The details of HDFC, Top Up Home Loans are..!
^ Top - Up Housing Loans offers an existing resident Indian customer a loan against the mortgage of the existing property.
^ It helps in encashing the investment in a house without having to dispose it off to fund various needs related to Higher Education, Purchase of Furniture, Business Requirements, etc.
^ The maximum loan amount under this product is 60% of the market value of the property less the outstanding loan & is subject to the current loan eligibility.
^ The maximum term of the loan is 10 years. Top up loans can given after 1 to 2 years [based on discretion], of the final disbursement of the existing loan or upon possession / completion of the existing financed property.
Eg: Existing outstanding Loan : Rs. 3 lacs.
Current market value of property : Rs. 10 lacs
Maximum loan eligibility : 60% of market value i.e. Rs. 6 lacs
Actual Loan Eligibility : Rs. 6 lacs less Rs. 3 lacs = Rs. 3 lacs
Applicable Rate (Monthly Rest Basis) : 12.25 % *
* The above rates are subject to change without notice.
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