Remodel Your Home This Festive Season with a Top-Up Loan of up to Rs50 Lakh with Bajaj Finserv


According to a report from the Harvard’s Joint Centre for Housing Studies, home remodelling industry is priced at $450 billion and is estimated to experience a further boost. Post-recession, this market size has taken a significant jump of 50%. Subsequently, there has been escalated rise in the demand of the online portals for home remodelling, especially during the festive season.

While this side lines the hassle involved in going one-on-one with carpenters and interior designers, the packaged home remodelling often requires a higher charge.

In an attempt to mitigate the impending financial burden due to the higher fees demanded, individuals with home loans can now avail a top-up loan that offers borrowers with convenient access to considerable funding. This sum can easily be used to finance remodelling options like changing the interior and exterior paint, opting for room partitioners, adding flooring tiles, expanding a floor, re-design the rooms, etc.

Benefits of availing a Top-up loan

While availing a home loan assists individuals during the purchase of a house, its end use is restricted. Subsequently, one may have additional expenses that follow the purchase of the home – redecorating the same as per their taste. Considering that the borrower is already repaying EMIs, bearing another considerable cost may take a toll on his/her budget.

It calls for the requirement to avail top-up loan that would cater to the varying needs. Such advances come with a host of add-on benefits that make them a preferred option –

  1. Requires nominal eligibility criteria –    

Considering that top-up loan is offered to individuals who already hold an existing home loan with the lender in question, the eligibility criteria needed are minimal. Your lender is familiar with your creditworthiness (since you have an on-going home loan) and does not need extra documentation to sanction the additional funding.

2. Offers access to considerable funding – 

Borrowers can avail up to Rs. 50 Lakh as home loan top-up. However, the sanctioned amount depends on the outstanding home loan balance, in case you opt for a home loan transfer facility.

Borrowers can opt to transfer of their outstanding loan amount from one lender to another to avail the perk of a lower home loan interest rate. For example, you can opt for a Home Loan balance Transfer with Bajaj Finserv at a lower interest rate and subsequently, avail a Top-up Loan from the same lender.

Home loan from this reputed NBFC comes with multiple lucrative features that include –

  • PMAY compliance
  • A flexible repayment tenor
  • Minimum documentation
  • Zero charges on part prepayment and foreclosure services

Along with the added perks of property dossier and customised insurance schemes, they also offer their existing borrowers with pre-approved offers that ease the application process to avail financial assistance. These offers are available on numerous financial products, such as home loans, personal advances, business loans, etc. You can take a look at your pre-approved offers by providing a couple of essential details that include your name and contact number.

3. Comes with no end-user     restriction

Since top up loans come with no end-user limits, you can use the amount so availed to –

  • Make your house more energy-efficient.
  • Opt for kitchen renovations.
  • Washroom refurbishment, and many more.

Such renovations boost your home’s value and hence make it an appreciative property for the future.

4. Offers tax benefits

With a home loan top-up, borrowers can claim an income tax deduction on home loan under the – 

  • Income Tax Act Section 24 (b) on the payable interest. This tax deduction is capped at Rs. 30,000 in case a borrower uses the top-up loan to finance his/her home     remodelling.

5. Requires no additional documentation

Since the lender in question is familiar with your credit score, and has your documents during lending the home loan amount, availing a top-up loan does not require any additional documentation. Additionally, the current financial terms with your lender allows you to negotiate the sanctioned amount and tenor and results in a faster loan approval.

Such a plethora of borrower-friendly features on top-up loans make it your preferred choice in case you plan to remodel your living space this festive season.