Top Up Loan
It is an unsecured loan taken by an individual from a bank or a non-banking financial company (NBFC) on the basis of his salary to meet their personal needs.
Overview
- Higher limit up to AED 5000000
- Repayment period allowed up to residual period of existing Home loan
- Low interest rate
- Low Processing Fee
- No Hidden Charges
- Interest charges on Daily Reducing Balance
Eligibility Criteria
- Existing home loan borrowers having satisfactory conduct in account
- For constructing, purchasing or renovating a house for owner occupier or investment purpose
- Age
- Minimum – 21 years
- Maximum- For salaried Class – 65- years at loan maturity For Others – 70- years at loan maturity
- Limit – Min. – AED 100000/- Max -AED 5000000/-
Charges
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Processing Fees-1.00% of loan amount max – AED 25,000/- |
Warning
-If you do not keep up your repayments/payments, you may lose your property
– You may have to pay penalties if you pay off a loan/financing early
– Refinancing your loans/financing may take longer to pay off than your previous loan/financing and may result in paying more in interest/profit
– If you do not meet the repayments/payments on your loan/financing, your account will go into arrears. This may affect your credit rating, which may limit your ability to access financing in the future
