India, Oct. 12 -- Pune-based software professional Rohit Deshmukh wanted to renovate his 10-year-old apartment ahead of Diwali, so he opted for a top-up loan. This is because he did not want to dip into his savings, and personal loan interest rates were very high.

The top-up loan got processed easily. The bank approved Rs.8 lakh within 48 hours at an interest rate of 9.2%, which is far lower than the interest rate for a personal loan.

Returning to Deshmukh's case, the funds were directly credited to his account, allowing him to commence work on the home renovation on schedule. This means a higher EMI to be paid every month, and Deshmukh has planned his finances accordingly.

Top-up home loans are now being approved much faster in today'...