Reliance

Top Up


In this a borrower can apply for a additional loan on a existing loan with a same bank . Usually this loan is to meet your personal expenses like family holiday , child education , marriage . This loan plus already running existing housing loan cannot exceed 80% of market value of property . For example if your outstanding loan amount is 50 lacs and market value of the proerty is 80 lacs, than the max top up which you can get is 14 lacs .To get a top up , your existing loan should be atleast 6 months old.

Product Features:
• Max funding - 80% of market value minus existing loan outstanding
• Tenure – 1 to 15 years
• Interest rate – As applicable. Interest rate keeps on changing.
• Age limit - For salaried max 65 years or retirement age ,whichever is earlier and 70 years for self employed.
• Loan foreclosure penalty - Means paying off the complete loan at one go. Most bank charges 2 to 3% of principal outstanding
• No income tax benefit is there
• part payment - means paying some part of loan.Most bank charges no penalty
• Co-applicant - Most of the banks ask for co-applicant.

Co-applicant in case of
1. Individual - spouse,parents
2. Director - spouse , parents , pvt ltd company , other directors .
3. Partner - spouse , parents , partners .
4. Co-owners of property need to be co-applicants in loan

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