SBI Home Top Up loan is a type of loan offered by State Bank of India to meet financial requirements and can be availed as a top up over the existing home loan. SBI bank home loan offers this type loan for the tenure ranging up to 30 years.
Salaried and Non salaried Indian residents and NRIs are availed to take SBI Home Top Up Loan. This loan can be taken to meet the urgent requirements of the customers to borrow a certain amount over and above their home loan amount. The customer who already took home loan from SBI Bank and needs more amount, they can opt for home top up loans. It is availed for personal purposes. Customers have a satisfactory repayment track record of 1 year or more, after completion of moratorium period.
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Rate of Interest |
Starts at 7.90% |
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Processing Fee |
0.40% + GST (Min. Rs 10,000 + GST and Max. Rs 30,000 + GST) |
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Prepayment/Foreclosure Charges |
NIL |
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Loan Tenure |
Up to 30 years |
A top up loan is a general-purpose loan. State Bank of India Home Top Up is provided to the customers over the existing home loan. You can avail this loan at times if you already have a home loan and need additional funds. This loan can fulfill any of your personal financial needs.
Here are the notable features and benefits of SBI top up loan:
Interest Rate : SBI home top up loan can be availed at competitive rates of interest. The interest rate on home top up loans by SBI is determined by the risk score of the customer as well as the LTV of the customer. The SBI home top up loan interest rate starts at 7.90% .
Processing Fee : SBI home top up loan comes at processing fee as low as 0.40%. It counts up to the minimum of Rs 10,000 plus GST and the maximum of Rs 30,000 plus GST.
No Hidden Charges : You need to worry about any sneaky charges levied on the home top up loan. SBI home top up loan does not cost any hidden charges.
Loan Tenure : State Bank of India home top up loan offers customers a repayment tenure at quite a flexibility. You get the repayment tenure of up to 30 years for this type of loan.
Overdraft : Know that SBI home top up is offered to customers as a way of overdraft facility.
Prepayment : Do you have sufficient funds to prepay your SBI home top up loan and close it already? If yes, then you may just do it. The bank will not ask you to pay any prepayment charges or penalties in case you wish to close your loan before the end of the repayment tenure.
Fast Procedure : Applying for an SBI home top loan will not make you frustrated. State Bank of India offers a fast and easy loan procedure with minimal documentation.
Now that you know the key features of SBI home top up loan, you must be wondering if you can apply for this type of loan. Well, there are some eligibility standards designed for SBI bank home top up loans that have to be met by you if you wish to avail the loan.
Here is the eligibility criteria for SBI home top up loan:
The minimum age of the customer should be 18 years to be eligible for SBI home top up loan.
The maximum age of the customer should not exceed 70 years.
The applicant should either be a resident Indian or an NRI.
The applicant should be salaried or self employed.
The credit score of the applicant should not be less than 750.
Documentation is an important step on your way to availing the loan and thus, it is necessary that you present all the documents that are asked by the lender. We have mentioned all the documents required for SBI home top up loan which you should check before you apply for the loan.
Here are the documents required for SBI home top up loan application:
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Documents |
Salaried Individuals |
Self Employed Individuals |
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Identity Proof |
Aadhar Card, Passport, Driving Licence, Voter ID Card |
Aadhar Card, Passport, Driving Licence, Voter ID Card |
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Address Proof |
Passport, Voter ID Card, Recent Utility Bill such as Electricity Bill, Water Bill, Telephone Bill |
Passport, Voter ID Card, Recent Utility Bill such as Electricity Bill, Water Bill, Telephone Bill |
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Income Proof |
Salary Slips, Bank Statement, Form 16, Salary Certificate |
IT returns, Bank Statements, Challans Showing Payment of Advance Income Tax |
Other Required Documents
Passport-size Photographs
Loan Application Form
Employee ID Card (For salaried applicant)
Proof of Business (For self employed applicant)
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BANKS |
INTEREST RATE |
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Starts at 10.05% onwards |
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Starts at 7.75% onwards |
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Starts at 7.75% onwards |
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7.75% to 9.40% |
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Start at 9.55% onwards |
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8.15% to 8.30% |
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8.90% to 9.15% |
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6.95% onwards |
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7.40% onwards |
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6.95% onwards |
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6.95% onwards |
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6.95% onwards |
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6.95% onwards |
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7.65% onwards |
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7.90% onwards |
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9.50% to 10.50% |
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6.75% onwards |
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10.45% onwards |
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8.05% onwards |
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7.45% onwards |
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6.95% to 7.50% |
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7.40% to 9.70% |
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9.60% to 10.55% |
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7.34% to 8.29% |
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6.95% to 8.05% |
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Starting at 8.71% |
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7.80% to 8.80% |
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9.75% to 10.05% |
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8.55% to 8.655 |
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11.005 to 11.505 |
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8.00% to 15.00% |
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6.85% to 7.75% |
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6.85% to 7.755 |
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6.90% to 8.90% |
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7.55% to 8.40% |
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Starting at 7.00% |
2. SBI Loan Against Properties
You can either use the offline or the online method in order to apply for a SBI home top up loan. SBI home loan application process is seamless and does not demand much of your time, provided you have all the necessary documents on the go.
Here is how to apply for State Bank home top up loan
1. Apply for State Bank Home Top Up Loan Offline : In order to apply for an SBI home top up loan, all your need to do is visit the nearest branch of SBI bank where the official will assist through the application process. When visiting the branch, remember to carry all the required documents for quick procedure.
2. Apply for State Bank Home Top Up Loan Online : The official SBI bank website has made applying for any type of SBI loan more convenient than ever. If you wish to quickly apply for SBI home top up loan online then you can follow these steps:
Navigate to the official web portal of SBI.
Now, find and click the “SBI Loans” at the top section.
Find and click the “SBI Home Top Up Loan” in “Our Products” display.
Once you are on the “SBI Home Top Up Loan” page, you need to click the “Apply Now” button.
Fill in all the fields as asked in the form which will help check your eligibility, loan offer and the complete application.
For any assistance regarding the SBI home loan application, you can contact the customer service and enquire with them about it. You can also visit the bank branch and talk with the executive regarding the loan procedure .
If you have any queries, grievances or feedback regarding the SBI loans, you can contact the customer helpline.
Here is the contact details for State Bank of India Customer Service:
Toll-free: 1800 11 2018
The following formula is used to calculate EMI of SBI Home Top Up Loan :
EMI = [PXRX(1+R)^N] / [(1+R)^N-1]
Where,
FAQs On SBI Home Top Up Loan
If you want to know the status of your SBI home top up loan application, you have to follow these simple steps:
Go to the official web portal of SBI.
Click the “SBI Loans” at the top section.
Now hit the “SBI Home Top Up Loan” in the “Our Products”section.
On the “SBI Home Top Up Loan” page, you need to click the “Application Tracker” at the top of the application form.
Fill in the required fields.
It is best to calculate the Equated Monthly Installment for your SBI Home Top Up Loan as it helps your figure out how much of an amount is on you to pay every month.
Here is how to calculate your SBI Home loan EMI:
Navigate to the official web portal of SBI.
Now, find and click the “SBI Loans” at the top section.
Now find and hit the “Calculators” option at the top.
Input the loan amount, rate of interest and repayment tenure in years.
You will now be able to view the EMI for your SBI home top up loan.
No. SBI home top up loan allows you to prepay the loan amount and close the loan before the tenure ends. Thus, if you have sufficient funds to prepay the entire loan amount and avoid paying interest rates.
Last Updated on : 11/Mar/2021Know More About
You're eligible for a Sbi Home Top Up Loan if you:
Are legally adult enough to handle it
Have still got it
Get a regular pay check
Make more than a basic buck
Your eligibility depends on:
Earn more than minimum income required
Maximum allowed Home Loans is Rs. 10K to Rs. 45 lakhs
EMIs of other loans loweryour eligibility
Boost your eligibility by:
Pay off your credit card bills
Choose longer tenure loan up to 5 years
Nothing gets done without that paperwork (which we'll happily carry over to the bank for you, no sweat). Here's what you'll need:
- 1. Photo ID and age proof
- 2. Signed application form with photograph
- 3. Residence proof
- 4. Last 6 months bank statement
- 5. Documentation for salaried applicants:
- Last 3 months salary - slips
- Form 16 or Income Tax Returns
- 6. Documentation for self-employed applicants:
- Last 3 years Income Tax Returns with computation of Income
- Last 3 years CA Certified / Audited Balance Sheet and Profit & Loss Account
Updated on 25 Nov 2017
| Sbi Home Top Up Loan Details | |
|---|---|
| Interest Rate (Monthly reducing balance) | 7.9% - 0% |
| Processing Fees | 0.40% of the loan amount plus applicable GST subject to a minimum Rs.10000 and Maximum Rs.30000 plus GST |
| Loan Tenure | 1 year to 30 years |
| Pre-closure Charges | Varies with bank |
| Guarantor Requirement | Varies with bank |
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