SBI Home Loan Top Up – Interest Rate, Eligibility, Documents

If You are currently paying EMI for SBI home Loan and want more funds for your personal needs, then you should take an SBI Home Loan Top Up. An SBI Top up loan is an additional loan amount over and above your existing SBI home loan.

Top Up loan SBI can be used for a variety of purposes like marriage expenses, education expenses, etc. In this article, we will talk about the SBI Home Loan Top Up interest rate, eligibility, documents, etc.

Highlights of SBI Home Top Up Loan

SBI Home Loan Top Up Interest Rate – During the Festive Campaign

Currently, SBI is offering lower interest rates to its customer during the festive season on SBI Home Top up Loan. The festive season starts from October 4, 2022, to January 31, 2023

SBI Home Loan Top Up Interest Rate

SBI offers an attractive interest rate on SBI Home Top up Loan. See the below table for a detailed view.

SBI Home Loan Top Up – Overdraft

You can take the benefits of the overdraft facility on Top up Loan in SBI. See the below table for the overdraft interest rate on Top up Loan in SBI Bank.

Top Up Loan SBI Processing Fee and Charges

SBI has a variety of Top up Loans like the SBI Home Top-Up Loan, SBI YONO Insta Home Top-Up Loan (Digital Product), and SBI SMART Home Top-Up Loan.

See the table below for the processing fee of each SBI Home Top Up Loan.

Top Up Loan SBI – Loan Tenure

Loan Tenure available in SBI Top up Loan is 30 years. You can choose tenure according to you and pay back your Top up Loan EMI in easy installments.

Features and Benefits of SBI Top Up Loan

Let’s see some unique benefits of the SBI Home Top Up Loan.

• Interest Rate: SBI offers lower interest rates on SBI Top Up Loans.
• Processing Fee: SBI offers low or nil processing fees to its customers on Home Top Up Loan.
• Overdraft Facility: Overdraft facility is also available on Top Up Loan in SBI.
• Flexible Repayment Tenure: You can choose an Home Top Up Loan tenure of up to 30 years.
• Hidden Charges: No hidden charges on SBI Home Top Up Loan.
• Prepayment Penalty: No prepayment penalty for preclosure of your SBI Top Up Loan.
• Interest Calculation: Interest is charged on a daily reducing balance.

SBI Top Up Home Loan Eligibility

Candidate must fulfill the below eligibility criteria to get a Top Up Loan SBI.

• Age: Candidate should be above 18 years and below 70 years.
• Nationality: Indian and NRIs
• Employment: Salaried and Self-employed individuals can apply for SBI Top Up Home Loan.
• Home Loan: You should have an active SBI home loan to get an SBI Top Up Loan.
• Repayment Record: You should have a minimum satisfactory repayment record of 12 months to get an SBI Home Top Up Loan.

Documents Required for Top Up Loan in SBI

Here is the list of documents required for all types of applicants.

• Job ID Card
• Loan Application Form
• 3 Passport Size Photos
• Personal Assets and Liabilities statement

Proof of Identity:

• PAN Card/Passport/Voter ID Card/Driving License

Proof of Address:

• Electricity Bill/Phone Bill/Water Bill/Aadhar Card/Driving License

Proof of Business: 

• Proof of business address for non-salaried individuals.

For Guarantors:

• Statement of Personal Assets and Liabilities
• 2 passport-size photographs
• Identification Proof
• Residence Proof
• Business Adress Proof
• Signature verified by his/her bankers

Documents Required for Salaried Individuals:

• Salary Certificate
• TDS certificate on Form 16 or copy of IT Returns for the last two financial years.

Documents Required for Professionals/Self-employed

• Copies of three years I.T. returns
• Photocopies of advance Income Tax payment

Types of SBI Home Top Up Loan

SBI offers 3 types of SBI Home Top Up Loans to cater to the variety of its customers’ needs. These 3 types are SBI Home Top Up Loan, SBI YONO Insta Home Top Up Loan (Digital Product), and SBI SMART Home Top Up Loan.

1. SBI Home Loan Top Up

We have read about Home Top Up Loan in the above paragraphs of this Article.

2. SBI YONO Insta Home Top Up Loan

SBI YONO Insta Home Top Up Loan is available only for pre-selected SBI customers over YONO App.

Features:

• Easy Access: You can get SBI YONO Insta Home Top Up Loan in 3 easy steps over YONO App.
• Money Utilization: You can use this loan amount for any personal purposes except for any speculative purposes.
• Interest Rate: Attractive interest rate is offered for SBI YONO Insta Home Top Up Loan.
• Overdraft Facility: An overdraft facility is also available.
• Digital Product: You don’t need to visit the SBI branch for availing Yono Insta Home Top Up Loan.  This is available on YONO App.
• 24*7 Availability: SBI YONO Insta Home Top Up Loan is available all day and night. You can apply anytime.

Eligibility:

SBI YONO Insta Home Top Up Loan is available only for pre-selected SBI customers.

Interest Rate:

Processing Fee:

Rs.2000 + Applicable Taxes

Required Documents:

No documents are required for SBI YONO Insta Home Top Up Loan.

3. SBI Smart Home Top Up Loan

SBI Smart Home Top Up Loan can be used for any personal reason like house renovation, marriage expenses, etc.

You just need to visit the nearest SBI branch for availing of this home loan facility.

Loan Amount: You can get a loan amount of up to Rs.5 lakhs under the SBI Smart Home Top Up Loan.

Loan Tenure: A tenure of up to 20 years is available.

Features:

• Money Utilization: You can use this loan amount for any personal purposes except for any speculative purposes.
• Interest Rate: Attractive interest rate is offered for SBI Smart Home Top Up Loan.
• Overdraft Facility: An overdraft facility is also available.
• Pre-payment Charges: You will not be charged any amount for Pre-payment.

Eligibility:

• Age: Candidate should be above 18 years and below 70 years.
• Nationality: Indian and NRIs
• Employment: Salaried and Self-employed individuals can apply for SBI Top Up Home Loan.
• Home Loan: You should have an active SBI home loan to get an SBI Top Up Loan.
• Repayment Record: You should have a minimum satisfactory repayment record of 12 months to get an SBI Home Top Up Loan.
• CIBIL Score: 550 or higher

Interest Rate:

Processing Fee:

Rs.2000 + Applicable Taxes

Required Documents:

No documents are required for SBI SMART Home Top Up Loan.

FAQs

Q: What is the maximum top up loan in SBI?

Ans: SBI offers a loan amount of Rs.5 lakhs under the SBI Smart Home Top Up loan.

Q: Can SBI give Top Up loan?

Ans: Yes, SBI offers Top Up loan to its existing customers to borrow loan amounts on their existing home loans.SBI offers 3 types of Top Up Home Loan that is SBI Home Top Up Loan, SBI YONO Insta Home Top Up Loan (Digital Product), and SBI SMART Home Top Up Loan.

Q: Is a personal loan better than top up loan?

Ans: No, Top up loan offer lower interest rates as compared to personal loans. 

Q: What is the eligibility for top up loan?Ans: An Indian national and NRI can apply for SBI Top Up Loan. Customers should be in the age group of 18 to 70 years.

Jony Baku

Administrator at Finance Expert | Finance Expert

Hello friends, I am Jony Baku and a resident of Haryana, India. I took my first step into the blogging world in 2019 and since then I have been trying to contribute in this field. I love writing and reading articles, that's why I try hard to write my articles as best as possible.