the Canada Goose Online key advantages of getting a top up home loan: canada goose coats on sale
buy canada goose jacket Helps meets financial needs and emergencies:Top up home loans can be used to fulfill funding canada goose coats on sale needs of the borrower, buy canada goose jacket cheap which include personal, professional and business expenses. buy canada goose jacket
canada goose clearance sale Hassle free approval and documentation:Banks or housing finance companies use the documents submitted to them earlier for the approval process, so there is no need to go through the documentation process again. canada goose clearance sale
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canada goose Tax benefits: One can avail tax benefits canada goose on top Canada Goose sale up home loans in buy canada goose jacket addition to the ones they are getting on their existing home loan.”One of the major disadvantage of top up home loan is the loan amount is limited by the LTV of your existing mortgaged property,”Chaudhary said. canada goose
So, if an individual needs a bigger loan, he has to go for a loan against property at a slightly higher interest rate than that on a top up loan.
cheap Canada Goose “Processing time of a top up loan is higher than a personal loan or a gold loan and tax benefit on a top up home loan can be availed if the loan is taken only for the purpose of home renovation,”Chaudhary said cheap Canada Goose.