Yes, it is eventual to increase your home loan amount, and it can be possible when you opt for home loan balance transfer. There are several conditions applicable for availing such provision and it varies from lender to lender.
Increase your debt
If you have successfully applied for a loan and have been offered the maximum loan amount, it is unlikely that a bank or housing finance institution will be able to increase your loan amount. Hence, once the bank has decided to sanction the specified amount with other conditions if any , there should be no modification. And if more Amount is required, it will treated as a fresh application and the old approval will be cancelled. In this case you have to reapply for the loan amount that you are required.
On refinancing, the home loan amount can be increased. This will help you to get a higher loan amount approved. If you decide to buy an expensive property and also qualify for a higher home loan amount, you can increase your home loan amount post approval.
The bank can charge a fee for processing an application. So if the amendment is requested, so, the bank once again can charge a fee for processing and approval. It's totally depends on the bank from which you are going to apply your loan. Make sure read all the kind of terms and conditions before taking any loan.
Bank & the housing finance companies take pride in being a responsible lender and they never want to burden you with debt. However, if your financial situation has changed or you have not asked for the maximum loan amount, then they may be able to increase your loan amount for you. If your loan already has been disbursed and now you want to know whether you are eligible for additional funds, you can apply for a top-up loan from your existing bank.
Frequently Asked Questions
Can I change loan amount after approval?
If Your lender is only allowed to change the cost on your loan estimate if new or different information emerges in the process.
Can we change EMI amount?
You can also pay one more EMI (from the normal number of EMIs) every year. This is an effective trick to reduce the tenure of your loan and in turn reduce the interest cost. It is definitely a smart choice to increase your EMI amount by 5% every year to reduce your interest payment burden.
Can I change the loan tenure?
Procedure to change the tenure of home loan. Any time period during the loan can be voluntarily changed. You can visit the branch of the lender and make a request for the same. The concerned authority will check your loan details and latest income statements before allowing you to change the tenure.
How much can a Loan Estimate Change?
Some lenders may increase closing costs by any amount, some lenders may increase it by as much as 10 percent, and some lenders may not increase it at all.
Can I reduce my loan amount?
There is no limit on the amount of down payment that the higher the down payment you can make, the lower will be your loan liability and the lower will be your EMI.
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