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5 Best Home Loan Top Up Facilities in India 2024

Updated on April 11, 2024 , 5022 views

All this while, people lived with a notion that availing a Home Loan only requires them to spend that money on construction or purchasing a loan. If you are also thinking the same, it’s time to tell you an interesting fact.

Home loan top up

Today, you can acquire a home loan and use the same for medical emergencies, education, marriage and other essential purposes. If you already have an existing loan, you can avail the top up Facility over it.

If interested, check out this post and find out the home loan top up facilities offered by some of the major banks of the country.

Top Banks Offering Home Loan Top Up

1. SBI Home Loan Top Up

The SBI home loan top up allows borrowers to acquire a specific amount over the already taken home loan amount. In case you need more funding apart from the home loan disbursed, this one would be a perfect option to take. Some of the considerable features of this option are:

  • Repayment up to 30 years
  • Overdraft home loan available
  • Interest charges of daily decreasing balance
  • No prepayment penalty
  • No hidden charges
Particulars Details
Eligibility Indian resident or NRI. Age- 18 years to 70 years
Interest rate 7% - 10.55% (Based on the disbursed amount, risk rate, and LTV of the customer)
Loan amount Up to Rs. 5 crores
Processing fee 0.40% of the entire loan amount + GST

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2. HDFC Top Up Loan

With minimal documentation, HDFC offers an appropriate amount in their top up loan plan over the existing home loan. With attractive interest rates, the Bank provides simple and seamless repayments. Some of the noteworthy features of this HDFC top up loan type are:

  • Apply after 12 months of the loan disbursement
  • Loan tenure up to 15 years
  • Loan for existing and new customer
  • Integrated branch network
  • Hassle-free documentation
Particulars Details
Eligibility 21-65 years of age, Indian residents, Salaried and self-employed
Interest rate 8.70% - 9.20% per annum
Loan amount Up to Rs. 50 lakhs
Processing fee 0.50% + GST for salaried and 1.50% + GST for self-employed

3. ICICI Bank Top Up Loan

If you have already taken a home loan from ICICI, its top up facility on the existing loan will definitely help you to a great extent. Whether you wish to cover home renovation or expand your business; this top up serves a variety of purposes. There is a lot that you can expect out of this ICICI Bank top up loan, such as:

  • Instant and quick disbursal
  • Repayment tenure up to 20 years
  • Simple and easy documentation
  • Quick processing
  • Overdraft facility
Particulars Details
Eligibility 21-65 years of age, Indian residents, Salaried and self-employed
Interest rate 6.95% - 8.05% per annum
Loan amount Up to Rs. 25 lakhs
Processing fee 0.50% - 2% of the entire loan amount or Rs. 1500 to Rs. 2000 (whichever is greater) + GST
Prepayment charges 2% - 4% of the loan amount + GST for Fixed Interest Rate. Nil for Floating Interest Rate

4. Axis Bank Top Up Loan

Being an Axis Bank Loan customer, you get an opportunity to avail additional finance against your property of the mortgage with the top up loan. This top up amount can be used for a variety of purposes, such as the construction of a commercial or residential property, business requirement, personal needs, and more. Here is what you can expect out of this Axis bank top up loan:

  • Multi-purpose loan
  • Repayment tenure until the existing home loan runs
  • Competitive interest rates linked to tenor based MCLR
Particulars Details
Eligibility Indian residents and NRIs with clear repayment history of up to 6 months for the existing home loan. Age- 21-70 years
Interest rate 7.75% - 8.55% per annum
Loan amount Up to Rs. 50 lakhs
Processing fee 1% of the loan amount and a maximum of Rs. 10,000 + GST
Prepayment charges Nil

5. Bank of Baroda Home Loan Top Up

Bank of Baroda is another option, in case you are an already borrower of this bank, to get a home loan top up. Along with a variety of advantages, the bank allows you to use this loan amount for a gamut of purposes. However, make sure that your purpose of use doesn’t come under any sort of speculation.

  • Repayment tenure up to the maximum age limit of the borrower
  • If linking top up with the existing home loan, the tenure will be up to the existence of the primary loan
  • Extension of equitable mortgage will be required as security
Particulars Details
Eligibility Minimum age is 21 years for the applicant and 18 years for the co-applicant. Maximum age is 70 years for residents and 65 years for NRIs, PIOs and OCIs. Also, should have an existing home loan
Interest rate 7.0% - 8.40% per annum
Loan amount Up to Rs. 2 crores
Processing fee 0.25% of the loan amount + GST
Prepayment charges As applicable

Conclusion

Although you may think that acquiring a home loan could be the solution to all of your problems, however, on the way to achieve your goals, you may end up needing more amount. In such a situation, availing a top up loan is one of the recommended options. So, consider the banks mentioned above, and apply for your loan top up.

Disclaimer:
All efforts have been made to ensure the information provided here is accurate. However, no guarantees are made regarding correctness of data. Please verify with scheme information document before making any investment.
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