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What is a Top Up Home Loan?
Existing home loan borrowers can opt for additional loan amount on their existing home loan to meet their personal requirements with no end usage restriction. This additional loan amount on the existing home loan is known as top up home loan. Applicants can avail a top up of up to Rs 10 crore for tenure of up to 30 years depending on the credit profile of the applicant. No collateral is required for availing home loan top up facility.
Top Up Home Loan Interest Rates Offered by various Lenders
The interest rates offered to top up home loan borrowers are usually same or slightly higher than the home loan interest rates. Below mentioned are the top up home loan interest rates offered by top lenders.
| Lenders | Interest Rates (p.a.) |
| HDFC Bank | 8.15%-13.70% |
| PNB Housing Finance | 8.25%-11.50% |
| ICICI Bank | 7.70% onwards |
| Bajaj Housing Finance | 7.75%-10.45% |
| IDBI Bank Limited | 7.85%-11.95% |
| State Bank of India | 8.00%-10.75% |
| Tata Capital | 7.75% onwards |
| L&T Finance | 9.55% onwards |
Eligibility Criteria of Applicants Availing Home Loan Top Up
The eligibility criteria for home loan and home loan top up is usually the same. Prospective home loan top up borrowers should meet the following eligibility criteria:
| Eligibility Criteria | Details |
| Nationality | Resident Indian |
| Age | 18-70 years |
| Job Profile | Salaried and Self-employed |
| Minimum Monthly Income | Up to Rs 30,000 |
Documents Required
Below-mentioned are the documents usually required during home loan top up application. However, the documents might vary from lender to lender.
- Duly signed application form with passport sized photograph.
- ID Proof- Aadhar card, PAN card, Voter ID, Passport, Passport
- Address Proof- Aadhar card, PAN card, Electricity bill, Telephone bill, Voter ID, Passport
For Salaried Individuals:
- Salary slips for last 3 months
- ITR for last 2 yeas
- Bank account statement for last 6 months
For Non-Salaried Individuals:
- ITR for last 3 years alongwith income computation and P&L statement
- Bank statement for past 1 year
- Company Registration License
- Tax Registration Copy
In case of Takeover Loans:
- Loan account statement for past 1 year
- Statement of outstanding loan as on date
- Document acknowledgement receipt
Property Documents:
- Receipt of residential unit purchased
- Sales agreement
- Allotment letter from the builder, co-operative society, etc.
- Permission for house/flat construction from the concerned authorities
Benefits of Home Loan Top Up
- No restrictions in terms of end usage of loan proceeds
- No requirement for providing additional collateral/security, apart from the one pledged for the existing home loan
- Lower interest rates than personal loans
- Quick loan disbursal process as the lender already has the KYC details and documentation of the pledged collateral of their existing home loan borrowers.