Bajaj Finserv Offer - Avail Top-up Loan of up to Rs. 50 Lakh with Extra Benefits
Sponsored Post 26 November 2019
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India has one of the fastest-growing and most promising real estate markets in the entire South-Eastern Asia. There has been an ever-increasing demand for affordable housing across the nation, especially in the metropolitan areas, as changes in employment structure and job market has driven hundreds of people to the urban centres.
Rising earnings amongst middle-class families and the availability of credit has also fuelled the need for good-quality, affordable housing amongst a substantial number of Indian citizens. Financial institutions can offer upwards of Rs. 3.5 Crore to eligible applicants, allowing them to purchase property that best suits their unique requirements. Companies like Bajaj Finserv also provide Top-up loan on existing credits to help borrowers meet unexpected financial necessities.
What is a top-up loan?
Top up loan is offered as an additional credit, over and above a home loan issued to a borrower. Top-up loans are ideal for situations where a borrower requires additional funds for property-related expenses.
Existing customers of Bajaj Finserv can avail a home loan top up in 2 ways – they can apply for top up loan after carrying out a balance transfer from a different financial institution, or when one has successfully repaid their home loan for two to three years.
A top-up on an existing home loan offers several advantages as the additional funding helps a borrower meet unplanned financial requirements. Moreover, there are several other benefits provided by Bajaj Finserv to their customers.
Benefits offered by Bajaj Finserv on home loan top up
Large funding option – Borrowers can get up to Rs. 50 Lakh as a top-up on home loan from Bajaj Finserv. The loan amount can even exceed the initial home loan amount if the property valuation has increased to such an extent.
However, the sanctioned loan amount depends on the outstanding loan balance in case a borrower opts for a balance transfer.
This facility is utilised by an individual only when a lender of their choice offer a lower home loan interest rate compared to the existing one. It allows considerable savings on interest payments during the loan tenor.
No additional documentation – Borrowers applying for a top-up credit will not have to go through any documentation and verification process for approval as these advances are offered to existing home loan customers only. Lenders will look at their current credit rating and repayment habits to determine their creditworthiness. Moreover, all the necessary documents, including mortgage documents and KYC details, will be present with the financial institutions, which eliminate any need for extensive documentation after approval. Borrowers only have to pay a nominal fee during balance transfer as this process does not attract any other home loan fees and charges. 
Zero end-use restriction – Home loan top-up credits do not come with any end-use restriction, allowing a borrower to utilise the funds to mitigate any financial requirement. One can opt to utilise the funds to pay for renovations that increase the home’s value or pay for any high-value expense such as family occasion, large scale purchases, etc.
Longer tenor – Top-up loans can increase the existing home loan’s tenor by a further 1 to 2 years, which can help a borrower plan their finances and handle the repayments. One might also get an extension depending on the number of existing years still remaining on their previous home loan’s tenor.
Tax benefits – One of the most significant benefits for a home loan top-up is that it offers tax exemption on the paid interest in accordance with Section 24 of the Income Tax Act.
However, a borrower will have to abide by a few instructions to enjoy the tax benefits. These are the following – 
1. They will have to utilise the amount for home renovation and expansion or to upgrade soft furnishing and home appliances.
2. They will be eligible for tax exemption if they purchase furniture with the fund.
3. One can claim tax exemption if they make any structural changes or repairs (including modification to the plumbing and wiring) with the loan’s amount.
Moreover, Bajaj Finserv also provides pre-approved offer to their existing customers that simplify the process of availing finance and help save time during the process. Such offers are available on both secured and unsecured credits, including advances like home loans, personal loans, business loans, etc. You can check your pre-approved offer by sharing only some essential details online.
With a considerable top-up loan of up to Rs. 50 Lakh, paired with an affordable rate of interest and borrower-friendly repayment tenor, a borrower can easily meet the financial necessities and repay the debt in time without straining his/her finances. You can renovate your existing home to be the ideal residential property of your choice with the help of such substantial financial backing.
3 years ago
Mene dhani app s 4 month phle loan 3000 ka loan liya th.. Pura pesa de diya fir bhi dhani wale ha month ECS lagaate he r amount na hone s bank chagr lagte h..
Mene 10 bar service_dhani app ki mail pr mail kar liye. Dhani ki trf s aaye hue broker /agent k no pr call kar diya but firr bhi koi solucation nahi mila. Customer care ko call karne par no galt aata h or no sahi lag gya to koi call ni utta h
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