Can I apply for top-up loan if the home price appreciates? - Property Hotline
March 3, 2017
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3:32Now PlayingCan I apply for top-up loan if the home price appreciates? - Property Hotline
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as posted by the channelExpert: PV Subramanyam, CEO, www.subramoney.com
Q: I took a home loan of Rs 69 lakh 4 years ago with tenure of 25 years. I repaid Rs 15 lakh and I am yet to pay back the remaining amount. The cost of the house has appreciated by 70%. Can I apply for a top-up loan?
A: Eligibility of the loan is already established that you would get about Rs 70 lakhs. But you cannot just go and get an additional loan because the property has appreciated. Loan repayment is the function of how much you are earning, spending and whether you have other loans as well. Also, top-up loan do not happen that easily in Indian conditions. However, with so many finance companies in mortagage finance, somebody may be willing to give the loan, but you won’t get a loan just on the back of your property price being appreciated.
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