Multiple banks. Different interest rates. Call it a "conflict of interest".
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  • Top up Loan is Rated as "Great!" by 95651 Users

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    Top up Loan

    Let’s say that five years ago you had availed a home loan worth Rs. 50 lacs and the term of the loan was set at 15 years. Time has passed and the loan’s current outstanding amount is 35 lacs. It is now time for you to undertake major home renovations but do not have the required funds for the renovation. Your best option at the moment is a personal loan, or is it?

    Top-up loans are great options for individuals who have already taken a Personal Loan but require additional funds for any reason whatsoever. There are several benefits of taking a top-up loan, starting with a low rate of interest in comparison with personal loans. Tax benefits are also offered to customers who avail top-up loans.

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    The Working of Top-up Loans

    The financial institution or bank that sanctions the top-up loan to a customer allows the customer to borrow a particular amount in excess of the home loan amount initially availed by the customer. However, there are a few conditions that apply. They are as follow:

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    1. The customer must have taken a home loan from the bank it approaches for a top-up loan.

    2. Top-up loans can only be acquired after six to twelve months or after a predetermined number of years of pleasing repayment record so far as the home loan is concerned. Some banks may also have extra conditions with regards to the possession or completion of the house prior to sanctioning a top-up loan.

    3. The permissible amount on a top-up loan is 70% to 75% of the property’s current market value minus the amount outstanding on your home loan. Hence, if the property value is Rs. 60 lacs and Rs. 30 lacs is the amount outstanding on your home loan, the top-up loan amount that can be availed is 15 lacs to 18 lacs.

    4. Some banks have a condition where in the outstanding home loan amount and the amount availed through the top-up loan cannot exceed the initial home loan amount availed. In this case, the maximum amount that can be borrowed through a top-up loan is Rs. 5 lacs if the outstanding loan amount is Rs. 35 lacs and the original sanction amount is Rs. 40 lacs.

    5. The initial home loan’s outstanding tenure is usually the tenor of the top-up loan. For instance, if there are seven years remaining on the home loan, the top-up loan’s tenor cannot be more than seven years.

    6. The banks usually seek no extra security.

    The terms and conditions of top-up loans are different with different financial institutions. However, the interest rates associated with top-up loans is usually 1% to 2% more than the rate of interest rate applicable to the home loan. Despite this, the interest rates applicable to top-up loans are significantly lower than those charged by personal loans. Also, banks don’t generally monitor the manner in which the customer uses a top-up loan, so customers are free to use the funds for vehicle purchases, child education, to repay personal loans, vacation, home renovation, etc.

    Top up Loans Reviews

    • HDFC Bank Personal Loan
      "Good"
      0.5 5.0/5 "Blown Away!"
      I have been using personal loan with HDFC bank , it have been just six months only i have been applied for personal loan and there rate of interest and processing fee is nominal which they have charge me and even loan amount was sufficient to me .
      Was this review helpful? 1
      , kolkata
      Reviewed on Nov 16, 2018
    • HDFC Bank Personal Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      My experience is good by taking the personal loan with the HDFC BANK and i have been taken this loan from past 3 years, and they have charge nominal rate of interest up to 17% and even there processing fee is also nominal only, i have taken my loan amount up to 75,000 it is sufficient for me and there customer support team is good.
      Was this review helpful? 1
      , new delhi
      Reviewed on Nov 16, 2018
    • Bank Bazaar Personal Loan
      "Good service"
      0.5 4.0/5 "Great!"
      I have use bank bazaar service recently only i have applied for my credit card from their website and i came to know about this bank bazaar website from on line as i was surfing for good credit card and they provide me very good service they properly follow up with me related to card. the service is very good.
      Was this review helpful? 1
      , new delhi
      Reviewed on Nov 16, 2018
    • Early Salary Personal Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      I have applied my personal loan with Early Salary recently, the loan amount they have given me was not sufficient to me as for now they have given me up to 11,000 rupee as loan amount it okay and the rate of interest they have charged me 845 rupees and they have not charged any processing fee in this loan.
      Was this review helpful? 1
      , new delhi
      Reviewed on Nov 16, 2018
    • YES Bank Personal Loan
      "Good service"
      0.5 4.0/5 "Great!"
      I have been holding my personal loan with Yes bank,they have given me low loan amount, and even they have taken loan insurance charges as well and the rate of interest they have charged me up to 11.5% it was nominal and there processing fee was bit high they have charged.
      Was this review helpful? 1
      , mumbai
      Reviewed on Nov 16, 2018
    • Bank Bazaar Personal Loan
      "Best Service"
      0.5 5.0/5 "Blown Away!"
      I came to know about bankbazaar through advertisement, they provide good services when compared to other banking websites. Customer service is good with bankbazaar and their response was prompt. The mobile app of bankbazaar is easy to use and is user friendly.
      Was this review helpful? 1
      , jaipur
      Reviewed on Nov 16, 2018
    • Fullerton Personal Loan
      "Need to reduce ROI"
      0.5 3.5/5 "Pretty good"
      My experience was good with Fullerton for personal loan, the process was smooth and i received my loan amount within 7-10 days. The loan amount was for Rs 1.58 lacs with high interest rate and the tenure period was for 3 years. Customer service was good with Fullerton and they responded on time.
      Was this review helpful? 1
      , jaipur
      Reviewed on Nov 16, 2018
    • Bank Bazaar Personal Loan
      "Best Service"
      0.5 5.0/5 "Blown Away!"
      I am using the services of bankbazaar from last 3-4 months, the services provided by bankbazaar is good when compared to others. Customer service was good and they responded on time. Mobile app is easy to navigate and user friendly to use.
      Was this review helpful? 1
      , thane
      Reviewed on Nov 16, 2018
    • Early Salary Personal Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      My experience was good with Early Salary for personal loan, they gave the loan amount for Rs 10000 for the tenure period of 30 days with nominal interest rate. They gave a less limit for this loan. Customer support was good and they followed up on time.
      Was this review helpful? 1
      , thane
      Reviewed on Nov 16, 2018
    • Bank Bazaar Personal Loan
      "Best Service"
      0.5 5.0/5 "Blown Away!"
      I know bankbazaar.com from last 1 year, my experience was good so far with bankbazaar. Customer services provided by bankbazaar is good and their response was prompt. The website of bankbazaar is easy to use and is user friendly.
      Was this review helpful? 1
      , hyderabad
      Reviewed on Nov 16, 2018
    • Citibank Personal Loan
      "Best Service"
      0.5 5.0/5 "Blown Away!"
      It was a nice experience with CITI bank for personal loan, the process took 20 days to complete. The loan amount was for Rs 6 lacs with nominal interest rate and the tenure period is 5 years. Customer service was good and they followed up on time.
      Was this review helpful? 1
      , hyderabad
      Reviewed on Nov 16, 2018
    • Bajaj Finserv Personal Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I have been holding my personal loan with Bajaj Finserv from long time,the loan amount which they have given me was sufficient and the rate of interest they have charged me was up to 30% it was bit higher and the processing fee was nominal, there was no hidden charges they have taken apart from that, overall service is good.
      Was this review helpful? 2
      , gurgaon
      Reviewed on Nov 16, 2018
    • Bank Bazaar Personal Loan
      "Very good service"
      0.5 5.0/5 "Blown Away!"
      This was my first time experience with bankbazaar and it was not up to the mark, initially the follow up was very good with bankbazaar but on later stage there was no proper follow up. The mobile app of bankbazaar is easy to use and is user friendly.
      Was this review helpful? 1
      , pune
      Reviewed on Nov 16, 2018
    • Incred Personal Loan
      "Need to reduce ROI"
      0.5 4.0/5 "Great!"
      My personal loan experience with INCRED was very good, the process was smooth and i received my loan amount within 20 days. The loan amount was for Rs 1 lac with high interest rate and the tenure period is 3 years. Customer service was fine and they responded on time.
      Was this review helpful? 1
      , pune
      Reviewed on Nov 16, 2018
    • Bank Bazaar Personal Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I have been using bank bazaar service from past 1 year, i came to know about bank bazaar service through on line as i was surfing through on line to check my credit score and i have applied personal loan through bank bazaar recently, and i have been using mobile application it is very easy to access.
      Was this review helpful? 1
      , gurgaon
      Reviewed on Nov 16, 2018
    • Bank Bazaar Personal Loan
      "Very good service"
      0.5 4.5/5 "Excellent!"
      It was a very good experience so far with bankbazaar, they provide good services when compared to others in the market. Customer service was good with bankbazaar and their response was prompt. Website of bankbazaar is easy to use and is user friendly.
      Was this review helpful? 0
      , raikot
      Reviewed on Nov 16, 2018
    • HDFC Bank Personal Loan
      "Very good service"
      0.5 4.5/5 "Excellent!"
      My personal loan application was approved with HDFC bank and the experience was good, the process took 1 week to complete and the response from the customer support was very good. The loan amount was for Rs 2 lacs with nominal interest rate and the tenure period was 3 years.
      Was this review helpful? 1
      , raikot
      Reviewed on Nov 16, 2018
    • Bank Bazaar Personal Loan
      "Good service"
      0.5 4.0/5 "Great!"
      I have been using bank bazaar service for first time, i came to know about bank bazaar service through on line,and i have been using mobile application of bank bazaar it was easy to access,they have suggested me a loan which bank had offered me loan and even they have help me in getting my loan amount , overall service is good.
      Was this review helpful? 1
      , bangalore
      Reviewed on Nov 16, 2018
    • Early Salary Personal Loan
      "Excellent service"
      0.5 4.0/5 "Great!"
      I have applied my personal loan with Early Salary recently, the loan amount they have given me was not sufficient to me it was low and i have expected more loan amount, and the rate of interest they have charged was nominal, and there was zero processing fee , they have given me 8,700 as loan amount , and in term of service it was good.
      Was this review helpful? 1
      , bangalore
      Reviewed on Nov 16, 2018
    • Bank Bazaar Personal Loan
      "Good service"
      0.5 4.0/5 "Great!"
      It was an good experience with bankbazaar so far, i am using the services of bankbazaar from last 3-4 years. Customer support was good with bankbazaar and they responded on time. The website of bankbazaar is easy to use and is user friendly.
      Was this review helpful? 1
      , new delhi
      Reviewed on Nov 16, 2018
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