Why should you apply for a home loan top up? There are times when you take up home loan from a bank or any other housing finance company for a longer tenure, and lack funds for the additional expenses. It is when you should apply for home loan top up. Most of the people might not be knowing about the existence of â€‹home loan top upâ€‹ or the benefits it provide to you. A home loan top up is the additional loan from the bank or housing finance company to their existing investees. The home loan top up funds you for the additional services related to your house, perhaps a renovation for your home or adding more rooms in your house. The top up loan helps you with the construction or renovation funds for your house based on the value of the property. The applicant must have an existing home loan to apply for the top up to cover their personal or professional expenses. While a number of banks or companies provide funds for the construction process, there are a few others which allow you to make use of the top up for various other expenditures such as wedding, higher education, or medical expenses. You must have a minimum nine month repayment history of your existing home loan to apply for the top up. A good repayment history will increase your chances of getting a huge amount for your loan. A number of people fool themself by applying for personal or professional loan when they had a chance to apply for the top up loan. A home loan top up has no hidden charges and lower interest rates than personal, professional, or existing home loan of the individual. Your existing home loan is available as an overdraft to the bank or the housing finance company and the applicant might not have to follow the whole process to apply for the loan. Your financial institution might just ask for KYC form and need no more documents from you but the process completely depends on the financing company. The tenure to repay the amount of home loan top up is from 15-30 years, depending upon the bank or housing finance company. However, you may also pre-pay the amount of the loan without any penalty for the same. You are recommended to check the documents required by your bank or housing finance company and apply for the home loan top up if you need funds to reconstruct even a little portion of your house.