Outlook Money
It is a type of loan facility offered by banks and housing finance companies to existing home loan borrowers.
Top-Up Home Loans are secured against properties and come with lower interest rates than personal loans.
Under Section 24(b) of the Income-tax Act, 1961, the interest paid on top-up home loans is eligible for tax deductions.
Top-up home loans can help cover education-related expenses, such as tuition fees, lodging, etc.
Top-up home loans can also help pay hospital bills and other medical expenses.