SBI Home Loan is a very well known home loan product in the market. A majority of people vouch for SBI’s credit schemes over the other providers in the market, owing to better interest rate and add-on facilities with their products. Being the largest public sector of the country, the rate of interest offered by SBI is always more competitive than others. Besides, a lot of customers have a brand preference for SBI.
For existing Home Loan customers, SBI extends a range of Top Up loans to meet its diversified customer base. Whether you need funds for renovating your house, or to purchase furniture, or for any other personal use, you can rely on SBI Top Up Loan without pinching your pocket.
Features of SBI Top Up Home Loan.
Low-Interest Rates.
The Top-Up loan is provided at the same rate as the existing Home Loan. As per the current rate, Top Up Loan interest rate would range anywhere between 9.0% to 10.45%. The interest rate of home loan varies due to the difference in the credit profile of the customers.
Lowest Processing Fees.
SBI Top-Up loan comes with the lowest processing fees in the industry; Manyatimes, the banking major runs Zero processing fee top up schemes. So, being a smart customer, consider waiting for the ripe time.
Zero Prepayment charges.
There is a pre-closure or a pre-payment penalty if the home loan is closed before the stipulated tenure, but you get a flexibility of prepayment on Top Up loan. You can prepay the Top-Up Loan before time as there is no extra charge involved.
Faster and easier processing.
Since you are already a home loan customer of SBI, you don’t need to re-do the documentation process again. Just a Top Up Loan application needs to be submitted with the bank, and your loan will be processed within a few hours.
Long term repayment option.
The loan can be availed for a tenure equivalent to that of your existing home loan; hence if your Home Loan has another 15 to 20 years left, you can take a Top Up loan for the remaining tenure. Besides you also enjoy prepayment flexibility.
What is the maximum limit of the Top-Up loan that I can avail?
A top up home loan is always availed as a balance of home loan amount against the market value of the property. All the prior terms and conditions of the loan agreement would also walk parallel to your new loan application. The loan is granted against the present market value of the property. As a rule of thumb, you can borrow SBI Top Up Home loan for up to 70 to 75% of the current property value.
For example: Say you borrowed in 2017 a home loan worth Rs 75 lakh for a property that is valued at 1 crore. Now in 2019, you decide to avail a Top Up loan; the total Loan outstanding is 70 Lakh, and the property’s current market value is 1.25 crore. The eligible amount for Top Up is 75% of the market value, which will be Rs 93.75 lakh in this example. So you can borrow Top Up on SBI Home Loan for Rs 93.75-70 lakhs, i.e., Rs 23.75 lakhs.
Types of SBI Top Up Loans:
SBI Insta Home Top Up Loan.
Insta SBI Top Up Loan can be borrowed for Rs.1 lakh to Rs.5 lakh at MCLR+ 1% which is currently 9.55% p.a.
Home Top Up Loans without Extension of Mortgage on House Property.
For Home Loan Top up to 5 Lakh, the effective rate of interest for salaried individuals is 9.55% while for Self employed applicants it is 10.05%.
Home Top Up Loans with Extension of Mortgage on House Property.
Here customers are divided into different slabs, namely, between Rs 5 lakhs to Rs. 20 lakhs, Rs.20 lakh and up to Rs.1crore, Rs 1 crore to 2 crore, Rr 2 crore to Rs 5 crore and above 5 crore. The rate of interest varies as per customer profile and grade.
Home Top Up Loans with Extension of Mortgage on House Property above RS 5 Crores.
Herein customer needs to switch the loan to the floating interest rate.
Eligibility for an SBI Top Up Home Loan:
The prime eligibility factor for anyone to apply for the SBI Top Up Home Loan is that they need to have an existing Home Loan with SBI.
Apart from this, you need to be between 18 years to 70 years of age. You should be a citizen of Indian origin; should be employed with a stable income source.
You should not have any defaults on your name, neither with SBI nor with any other financial institution.
Application procedure:
You can apply for an SBI Top Up Home Loan online. Log in with your ID and password and click on the Apply Online tab. Fill in your details and your existing Home Loan account number as well. Someone from the bank will shortly contact you and take you through the application process. The bank will do the verification & validation, and your loan with be disbursed without any hassle.
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