InvestorQ : How can I check my eligibility for a top-up loan?
Indrajeet Kashyap made post

How can I check my eligibility for a top-up loan?

Swapnil Sarang answered.
3 years ago

A top-up loan is an additional lump sum of money that you can borrow from a lender, by adding it to your existing home loan.

The most obvious criterion for checking your eligibility for a top-up loan is that you need to have an existing home loan which you have been repaying for some time.

In order to get a top-up loan, you need to have a good track record with your lender by paying off your current home loan. This mean you would’ve have to make all your previous payments on time and in its entirety.

Maintaining a good credit score is also a criterion banks use to decide whether to you give a top-up loan or not. Thus, maintaining a good credit score is of paramount importance if you want to get your top-up loan to be approved. This is exactly why it is advised that you check your credit report before applying for any loan.