Glossary
Top-up Loan
What it means
Lenders offer top-ups to borrowers with a good repayment record, up to the eligible LTV on the property. Top-ups price at or slightly above the home loan rate, making them far cheaper than personal loans for renovation, education or consolidation.
Top-ups are often bundled with a balance transfer. Interest on a top-up qualifies for tax deduction only if used for the property; otherwise it is simply cheap credit.
Where it applies
Home Loan Balance Transfer
Move an existing home loan to a lender offering a lower rate, from about 7.35% p.a., with an optional top-up for renovation or other needs. Savings often run into lakhs over the remaining tenure.
- Rate from
- 7.35% p.a.
- Up to
- ₹10 Cr
Loan Against Property
Loans against residential, commercial or industrial property from ₹10 lakh to ₹15 crore at rates from about 8.75% p.a., with tenures up to 15 to 20 years and funding up to 70% of market value.
- Rate from
- 8.75% p.a.
- Up to
- ₹15 Cr
More terms
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