Quick Sbi Home Loan Top Up Guide: A Step-by-Step Approach 2022

‍The SBI operates a home loan banking service and offers home loans to its customers. Home loan is a popular financial instrument in India that helps people purchase a property of their choice. A Sbi home loan can help you with financing your dream property.

The bank doesn’t have any branches, so you won’t have to physically visit an office to apply for the loan. For this reason, it’s called ‘instant home loan top-up’ or ‘instant Sbi home loan top-up’. This article explains everything you need to know about it and how you can take advantage of it as well.

What is Sbi Home Loan Top Up?

Interest Rates7.25% p.a
Loan AmountRs. 1 Lakh to Rs 5 Lakhs
Processing FeesRs. 2,000 plus applicable GST, which will be recovered from the loan amount before disbursement
 
(50% waiver in processing fees applicable from 15th April to 31st July 2022 plus GST)
SBI YONO Insta Home Top Up Loan Highlights 2022

Sbi home loan top up is the facility by which you can supplement the amount of your existing home loan. This top up allows you to expand the loan amount you have with the bank. This is possible if the loan amount available with the bank is less than the amount you require.

As per home loan eligibility criteria, the loan amount available with the bank or the housing finance company will be calculated based on various factors like your property ownership, loan amount, loan tenure, home loan interest rate, etc.

For example, if you own a home with an equity of Rs. 1 lakh and you want to increase the loan amount to Rs. 2 lakh, the loan amount available with the bank will be calculated as below: – Your equity in the property is Rs. 1 lakh – Your loan amount is Rs. 1 lakh – Your loan tenure is 50 years, so the loan amount for 50 years comes to Rs. 50 lakh

Quick Sbi Home Loan Top Up Guide: A Step-by-Step Approach
Quick Sbi Home Loan Top Up Guide: A Step-by-Step Approach

How to avail Sbi Home Loan Top Up?

Sbi home loan top up can be availed by the home loan holders directly from the bank branch or branch of any SBI. Home loan holders can also do it online. The top up process can be done in two ways. One is, when a home loan holder visits the bank branch and another is, through online banking.

Home loan holders will be required to provide the following documents while availing the top up of the loan amount:

  • Proof of home loan amount like, the original copy of loan agreement, confirmation letter, etc.
  • Address proof like, property ownership proof, electricity bill, etc.
  • Any other document that is required for the loan amount top up like, stamp duty bill, etc.

Eligibility criteria for Sbi Home Loan Top Up

In order to avail the Sbi home loan top up you will have to meet the following eligibility criteria:

  • You must be the owner of the property who is taking the home loan from the bank.
  • You must be the holder of the home loan.
  • Your home loan must be either of agriculture tenure or a home loan under the urban area housing finance scheme.
  • Your home loan must be in the repayment stage.
  • Your loan amount must be less than the amount available with the bank.
  • You must have a minimum of one year loan repayment period.

How much can you get under Sbi Home Loan Top Up?

The minimum loan amount that can be top-up is Rs. 1 lakh and the maximum loan amount is Rs. 2.50 lakhs. There may be a 5-10% additional amount as loan processing charges.

Can assume loan or no loan before top up?

Yes, you can either assume loan or no loan before top up. When you top up the loan amount through physical visit at the bank branch, the loan officer will calculate your loan amount based on the details provided by you.

In this case, you will have to pay the loan amount immediately and take the loan for the remaining tenure. Alternatively, you can do it through online banking. In this case, the loan officer of the bank will have to calculate your loan amount and send the loan amount notification to your bank account.

You will have to make the payment through online banking and take the loan for the remaining repayment period.

Important terms and conditions of Sbi Home Loan Top Up

There are certain terms and conditions that should be kept in mind while availing the Sbi home loan top up.

  • Your minimum loan amount has to be Rs. 1 lakh and the maximum loan amount has to be Rs. 2.50 lakhs.
  • You must be the owner of the property who is taking the home loan from the bank.
  • You must be the holder of the home loan.
  • Your home loan must be either of agriculture tenure or a home loan under the urban area housing finance scheme.
  • Your loan amount must be less than the amount available with the bank.
  • You must have a minimum of one year loan repayment period.

Conclusion

The Sbi home loan top up is a facility by which you can expand the loan amount you have with the bank. It allows you to top up your existing home loan amount and helps you with financing your dream property.

FAQs

What is Sbi home loan top up?

Sbi home loan top up is the facility by which you can supplement the amount of your existing home loan. This top up allows you to expand the loan amount you have with the bank.

How to avail Sbi home loan top up?

Sbi home loan top up can be availed by the home loan holders directly from the bank branch or branch of any SBI. Home loan holders can also do it online. The top up process can be done in two ways. One is, when a home loan holder visits the bank branch and another is, through online banking.

Can I avail Sbi home loan top up online?

Yes, you can also top up your home loan online. You can do this either by logging into your online banking account or by visiting a nearby SBI branch and ask the bank staff to assist you. You will have to provide the following details while availing the top up of the loan: 1.Your home loan address. 2.The amount you want to top up. 3.Your mifi number (if you have it). 4.Your OTP - Your mobile number.

What are the documents I will have to provide for Sbi home loan top up?

You will have to provide the following documents while availing the top up of the loan: - Proof of home loan amount like, the original copy of loan agreement, confirmation letter, etc. - Address proof like, property ownership proof, electricity bill, etc. - Any other document that is required for the loan amount top up like stamp duty bill, etc

Where do I go for Sbi home loan top up?

You can go to any Sbi bank branch or you can also do it online. You will have to provide the above details and the loan amount top up.

What is the processing time for Sbi home loan top up?

The processing time will vary from bank to bank. But in general, it will take from 5 to 10 minutes.

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