Tag: home loan

Advantages of borrowing Home loan top-up at Letzbank

Did you know that borrowing Home Loan Top-Up can be better decision to make than to borrow Personal Loan or Business Loan – Know how:

What is a Home Loan TOP-UP: Home loan top-up is a loan that can be borrowed over an existing home loan. Home loan top-up is offered to reliable customers who have sincerely made payments of the home loan they had borrowed. Bank would offer such reliable customers a top-up over the housing loan amount that has been paid thus far. Home Loan Top-up can be borrowed without any pre-condition therefore they are easy to be borrowed to meet any financial requirement be it a personal or even a business requirement. Let us know in detail why borrowing a Home Loan Top-up a better deal than borrowing a personal loan or business loan.

  1. Home Loan Top-Up are offered to existing customers: Since Home loan top-up are offered to existing customers therefore, there is no question of you being eligible or not to borrow a home loan top-up. You are eligible to borrow a home loan top-up if you are an existing home loan customer. However, you need to still meet the bank’s criteria to determine if you are eligible for home loan top-up on your existing home loan. You should have paid your home loan EMI for a minimum period of 2 to 3 years for you to apply for home loan top-up. Since you had already submitted your KYC documents and other necessary details or documents and the banks would have verified the same at the time of granting you the loan therefore, no further verification is required.
  2. Home Loans are offered at lower interest rates as compared to Personal Loan or Business Loans: if you compare various interest rates you would find that the home loan interest rates are lower than all the other loans as the home loans are offered at 8.35% to 12.50% per annum. On the other hand personal loans are offered at 10.85% upto 24% per annum. Business loans are offered at rate of interest starting from 14% upto 24% per annum. The comparison shows that given an option Home Loan Top- up is a better deal to grab than any personal loan or business loan.
  3. Home Loans can be paid over long loan tenure: We are all aware of the fact that home loans are offered for a really long tenure that can be extended upto 30 years. On the other hand personal loan and business loans are short termed loans that can be borrowed for loan tenure of 3 to 5 years max.
  4. Home Loan top-up can be availed at Low processing fee cost: Unlike processing fee of personal loan and business loan the processing fee required to borrow a home loan top-up is relatively lower. Processing fee to borrow personal loan or business loan is upto 3%, whereas the processing fee to borrow home loan to-up is 0.35% to 1%.

The article proves that given an option Home Loan Top-Up is a better deal to grab than borrowing any Personal or Business Loan.


Why credit Score is the only number you should be concerned with? at Letzbank

The credit score of a person is the sum of your entire repayment history. This credit score is determined by your debts, loans, missed payments, credit card and number of loans. The highest score is 900 and if your score is 750 and above that you are said to be within the Low Risk bracket. Therefore, higher the credit score lower is the risk involved while disbursing the loan and therefore higher is your eligibility. The credit score changes depending on your spending choices. So explore with us everything about the credit score in this article.

Why is your Credit Score Important?

Some of the reasons why the credit score is very important are that –

  • It is one of the factors that would determine whether or not your loan application will be approved. If your credit score is high it simply indicates to the banks that you can be trusted with the loan repayment.
  • Having a good score helps you in fetching loans at low rate of interests and therefore low EMI.
  • The credit scores and records are permanently saved on the portal and showcase your entire history. So make sure you have a good clean score.

How to improve the credit score?

  • Always make sure that you pay your bills on time. There are a number of simple ways to track your payments such as writing sticky notes on the fridge, maintaining a calendar of things to do, put a phone reminder or something but pay your bills on time
  • Do not use your credit card to more than the credit limit you can pa back, because small ratios are better for rating.
  • Even if you had a debt on you and you paid it out, don’t try to remove or delete that record, because it will be great for the banks to see that you did clear off your debts and didn’t keep it pending and unpaid
  • Don’t apply for multiple loans or credit cards all at the same time. Because if it gets declined also it gets recorded and has a risk of lowering your score
  • Have your name only for your accounts and not let others use your accounts. Because even though it’s not you the credit company will not know, so you will fall into trouble.


So these are few of the most important things to know about the credit score and why exactly it is such a serious thing. Remember that it is a long process to get the score back to good and so try your maximum best to not come under the risk bracket. If at all you find that your credit score is not that good, you can rectify your credit score by availing an expert help of organisations such as Credit Clear and your score can be improved. Hope this article was helpful for you all.

Know Quick tips of getting home loan approved at Letzbank

Want to buy your dream house but don’t have the savings? No worries at all because the banks are ready to help you get the home you love by offering you a home loan. This everyone knows that the banks are the biggest help but if you’re afraid listening to the rejection stories from the people who applied for the loan thinking it will happen to you too, then you have reached the right place, cause we are sharing you tips that will help you get your home loan approved.


  • Clear your credit score – This is the number one thing to take care of because applying for not just the home loan but any kind of loans. If you have thought that the owed debts are at a different bank, organizations, etc. then that is not the case. The complete history and financial data is shared amongst the institutions. So always make sure your credit scores are fine and it’s better to take a no-dues certificate from them.
  • Have the answers before questioned – Some of the basic but important questions that the lending party would want to know are your monthly income, assets, your credit history, existing loans and your job background. Most of the times the rejection happens here in this step itself, so already getting prepared with these questions will help you be prepared to furnish your details more confidently with the lenders.
  • Be stable – It is very important that the lenders know that you’re stable with the jobs you do. Strictly avoid changing your job during the loan process. They will not be able to trust you with the commitment of paying your EMIs on time and regularly. But if it’s necessary for you to shift your employer during the loan process then make sure your pay is higher than the previous job and you’re not getting into a self-employed job.
  • Be careful with your spending – This is another important thing to keep in mind while applying for a loan. Make sure you don’t get into a bike loan, laptop loans or don’t take a big amount of personal loans before applying for a home loan, because what happens in this case is that already your EMI would be high as the product bought costs high. The home loan EMI depend on your monthly income and the spending you do in the particular month. So be careful of that.

The points given are very important, if you think you could skip any of it and try to still take a chance applying for a home loan, we recommend not to, because another point to keep in mind is that the banks do ask if there has been a rejection of loan previously and take your loan strictly, digging out the history and then the chances of rejection is more. So avoid that stage and approach the lenders fully prepared to get them to accept. Hope you get your dream home soon.