Home Loan Top Up

An HomeFirst home loan top up is a small loan, on top of your existing home loan. It is designed to give you a little more flexibility to make your home even better than previously possible. It can also be used to cover any unforeseen emergency expenses that might come up.

Home loan top ups are available for both existing and new customers. For existing customers, we expect to see a regular repayment history, going back at least a year. For new customers, we would require proof of good credit history. The total loan amount cannot exceed 90% LTV.

To find a full and comprehensive list of documents that we require and accept, please check this article . Existing customers of HomeFirst do not need to resubmit their identification and address documents to apply for this loan, but there would be a re-evaluation of the property.

Your EMI amount for the home loan top up is calculated based on the rate of interest determined at the time of loan approval. You will be given a figure for your EMI payment every month, and the amount will be deducted directly from your bank account.

A home loan top up is not part of your existing loan, and therefore is subject to its own fee structure and conditions. Usually we charge 1% of the new loan amount as a fee.

Interest rates on home loan top ups are calculated in the same way as with other loans. More details about our current rates of interest are available in the schedule.

A top up loan is a separate loan over and above your existing home loan. Therefore, it will attract a different rate of interest. Please contact your loan representative for more details and assistance.

Absolutely. HomeFirst has blended two of our products, Balance Transfer of Home Loans and Home Loan Top up for this very case. Transfer your existing loan to HomeFirst, and if you need extra funds, we will increase the loan amount accordingly.

In terms of processing, top up loans are identical to the existing loan, as it is a subset of the original loan taken. If the existing loan has a co-applicant, the top up loan will also have the same co-applicant. Similarly, in case the original loan doesn’t have a co-applicant, one cannot be added for the top up loan.

All loans, whether small or big, reflect within a customer’s credit score. However, a good or bad credit is based on a customer’s repayment behavior and not on the number of loans they have.