Achi news desk-
New Delhi3 days ago
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If you took a home loan then you can take an additional loan on this loan. Under this you get more loan at lower interest rate. According to the SBI website, it is possible to take an additional loan of a home loan even for a period of 30 years. Today we are telling you special things related to another home loan.
First of all, understand what a home extension loan is?
If you took a home loan then you can take an additional loan on this loan. Just as you top up your mobile phone and get a balance on your phone, in the same way you can top up your home loan.
Since it is available on your home loan only, along with the home loan payment, you also have to pay the monthly installments of the top-up loan. Its time limit is usually the same as that of a home loan.
The loan can be used for any purpose
An additional home loan can be used for any purpose such as home renovation, children’s education, daughter’s marriage or even the purchase of another property. Along with the loan repayment, the monthly payments of the additional loan must also be paid.
You can get a low interest loan
In this framework, you get a loan at a lower interest rate compared to a personal loan. If you take a personal loan, you will get it at an interest rate of about 11 to 15% per year, while another home loan will be available at an interest rate of about 9 to 12% per year. In such a situation, you will have to pay less interest for taking a supplementary home loan compared to a personal loan.
get another loan
With this you can take a loan of up to 50 lakh rupees or more. However, your loan amount depends on your home loan. In such a situation, if you need more money then a top-up loan will be right.
Another home loan is easily available
You can take this loan after some time of taking the home loan. Usually, banks give you a top-up loan after seeing the repayment pattern of the home loan. In such a situation, if you pay your home loan payments on time, then you will easily get another home loan.
