What is a top-up home loan and how much can you get?

Smart things to know about top-up home loan:

1. A top-up home loan is an additional loan that you can borrow on top of your existing home loan provided you have a good repayment record.
2. The top-up loan amount depends upon the outstanding amount on the current home loan and the repayment capacity of the borrower.
3. Interest rate is usually similar to or slightly higher than the current home loan interest rate.
4. The top-up loan tenure usually aligns with the remaining tenure of your home loan, but some lenders may offer flexible options.
5. One can use the funds for various purposes like home renovation, education, medical expenses, business expansion, etc.