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Purpose of the Loan
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Any personal/business needs, except for speculation/hoarding activities
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Target Customers
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Customers who have availed HL and is having regular repayment history of at least 12 months (of both principal & interest).
In case of balance transfer, then the repayment history of the previous bank/HFC/NBFC may be taken in to consideration towards 12 EMIs
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Age
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Minimum
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21 years
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Maximum
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65 years
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Amount
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Minimum –Rs.1.00 lakhs
Maximum- As per existing FOIR, LTV & income eligibility norms of SIB Home Loan.
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Tenure
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Minimum -1 year
Maximum- Equal to the balance tenor of HL / 7 years ( whichever is higher ) .
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LTV
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up to 90% *(based on loan amount)
*conditions apply
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Interest rate
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EligibilityMinimum Bureau
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Minimum Bureau Score of 730 and above for applicant.
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| Features |
- There should not be any over dues in existing Housing Loan.
- Only completed residential properties with registered title ownership is eligible for Top Up Loan.
- Top-up loan cannot be given for Repairs & renovation. The same may be considered under HL-Repairs and Renovation.
- Only one Top Up loan is permissible against one residential property secured under SIB HL.
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Processing/Upfront fees
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1.00% of the loan amount
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Documents required
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Salaried Class
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Business Class
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Pensioners
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KYC Docs (PAN Card and Aadhar Card and Photographs)
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KYC Docs (PAN Card and Aadhar Card and Photographs)
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KYC Docs (PAN Card and Aadhar Card and Photographs)
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ITR for the two years with computation sheet
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ITR for the two years with computation sheet
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ITR for the two years with computation sheet
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Salary Slip/Pension Statements for 3 months deed etc to be taken
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Recent financials of the firm
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Salary Slip/Pension Statements for 3 months
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Account Statement for 6 months
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Account Statement for 6 months.
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Account Statement for 6 months
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Title deeds, Possession Certificate, Location certificate and sketch, encumbrance certificate, Tax Paid Receipts
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1.What is a home loan top-up?
A top-up Loan is the additional limit offered by the mortgager against the existing home loan for fulfilling a host of requirements like home renovation, marriage expenses, business expansion, funding of a child’s higher education, or any other personal need subject to the availability of market value and repayment history.
2. Who can avail of a loan top-up?
Customers who have availed a home loan (HL) and have a regular repayment history of at least 12 months, including both principal and interest, can avail of a top-up home loan. This facility is provided to those who have demonstrated consistent responsibility in managing their loan, reflecting their reliability and eligibility for additional funds through a top-up.
3. Can I avail of a top-up loan along with a balance transfer loan?
Yes, you can avail of a top-up loan along with a home loan balance transfer in the realm of housing finance. When you opt to transfer your existing home loan to a new lender for better interest rates or terms, it's referred to as a balance transfer. During this process, many financial institutions allow you to apply for a home loan top-up also.