SBI Home Loan Top Up- Features, Eligibility, Documents and Interest Rates

If a borrower already has a home loan with the bank then he can easily increase the loan amount through a home loan top up facility. SBI offers their customers the SBI Home Top Up Loan, which allows them to borrow a certain amount in addition to the amount of their home loan. Customers who already have an SBI home loan but need more money can apply for Home Top up loans. The interest rates are significantly lower than those of a typical personal loan. Existing home loan borrowers can use this facility to obtain additional funding for any personal purpose in addition to their existing home loan. Here is all you need to know about sbi home loan top up.

Features

• Interest Rates are Low
• Top up has low Processing Fee
• There are no hidden fees.
• There is no prepayment penalty
• Daily Reducing Balance Interest Charges
• Home Loans are available as overdraft
• Repayment period of up to 30 years

Eligibility

• Both Indian and Non-Resident Indians can apply
• The age limit is minimum 18 years and maximum 70 years
• Loan tenure is up to 30 years.

 

Documents required

Applicable to all applicants:

• Employer Identification Card
• loan application
• 3 passport-sized photos
• Proof of identify
• Proof of residence
• Non-salaried individuals must provide proof of business address
• Bank account statement or passbook for the previous six months
• Signature identification from the current bankers
• Statement of Personal Assets and Liabilities

For guarantor:

• Statement of Personal Assets and Liabilities
• 2 passport-sized photos
• Proof of identify
• Proof of residence
• Proof of business address
• Signature identification from current bankers

Additional documents required for salaried persons:

• Original Salary Certificate from the employer
• TDS certificate on Form 16 or copy of IT Returns for the previous two fiscal years, duly acknowledged by IT Dept.

Additional documents required

• Copies of acknowledgement of the three years I.T. returns or Assessment Orders.
• copies of challans which is a proof of Advance Income Tax payment

Home loan interest rates

The SBI Home Loan Interest Rates for top-up loans are determined by the credit scores of the loan applicants. SBI Home Loan Top Up interest rates range between 9.00% and 10.20% p.a.