Top up on Home Loan, Personal Loan Feb 2018

Last Updated 22nd Feb 2018

Top up Loan – SBI, HDFC, All Banks

Loan Details Home Loan Top up Personal Loan Top up
Interest Rate 8.35 - 9.25% 10.99% onwards
Processing Fees 0.25% - 1% 1% - 3%
Loan Tenure Upto 30 years Upto 5 years
Processing Time 15 - 20 days 3 - 5 days
Prepayment Penalty Nil 2% - 5%
  • As per the current rates for 2017, lowest home loan top up rate is 8.35% and personal loan top up rate starts from 10.99%.
  • Borrowers can apply for top-up loans to their existing lender bank or can choose to balance transfer their loan to another bank to avail lower interest rates, both on their current loan and the top up. Check Best Offers
Apply Loan Online
Rs.
Rs.
+91

Home Loan Top Up | Personal Loan Top Up

  • Avail top up home loan or top up personal loan with the same bank or other banks at the time of balance transfer
  • Interest rates on top up loans are generally equal or 0.25 – 1% higher than your existing loan rates. At the current rates, Top up interest rates on home loans are in the range of 8.6% to 10.25%. Similarly, for personal loans, top up loan rates are in the range of 11.24% to 25%
  • Loan top up can be used for personal expenses such as business expansion, marriage, vacation, education, gifting, medical expenses, house renovation, purchasing another property
  • Apply online for top up loan and get special offers and discounts

Top Up Loan

A top up loan is an additional loan amount that you can avail on an existing home loan, personal loan or loan against property. You are eligible to apply for a loan top up only when you have made regular loan payments on your existing loans.
Best banks for availing home loan top-ups are SBI, Axis Bank, HDFC, ICICI Bank as they offer loans at the lowest rate of 8.35%, both to their existing bank customers or customer who decide to transfer their home loan from other banks to these banks.
Similarly, if you are applying for top up on personal loans, ICICI Bank, HDFC Bank are best banks as they offer personal loans at interest rates starting from 10.99%.

You should consider a loan top up if,

  • You require urgent funds to meet your personal requirements.
  • You would prefer to take long tenure funds at low interest rates.
  • You already have an existing home loan, personal loan and property loan on which you have paid a stipulated number of EMIs.
  • You want get loan with minimal and no documentation

Top up loans Interest Rates

Banks Interest Rate-Home Loan Top up Interest Rate-Personal Loan Top up
SBI Top up loan 8.35% - 9.25% 12.5% - 16.6%
HDFC Top up loan 8.35% - 9% 10.99% - 20%
ICICI Top up loan 8.35% - 8.85% 10.99% - 22%
Axis Bank Top up Loan 8.35% 11.25% - 24%

Based on a comparison of home loan top up interest rates of all banks in India, the interest rates on top ups on home loan are in the range of 8.35% to 9.25%. The top up rates are closely linked to the loan tenure and interest rate on the home loan already availed from the bank.

Based on a comparison of top up personal loan rates of all banks in India, the interest rates on top-ups on personal loans are in the range of 10.99%. Personal loan top up rates are extension loans that can be availed at the same rate at which the existing personal loan was availed, subject to prevailing market conditions.

Top up loan eligiblity

  • You can avail a top up loan if you have an existing and running loan from a bank and the bank is willing to give you an additional loan on your existing loan as you have already repaid a certain portion of the loan and made all the payments in a timely manner.
  • You can apply for a top up loan from your existing lender or opt to apply for a balance transfer loan with top-up loan which means you shift your loan to a new bank and avail a top up loan on your existing loan.
  • In either case, you can apply to the new bank after a minimum repayment track record of minimum 1 year of your existing home loan and upon possession or completion of the financed property.

Home Loan Top up

  • Interest Rates: Home Loan top up is available to existing borrowers against the property that has been mortgaged to avail home loan. You can get top up from the same bank or at the time of balance transfer to another bank.Interest rate on top up on home loans are slightly higher than home loan interest rate and is currently in the range of 8.35% to 9.25%
  • Loan Amount: Loan top up loan can be availed if you have an existing home loan. You can get top up either from the existing bank or can transfer your loan to other bank. Your top up amount depends upon the value of the property mortgaged and income of the customer. Top up loan amount being offered plus outstanding home loan amount should not exceed 70% of the market value of the property or top up amount should within the limits specified by bank’s policy and it may vary from bank to bank.
  • Loan Tenure: Top up on home loan can be taken for a tenure upto 30 years depending upon the remaining period of your existing loan.
  • Tax Benefit: Tax benefit on top up loan can be availed under section 24 only if the top up is taken for home renovation or home extension. Other purposes are not liable for any tax exemption.
  • Processing fees on home loan top ups: You are liable to pay processing fee and other charges on home loan top up until and unless there is any special offer of nil processing fee in the bank. These charges may vary bank to bank.
Key Banks for Top up on Home Loan

There are multiple banks offering top up loan on home loan. Key banks of top up home loan are as follows

SBI Home Loan Top Up
  • SBI Home Loan Top Up is available for existing home loan customers who are looking for more loans to meet their financial needs.
  • Additional loan for existing home loan customers of the bank at interest rate of 0.25 to 1.00 percent higher than the current interest rate on home loan.
Who is Eligible?
  • All existing home loan borrowers with a satisfactory repayment track of at least one year.
  • Individuals who already have a home loan and are looking for additional loans can apply for the loan.
SBI Home Loan Top Up Loan Amount Rate
Upto Rs. 20 Lakh 8.35%
Rs. 20 Lakh - 1 Cr 8.55%
Rs. 1 Cr - 2 Cr 8.65%
Above Rs. 2 Cr 9.05%

Interest rate on SBI Home Loan Top Up is 8.35% to 9.05%.

HDFC Home Loan Top Up
  • This facility can be availed when you need additional funds to meet your personal or professional requirements.
  • Get HDFC Home Loan Top Up upto Rs. 50 Lakhs
  • Apply for Top Up after 12 months of final disbursement of your existing loan
  • Opt for balance transfer facility and get home loan top up on the same
Who is Eligible?
  • Salaried and self employed who have existing home loan, home extension loan or home improvement can apply for this loan
    HDFC Home Loan Top Up Loan Amount Rate Rate for Ladies Borrower
    Upto Rs. 10 Lakh 8.40% 8.35%
    Rs. 10 Lakh - 25 Lakh 8.40% 8.35%
    Rs. 25 Lakh - 40 Lakh 8.40% 8.35%
    Above Rs. 40 Lakh 8.40% 8.40%

    Interest rate on HDFC Home Loan Top Up is 8.35% to 8.40%.

    Axis Bank Home Loan Top Up
    • This loan can be taken for the construction of residential or commercial premises and for personal or business related requirements
    • Repay your loan upto a maximum period of 30 years
    • Maximum loan amount can be availed upto Rs. 50 Lakhs
    • Competitive Interest rates
    Who is Eligible?
    • For existing borrowers, loan is taken after 6 months of clear repayments and there should be minimum 1 EMI bounce in last 1 year
    • Home Loan with balance transfer from other bank is approved after checking 1 year clear repayment record and for exisitng borrowers, 1 EMI bounce in last 1 year
    • Salaried and self employed professional and business men can take this loan
    Axis Bank Home Loan Top Up Loan Amount Rate
    Upto Rs. 10 Lakh 8.35%
    Rs. 10 Lakh - 20 Lakh 8.35%
    Rs. 20 Lakh - 30 Lakh 8.35%
    Above Rs. 30 Lakh 8.35%

    Interest rate on Axis Bank Home Loan Top Up is 8.35% to 8.35%.

    ICICI Home Loan Top up
    • Can be availed for meeting home furnishing, marriage expenses, funding children?s higher education, holiday expenses etc
    • Avail loan amount up to 100% of originally sanctioned Home Loan
    • Tenure up to the remaining period of existing loan
    • Lower EMI and attractive interest rates
    Who is Eligible?
    • Salaried and self employed professional and business men can take this loan
      ICICI Home Loan Top up Loan Amount Rate Rate for Ladies Borrower
      Upto Rs. 30 Lakh 8.40% 8.35%
      Rs. 30 Lakh - 75 Lakh 8.70% 8.65%
      Rs. 75 Lakh - 5 Cr 8.75% 8.70%
      Above Rs. 5 Cr 8.85% 8.85%

      Interest rate on ICICI Home Loan Top up is 8.35% to 8.85%.

      Eligibility Criteria for Top up Home Loan

      Eligibility would depend upon two factors:

      • Income of the borrower and ability to pay EMI’s - The total EMI burden should typically not exceed 65% of the net monthly income of the borrower. Longer tenures available on top up loans help lower EMI’s and result in higher loan amount eligibility.
      • Value of the property mortgaged – Banks typically lend upto 80% of the market value of the house at the time of sanctioning home loan. Over a period of time, the loan gets partially paid down with each EMI, outstanding loan amount reduces. Thus, the effective loan-to-value (LTV) tends to reduce over time. Thus, the bank is able to offer you an additional amount on the security of the same property while still maintaining a comfortable LTV ratio.

      To explain it with an illustration, let us assume that you took a home loan of Rs. 40 lakh for 20 years at 10% when the property value was Rs 50 lakh. Say, you have been paying regular EMI’s of Rs. 38,600/- per month for last 3 years. So, the principal outstanding after 3 years is Rs. 37,80,000/-. Further, over this period, assume that the market value of the property has grown at rate of inflation to Rs. 62 lakh. Thus, the LTV is down from 80% at the time of taking the home loan to 61% now. So, subject to income based eligibility, you can take a top up loan of upto Rs. 12 lakhs now. This money can be used for home renovation, buying another property, vacation, medical purpose, education, marriages or any other non speculative use.

      Personal Loan Top Up

      • Interest rate: Top up on personal loan can be availed if you have an existing personal loan. You can obtain top up either from the existing bank at existing loan rate or transfer your loan to other bank. You can get top up after 3 months of existing loan disbursement at the rates similar to the existing personal loan rates of 10.99% to 24%.
      • Loan amount: Most banks give top up of minimum Rs. 1 Lakh after paying 3 EMIs of existing loan.
      • Collateral: No security or collateral is required to get top up on personal loan
      • Loan tenure: Top up on personal loan can be taken for a tenure of 1 to 5 years depending upon the remaining period of your existing loan
      • Processing fee on personal loan top ups: Processing fee are charged by banks on personal loan top up as until and unless there is any special offer of nil processing fees from the bank
      Key Banks for Top up on Personal Loan

      There are multiple banks offering top up loan on personal loan. Key banks of top up personal loan are as follows

      HDFC Personal Loan Top up

      HDFC Bank top up loan can be taken if your existing loan is from HDFC or you want to tansfer your loan to HDFC. Bank gives top up on personal loan at the rate similar to you existing rate on personal loan. Interest charged by HDFC on top up personal loan is 10.99% to 20%.

      SBI Personal Loan Top Up

      Top up on personal loan can be taken from SBI as the interest on top up is same to the personal loan rates. The rates on top up from SBI are 12.5% to 16.6%.

      ICICI Personal Loan Top Up

      Top ur rates in ICICI Bank are similar to the existing rates of personal loan depending upon the offer in the market and the company you are working for. Current top up rates in ICICI are 10.99% to 22%.

      Axis Bank Personal Loan Top Up

      You can apply for top up personal loan in Axis Bank if you have existing loan from Axis or you are opting for balance transfer. The top up loan rates offered to you are 11.25% to 24%.

      Eligibility Criteria for Top Up Personal Loan

      Personal loan top up eligibility depends on various factors like

      • You have made all your repayments on time and there is no EMI outstanding
      • Job stability is an important factor as it defines your ability to repay the loan
      • CIBIL score to check that you have availed more loans or not
      • Borrower needs to fulfill the income criteria as specified by the bank

      If new bank is offering low rate of interest than your existing bank then you should opt for balance transfer and top up otherwise apply for top up with your existing bank.

      Top Up Loan Calculator

      In case of top up loans, there is always a confusion in your mind about the repayment option. If you take top up on your existing loan, you have to pay a single combined EMI for the existing loan as well as additional top up loan. The bank/ NBFC re-calculates your EMI to be paid against your existing amount for the remaining tenure and the top up amount. Lowest EMI per lakh for home loan top up is Rs. 751 for 30 years.

      Top up loan from existing bank vs. balance transfer with top up

      Banks offer lower interest rates same as home loan and personal loan on top up loan when availed with balance transfer of home loan and personal loan from another banks. So, it is advisable to check the top up loans interest rates with your existing bank and in case your bank doesn’t offer you the same rate, simply avail balance transfer of your loan through MyLoanCare and avail top up at normal loan rates.

      Interest Rate
      Home Loan 8.30% - 8.55%
      Personal Loan 10.75% onwards
      Loan Against Property 8.50% onwards
      Gold Loan 9.90% onwards
      Education Loan 11.10% onwards
      *Terms and conditions apply. Credit at sole discretion of lender subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and from collected from public sources. MyLoanCare is an independent professional service provider and is not related to the government or government bodies or any regulator or any credit information bureau in any way. Information carried at this website is not and should not be construed as an offer or solicitation or invitation to borrow or lend. The Company does not undertake any liability with respect to the correctness of the content, information and calculations. Information is subject to change without notice. By submitting your query or using any tools or calculators, you authorize MyLoanCare to share your information with lender(s), consent for such lender(s) to access your credit information report and contact you regarding your query overriding your number being in National Do Not Call Registry. This is a free service and no charges are payable by the borrower to MyLoanCare. The Company may receive remuneration from lenders for services provided to them.