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Still Need More Funds After Availing A Home Loan?

Though getting a competitive home loan interest rate can reduce your EMI amount, repaying a home loan still takes a chunk out of your income. In such a scenario, you may be looking for additional financing for a variety of personal and professional needs. However, an unsecured loan may prove to be too expensive and a using credit cards may not give you a large window for affordable repayment. One of the best options is to avail a top-up loan on your home loan.

A top-up loan is not only easy to apply for, but also comes at an affordable rate of interest. Lenders will offer you a low interest high value top up on your Home Loan or Home Loan Balance Transfer so that you can meet your fund needs with ease. There is no restriction on how you can use this amount. You could use it to fund a wedding in the family, meet the education costs for your children, or buy a number of assets for your business.

However, when you apply for a top up loan to avail funds, your lender will keep a watch on certain factors to ensure that you can repay the loan along with your other EMI commitments. So, read on to know how you can secure more funds as a top-up loan on your home loan.

Work on your History with Repayment

Lenders look at your history with servicing loan amounts before granting you a top-up loan on your home loan transfer or home loan. Your credit score reflects your history with credit and lenders are willing to give you more money if you exhibit a healthy relationship with credit and do not have any large financial commitments in the present.

In case your existing lender is unwilling to offer you a top-up loan you can transfer your home loan with another lender who offers an array of benefits along with a substantial top-up loan sanction to make the most of your home loan.

Improve your Income

Over a period of time, there is bound to be a rise in your income as your career grows. This increase in your earnings gives you a better opportunity to get a higher top-up loan as lenders can count on you to be able to repay the new EMIs without defaulting.

Have a Valuable Property

It is highly likely that the value of your property appreciates over time owing to which lenders will be willing to offer you a hefty top-up loan. This is because the increased value of your property acts as secure collateral for your lender as all top-up loans are secured loans offered against your home.

Simply remember that you should not be using this additional loan amount for speculative purposes such as investing in the stock market, but rather put it towards any direct expense. Thus, buying a property in a prime location will prove fruitful especially if you intend on securing additional funds.

What are the Criteria to Get a Top Up Loan?

You must be a salaried or self-employed individual with minimum 3 years of work experience. If you are a working professional, in order to apply for a top-up loan, you must be a resident of India and between 23 to 62 years old.

How to Use a Top Up Loan

With a top-up loan in hand you can use fund an array of expenses such as:

  1. Pay for a wedding in the family
  2. Pay your child’s education expenses
  3. Travel the world with your spouse
  4. Buy machinery or equipment for your business
  5. Fund a business expansion
  6. Set up a new office or factory
  7. Buy land or a warehouse for your existing business
  8. Fund medical emergencies
  9. Invest in another property

Securing large amounts as a top-up loan on your home loan has never been easier. So, check your pre-approved loan offer today and avail a customised top-up loan deal from lenders.

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Yes, when one wants to buy a property one cannot buy it full on cash. We are not talking about well-settled rich families instead we are talking about the middlemen who have no money in hand to buy the house on cash payment. Therefore, they usually opt for property loans to build their dream house for their family and yes these loans are helping people to get money easily at a good interest rate. But what if you have bad credit scores then you know that none of the banks will provide you with the loans because of your negative credit scores. But now the situation is different banks are providing bad credit loans for the people who have bad credit scores but are able to pay the instalments on time.

Now, do you want to know more about this that how can you get the property loans after having bad credit scores? Then yes this information may help you a lot.

How to get bad credit loans?

You can get the loan by payday lenders but you have to pay a certain amount to get that loan. Yes, you have to pay more than a normal loan taker. They provide you loans even after you have bad credit scores. Yes, another way before purchasing property take your credit scores little up so that you have no need to pay a huge amount for taking a loan.

Benefits of bad credit loans:

• Approval rate will increase - While applying for normal loan with good credit scores chances of application getting rejected are higher by the bank even for a small mistake or less of document but in case of bad credit loans as you are paying the huge amount to the bank there are 80% to 90% of chances that your application will get selected.

• You can get a huge amount of money - In a normal loan you can take a limited amount of money but in case of bad credit loans as you are paying more for your loan, therefore, the bank will be ready to give you more amount of money and this is because more the amount of money more will be the interest rate and more it will benefit to the bank.

• It will help to increase your credit scores- Yes, the most important thing of this loan is that if you pay all of your instalment on time then it will definitely help you to bring up your credit scores to a good rate which will eventually help you in future for getting any other loan.

Disadvantages of bad credit loans:

• Firstly, when you take bad credit loans to buy a property it may give you many advantages but there are several disadvantages of it as if you are not been able to pay the instalments on time then it will make your credit scores worse.

• Secondly, you have to pay a huge amount of interest for taking that loan which could be a burden for a middle-class family member.

• When you are taking bad credit loans a bank attaches a lot of terms and conditions with the application which can trap the person and which can financially harm the person a lot.

Hence, bad credit loans are good for buying property loans in case if your credit scores are not good but you have to take some precautions and you have to follow the terms and conditions of the bank properly before opting for any loan.

We hope you will get the best loan offer as per your choice!!

HUDA housing scheme is a project undertaken by the Haryana Urban Development Authority aimed at providing affordable housing to the residents of the state. It introduced the concept of Group Housing in the various Urban Estates scattered across the state. HUDA has allotted approximately 800 acres of land to various registered housing societies and organizations.

HUDA Haryana plans to provide residential plots to different income groups in cities and urban areas like Ambala, Dadri, Faridabad, Hisar, Jind, Gurgaon, Kaithal, Karnal, Rewari, Rohtak, etc. Its reserve prices will be fixed according to collector rates, or at 80% of the current market prices (whichever is higher.)

HUDA initiative will help the hundreds of residents living in the industry-rich areas of Haryana to afford their private residential plot. You can avail a home loan to meet the finances required for the expenses without straining your budget.


How to Apply for Huda Scheme?

You can apply for this housing scheme as an individual or via housing societies or welfare housing organizations. You will have to sign-up at the HUDA procurement portal to participate in an e-auction. Let’s take a look at the step-by-step process to apply for housing under HUDA.

1. Log-in using your ID and password and navigate to the main portal.

2. Select the ‘Sign-Up’ button to navigate to the contractor/bidder/supplier signup form.

3. Fill in the necessary information correctly and submit the form. Keep the login details with you as it will be required to participate in the e-auction.

4. Select the client as Haryana Urban Development Authority while logging in for bidding.

5. You will see the dashboard which will hold a list of current events and properties awarded. Current events will carry the details of live auctions while the awarded section will detail the bids submitted and won by the buyers.

HUDA affordable housing can significantly reduce the number of funds you will have to spend to purchase a house in major areas of the state. A smaller amount is one of the crucial factors that impact your home loan interest rate.

You can also opt for an advance from a financial organization that offers benefits under Pradhan Mantri Awas Yojna. Leading NBFCs such as Bajaj Finserv offers assistance on these schemes which can reduce your home loan rates to only 6.93%, and help you save up to Rs. 2.67 Lakh during the loan tenor.


Eligibility criteria to apply for affordable housing under HUDA Haryana include –

Domicile – Applicants who belong to Haryana are only eligible to apply for HUDA Plot Scheme 2019.

Income – You can apply for the HUDA scheme only if you belong to the EWS (Economically Weaker Section). Your family’s (including the husband, wife and child/children) income should not exceed more than Rs. 3,00,000.

Previous ownership – An applicant should not own any other house or residential plot in his or her name in the state of Haryana.

Group D employees of the Haryana Government are eligible to apply for this scheme.

Furthermore, there are some guidelines you have to follow when you apply for a HUDA housing scheme.

     1. You can become a member of a maximum of 5 co-operative societies and retain the membership of only one society after an auction.

     2. Every applicant is allowed to own a maximum of one flat in a housing society.

     3. You cannot apply for a Co-operative affiliation if your spouse or dependent children own a house, flat, or residential plot in the same urban estate.

HUDA is a great initiative to help the Economically Weaker Sections of the society acquire suitable residential accommodation in Haryana. Purchase a home with a low down payment via HUDA and secure the future of your family in the state Haryana for years to come.

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