Can I increase the amount of home loan that I can take and how?

Yes this is possible in case of some home loans or loan against property. Barclays Bank offers top-up facility on loan against property. ICICI Bank, HDFC Bank and Citibank offer top-up loan on existing home loan taken from the same bank. They may have conditions for maximum loan amount, for ex it should not exceed a certain percentage (70-85) of the current market value less outstanding loan. The borrower should have good credit history.

Interest rate on top-up is 1-2% higher than on existing loan. Since home loan is cheaper than personal loan a top-up loan is a good alternative if you need an emergency loan. But keep caution since you are pledging your home for it.


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