Top up loan is a one-stop solution for your emergency financial problems. This is a type of emergency fund for those who have already taken a home loan. Instead of applying for a personal or short term loan you can opt for a top up loan on your existing home loan.
Home loans always come with a minimum interest rate which lower downs your financial burden.
By applying for a top up loan on your existing home loan, you can resolve your other financial problems and repay the same loan amount with a minimum rate of interest.

Benefits of top-up loan on home loan-:

All-purpose loan: The best thing about this loan is that it can be used for any of your financial needs.
Tax benefits: Home loans offer various tax benefits. If you are taking a top up loan this can be added into a tax deduction.
Lower Rate of interest: Opting for a top-up loan on your existing home loan will help you to save a lot of extra money in terms of higher interest.

Top up Loan Eligibility:
Anyone, who has already taken a home loan is eligible for a top up loan. The only condition is that you should be in the process of repaying your existing loan amount at least for one year.

Where can you find a top up loan:
Many small and large scale home finance companies provide home top up loans. You need to compare different loan providers by checking their rate of interest using their EMI calculator. After going through some mandatory formalities with the bank you can get instant approval for your top up loan.

Author's Bio: 

We are home loan finance consultant. We provide small and large scale home finance.