Mortgage loan or a top up loan on a home lean, which one to choose?

A mortgage loan is that type of a loan which we get through mortgaging an asset with the loan provider whereas a top up on a home loan is a type of loan which we get as an additional loan on the existing home loan. If you are in needs of some urgent cash, you can opt for a mortgage loan. Living in Mumbai also comes with a lot of expenses so when such need of funds arise; a mortgage loan in Mumbai is your only solution.  A mortgage on any of your personal use or rented property can help you to get a mortgage loan to fund your personal expenses.

But if you have a home loan already on your name but need some extra cash for maybe paying off the EMIs you can take a top up loan on a home loan. This type of loan will help you for some extra funds when you need it the most. But a top up loan is only granted if you have an impeccable repayment track record. You can either get a top up from your home loan bank or transfer your home loan to another bank which provides a top up. The terms and conditions of each bank for a top up vary. The banks also provide tax benefits for the interest as well as the principal. You can contact your bank for more details.

So now if you are thinking which from the above two you should select, go for which suits best for your circumstances. If you don’t have existing home loan go for a mortgage loan but if you already have a home loan you can top it up through a bank. The selection depends on what category you belong to.

Tips to Choose a Lender for Mortgage Loan in Mumbai

If you are looking for a mortgage loan, make sure you choose a reliable lender. Getting a mortgage loan has become a difficult process because there are so many lending institutions claiming to offer funds at attractive interest rates. Finding the right lender and meeting eligibility requirements makes the whole process daunting.
It is recommended to invest time into finding a good lender for a mortgage loan in Mumbai. Once you have a good lender, half of your battle is won. Here are few tips that you can follow when choosing a lender or lending institution for a mortgage loan:
• The first tip is to get your credit score in shape because you will be able to negotiate the rates and compare mortgages only when your credit score is good. Mortgage lenders sanction loans to borrowers who have a good credit history. So, if you don’t want hassles in getting a loan sanctioned, make sure you have a history of timely payments.
• Second tip is to compare mortgages from different lenders in order to choose the best option. You can also search for best mortgage rates on the internet. Only when you have several quotes in hand, you will be able to compare them and choose one that will be easy for your pocket.
• Third tip is to use referrals because they are the one of the best ways to find a reputed lender. It doesn’t hurt to ask your friends and family member for lenders they have communicated with. If their overall experience was good and they found the lender to be experienced and trustworthy, you can get in touch for your requirements.
Whether you are looking for mortgage loan or a top up loan on home loan, make sure you follow the above-mentioned tips to find a good lender.