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  • Top-Up Home Loan

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    Top-Up Home Loan

    Understanding Top-Up Home Loans:

    Top-up loans, as the nomenclature suggests, involves the bank topping up – adding to – your existing loan. So if you already have a home loan with a bank and you have been making regular repayments, then you can apply for a top-up loan. Many banks, private and nationalized, offer top-up home loans to their existing customers.

    Eligibility Criteria for Obtaining Top-Up Loans:

    To be able to get a top-up home loan, you have to:

    1. Have a home loan with the bank
    2. Be a regular and satisfactory repayment record for at least 1 year
    3. Make a valid mortgage in the name of the bank

    Features of Top-Up Loans:

    The following are the salient features of top-up home loans:

    • A top-up loan can be taken for any purpose – it need not be home improvement-related. You could treat it as a personal loan and use it for a vacation or wedding or to buy jewellery, or pay for the education expenses of yourself or your children, buy a vehicle, renovate your house, or invest it in the stock market – the choice is yours.
    • Top-up loans are available for up to 20 years or until the balance tenure of your original home loan, depending on the bank’s discretion. It also takes into account the customer’s profile, income, age, value of property, etc.
    • The maximum amount you can acquire as top-up home loans differs from bank to bank. While HDFC Bank offers you just Rs. 35 lakh, State Bank of India gives up to Rs. 5 crore. However, the total of the balance home loan amount and the new top-up loan amount should not exceed 70-80% (differs from bank to bank) of the value of the property
    • Top-up loans are available at interest rates similar to home loan rates, though it may be a few basis points higher than the original home loan rate. For example, SBI offers home loans at 9.4%, and top-up loans at 9.5% for up to Rs. 25 lakh.

    Benefits of Top-Up Loans:

    Here is why a top-up loan is better than taking a personal loan or maxing out credit cards:

    • Top-up home loan interest rates are quite lower than personal loans, credit cards or car loans. They are in the range of 9% to 12% in most banks, making them the cheaper option.
    • Top-up loans are also available for longer tenure than a personal loan, car loan or gold loan.
    • Top-up loans are easily approved and disbursed, since you are already a home loan customer of the bank and have been paying your EMIs regularly over the last 1 or more years.
    • Top-up loans can give you tax benefits. But this is possible only if you use it either for home repairs, construction or extension, or to fund your or your children’s education.

    Many banks offer Balance Transfer of Home Loan with Top-Up Loan. Consider the processing charges you’ll be paying on transferring the loan to another bank, the foreclosure charges you’ll incur with your existing bank, and the difference in the rate of interest. Even if the interest rate looks better, if the difference isn’t higher than 1%, then you’ll end up being the loser as you’ll end up spending more on the miscellaneous charges and save very little on the EMI. So analyse your options and choose the one that adds up well for you.

    Top-Up Home Loan Reviews

    • Bank Bazaar Home Loan
      "Reliable"
      0.5 4.0/5 "Great!"
      Bankbazaar people helped me a lot to get my home loan. Whatever the commitment they have promised i met the same. I have been using bankbazaar for the first time. I came to know bankbazaar through the Google search. Customer services was prompt.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 14, 2018
    • Punjab National Bank Home Loan
      "Hopeless Loan services from PNB"
      0.5 2.0/5 "Expected more"
      Lots of issues i have faced with PNB housing when i purchase a loan from them. I have not received my loan on time. After lots of trouble, before i get the customer. Interest rates are nominal like other banks. The documentation process was only went smooth. There were nothing is proper with them
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 14, 2018
    • Bank Bazaar Home Loan
      "Bankbazaar is very responsive"
      0.5 5.0/5 "Blown Away!"
      I'm quite happy with the bankbazaar. Best thing is that we can able to see the interest rate what bank is provide in that customer can identify that which bank is comfortable for them. This easy to compare the interest rates. Through Internet only i came to know about bankbazaar. Its been around 2 years since I'm using bankbazaar. Very spontaneous response to the customer all the time. They will resolve customer issue immediately.
      Was this review helpful? 0
      , new delhi
      Reviewed on Jun 14, 2018
    • Punjab National Bank Home Loan
      "They are not do the loan it on time. "
      0.5 3.5/5 "Pretty good"
      Their is no best features in this PNB Housing. It took lot of time to disburse the loan. It took 20 days to give the loan. They were having some trouble with the documents. They were not asking the some documents after that only they asked. Whenever i asked the reason, they said different reasons. Normally, if all the documentation completed, then it will take only 5 days to disburse the loan. They told me that the process fee is 5500. Apart from the processing fee, they are charging some other service charges. When the loan is about to disburse the loan they asked me 1500 extra for stamp paper charges. They were transparent at all.
      Was this review helpful? 0
      , new delhi
      Reviewed on Jun 14, 2018
    • Bank Bazaar Home Loan
      "Awesome Experience"
      0.5 5.0/5 "Blown Away!"
      I have to thank bankbzaar team personally. From the bankbazaar website for selecting the the right person my home loan purpose. It helps for the good position in a right time. They are not involved much but even though they chose me the right bank. So, without looking into other possible i straight way i have gone with bankbazaar. I can choose the right bank without any mental tension.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jun 14, 2018
    • Indiabulls Home Loan
      "100% supporive and Guidance from Indiabulls"
      0.5 4.5/5 "Excellent!"
      I have not gone through the interest rates and processing fee compare to the other banks. I'm trusting that they will given less interest rates according to the market rate. The people who are working with Indiabulls are very supportive and helpful. The one who is looking for the property they are very helpful from the registration. I have got the loan on time as per committed date. The team was very co-operative. I don't have any suggestion to improve wise that.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jun 14, 2018
    • Bank Bazaar Home Loan
      "Good Services"
      0.5 4.5/5 "Excellent!"
      Bankbazzar is more convenience. Honestly i have never scrolled the most of the pages. First i have purchased a health insurance from bankbazaar website. It is been 3 years i have been using the website. This is my 2nd transaction with the bankbazaar.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 14, 2018
    • Sundaram BNP Paribas Home Finance Limited Home Loan
      "It takes time but you will get loan"
      0.5 3.5/5 "Pretty good"
      It took 1.5 months to get the loan. Actually they said it is zero processing fee. But they have charged me around Rs. 40000. I'm expected that some charges but not around 50K. The people are very friendly who is working over there. I have applied a balance transfer of Rs. 43 lakhs and the top up of Rs. 7 lakhs. Interest rate is 8.13% whatever they have originally agreed. The process is too lengthy.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 14, 2018
    • Tata capital Home Loan
      "So far so Good"
      0.5 2.5/5 "Just OK"
      Whenever the interest fluctuation, they wont inform me. Whenever I'm going to do for balance transfer, that time they will reduce the interest rates. I'm paying the EMI of Rs. 37000 per month. I have applied the loan amount of Rs. 34 lakhs but i have received the amount of Rs. 24 lakhs. I'm not much aware of the interest rates. The processing is fee little bit high.
      Was this review helpful? 0
      , noida
      Reviewed on Jun 14, 2018
    • Bank Bazaar Home Loan
      "All the option available under one stop"
      0.5 5.0/5 "Blown Away!"
      They send me the voucher whatever the have promised. I have never tried withe Amazon. I have not seen the website so keen. I'm using the bankbazaar website for 1time for the home loan because whenever I'm looking for the loan i saw the bankbazaar advertisement in online. I really never used this for a long time. The processing a home loan experience was awesome. There doing a good job as per my experience.
      Was this review helpful? 0
      , noida
      Reviewed on Jun 14, 2018
    • Punjab National Bank Home Loan
      "Good Customer Service"
      0.5 4.0/5 "Great!"
      Unfortunately i have not say the exact amount. When i process for the loan they said Rs. 8000 for Processing fee. I have got a longer tenure. Overall, I'm happy about the services. I never had to go their office for a loan. The processing was quick. I have got a loan within 12 days. They have inform all the charges to the customer. They have charged me around Rs. 3500 for application fee.
      Was this review helpful? 0
      , noida
      Reviewed on Jun 14, 2018
    • Bank Bazaar Home Loan
      "Keep up the Good work"
      0.5 5.0/5 "Blown Away!"
      The customer care services of Bankbazaar follow up me on regular basis. Varieties of products list is comprehensive which is good. I have been seeing the website for 1 year. I have started using recently. For any kind of financial kind of information i will use bankbazaar website. Whenever i'm searching the financial products the bankbazaar page will come in a first place.
      Was this review helpful? 0
      , coimbatore
      Reviewed on Jun 14, 2018
    • HDFC Limited Home Loan
      "Easy to get loan from HDFC"
      0.5 5.0/5 "Blown Away!"
      The Overall Home loan experience is good. I have taken a home loan amount of Rs. 27 Lakhs. I'm paying the EMI of Rs. 25000. I have opted the tenure of 25 years. They are offering a 8.5% interest rates but for me they charged me 9.5%. For the processing fee they charged me around 30K. Within a month i have got my loan.
      Was this review helpful? 0
      , coimbatore
      Reviewed on Jun 14, 2018
    • Bank Bazaar Home Loan
      "Great Experience with Bankbazaar"
      0.5 5.0/5 "Blown Away!"
      They have informed every step of my Home loan process. I have received all the details via SMS and mails. Thanks for helping me to get home loan. But banking people not giving any proper intimation about home loan. I just find out bankbazaar through google search. When i searching for the home loan from that I'm using bankbazaar website. Maximum its been 2months. From the bankbazaar side, i don't have any issues so far.
      Was this review helpful? 0
      , new delhi
      Reviewed on Jun 14, 2018
    • Punjab National Bank Home Loan
      "My bad luck thas the reason i have selected PNB."
      0.5 1.0/5 "Really Bad"
      They have not informed me about the EMI charges and other service charges. Now the loan is processed through client till date. I have not got the loan because of the registration has not done but EMI has started without any prior intimation to me. If have informed all things before to me, it would be fine. I have sent mail to the concern team but no action taken on that. Their is no proper communication from the PNB housing team.
      Was this review helpful? 0
      , new delhi
      Reviewed on Jun 14, 2018
    • Bank Bazaar Home Loan
      "Its been a Good Service from Bankbazaar"
      0.5 4.0/5 "Great!"
      I don't face any issue while i have applied the home loan with bankbazaar. This is the 1st time I've used bankbazaar website. I have got the Amazon Gift voucher after my home loan approval. I'm using Bankbazaar website for past 2 months. Everything is fine with Bankbazaar
      Was this review helpful? 0
      , ghaziabad
      Reviewed on Jun 14, 2018
    • ICICI Bank Home Loan
      "Good Services from ICICI for Home loan"
      0.5 5.0/5 "Blown Away!"
      The Processing fee is very much comfortable with ICICI Bank. Overall, the documentation process is good. I got the loan in the stipulated time like within 1 week. They have offered a interest rate of 8.50%. They have charged me around Rs. 5000 as processing fee. I have got hassle free services from ICICI bank.
      Was this review helpful? 0
      , ghaziabad
      Reviewed on Jun 14, 2018
    • ICICI Bank Home Loan
      "Average service"
      0.5 3.0/5 "Satisfactory"
      I have taken home loan from the Icici bank . Documentation and approval took 20 days . As am not satisfied with the rate of interest which is high . They have processing fees cartages which is quiet nominal one. They gave tenure period of 20 years which gets auto debited from bank. Their customer service and response is good.
      Was this review helpful? 0
      , mumbai
      Reviewed on Jun 14, 2018
    • Bank of India Home Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      My home loan was taken with BANK OF INDIA 6 years back. The loan amount was 9,80,000 and the interest rate was satisfactory . The tenure period was 20 years .The process was very fast and easy . The customer service and responses was amazing . They haves sanctioned the loan with the committed time.
      Was this review helpful? 0
      , kolkata
      Reviewed on Jun 14, 2018
    • DHFL Home Loan
      "Not Satisfactory"
      0.5 2.0/5 "Expected more"
      It has been almost an year i have taken this home loan, the experience with them has not been good. There has not been a proper guidance given by them during th process where they did not explain me about the floating and fixed interest rate. And also the process has taken more time than usual and the loan amount has not been satisfactory.
      Was this review helpful? 0
      , chennai
      Reviewed on Jun 14, 2018
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