From childhood, we have been told how important it is to own a house, a place of your own. We have been inspired to invest in a house at a very young age by people around us. Many youngsters today already have an existing home loan in their name. But what if you are in a financial crisis when you already have an active home loan that you are working hard to repay? There are many expenses like tuition fees and emergency medical bills that on incurs during ones’ course of life. Most of us prefer availing a personal loan under such circumstances. Before you take that decision, stop, think again, and consider top-up loans.
If you have an existing home loan, your lender may allow you to borrow extra funds over and above your existing loan. This additional loan that your bank offers is called a “Top-up Loan”. A lender would not offer a top-up loan to every customer with a home loan but to customers who have a great payment history. So, if you are a customer who makes your payment promptly, go ahead and check if you have this option.
One can confidently tell that top-up loans are a great alternative to personal loans. So if you are deciding which one to choose, visit your bank and talk to someone to compare the pros and cons of both types of loans before you make a call.
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