Topup or new loan for new house

[Giant]

Hi guys
Need a suggestion should take new loan or go for topup as we have a home loan from indian (13 lac. Remaining)this property is being used for business and renting. interest rate is around 9% . Need to get 50 lac. Loan to build new house for family. Just had confusion as now intrest rates are lower but current bank is charging higher rate as per market as of now.

 

[Giant]

Hi guys
Need a suggestion should take new loan or go for topup as we have a home loan from indian (13 lac. Remaining)this property is being used for business and renting. interest rate is around 9% . Need to get 50 lac. Loan to build new house for family. Just had confusion as now intrest rates are lower but current bank is charging higher rate as per market as of now.

@Skylar @ShavirB

 

[Skylar]

Let's call the expert @launchcraft

 

[launchcraft]

Hi guys
Need a suggestion should take new loan or go for topup as we have a home loan from indian (13 lac. Remaining)this property is being used for business and renting. interest rate is around 9% . Need to get 50 lac. Loan to build new house for family. Just had confusion as now intrest rates are lower but current bank is charging higher rate as per market as of now.

If I may ask do you have a family member with a good cibil score like a spouse, siblings or the parent.
You can go for a new home loan with your family member jointly, this way you will get less interest rate as per market and you won't have that burden of to pay more for the top-up loan.
And please clarify how you getting less interest with the top-up because as per my knowledge, the interest rates are higher incase on top-up loans.