A "low interest" loan shouldn't mean you have very little interest in paying it back!
  • Loading your search...
    Close

    Compare Home Loan Offers from Top Lenders. Apply Online and Get e-Approved Instantly.

  • Top-Up Home Loan is Rated as "Great!" by 117 Users

    Fees & Charges

    Promised Interest Rate

    Customer Service

    Responsiveness

    Home Loan BYTES FROM OUR KITCHEN

    Top-Up Home Loan

    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

    • Axis Bank Home Loan
      "Taking overcharged amount"
      0.5 0.5/5 "Unacceptable"
      I had applied for TOP-UP from Axis Bank, (Loan Dept) Goregaon - West, branch on April 2018. Mr. Ayush the sales person told me submit all the necessary documents for the loan procedure. I told him that "I do not have OC & Society Share Certificate" but still he said that you will get TOPUP without submitting these documents. Regarding the TOPUP it got declined on 12th May 2018 & Mr. Ayush gave me sanction letter for BT on 16th May 2018. SIGN BY MR. KUNDAN JOSHI (EMP 84207) MANAGER. "I AM APPLIED FOR TOPUP." I had inquired about the processing fee in the other Axis Bank branch, I came to know that fee is Rs. 2950/- only But Goregaon West had charged me Rs. 11800/- (2 Cheques of Rs. 5900+5900/-)
      Was this review helpful? 3
      , mumbai
      Reviewed on Oct 10, 2018
    • SBI Home Loan
      "Excellent process"
      0.5 5.0/5 "Blown Away!"
      I have taken a top up loan on the home loan with State Bank of India. The process was also good. This time I was given the rate of interest of 8.4%. The processing charges are normal too. The after loan services and good too. In all no hassles overall.
      Was this review helpful? 14
      , nagpur
      Reviewed on Sep 11, 2018
    • HDFC Limited Home Loan
      "Good service"
      0.5 4.0/5 "Great!"
      I have taken home loan with HDFC LTD and my loan experience was fine. My loan amount is not sufficient for me i expected more, and interest rate is 8.65% and it is satisfactory.There is no hidden charges. I use to pay 17000 as EMI per month including top up loan and tenure period is 15years. I am not satisfied with customer service they did not respond in a friendly manner.
      Was this review helpful? 5
      , visakhapatnam
      Reviewed on Aug 22, 2018
    • Axis Bank Home Loan
      "Excellent Service"
      0.5 5.0/5 "Blown Away!"
      I had a very good experience in taking this loan and the process in getting the loan had been smooth and easy. The loan amount which was disbursed on the right time and it was fulfilling my requirements. The interest rate with them had been good, even with the staff or the customer support also had been supportive. I am planning for a Top Up as well with them.
      Was this review helpful? 5
      , thane
      Reviewed on Jul 17, 2018
    • Axis Bank Home Loan
      "It's a fraud bank"
      0.5 0.5/5 "Unacceptable"
      I have a home loan from axis bank. Be aware of these frauds from axis bank. What they commit and what do was totally different, And later bank refused to help. It was a balance transfer and they had committed that tenure will be 30 years with ROI 8.35 with certain top up amount. Later processed my loan for 20 year tenure while my loan in previous bank was for 30 year. Later they refused to disburse complete top amount and also increased ROI. When I contacted their customer care, there regional head nothing happened. They simply refused to help. Guys beware of these frauds.
      Was this review helpful? 4
      , indore
      Reviewed on Apr 04, 2018
    • Punjab National Bank Home Loan
      "EXCELLENT SERVICE"
      0.5 5.0/5 "Blown Away!"
      It was a good customer service the PNB Housing finance provided for the home loan process . On the property i wanted to take the loan on , the bank was only providing 80% approval and they were not able to provide a top up loan on that loan , the rate of interest was good provided to me . I did not get a full approval so i did not opt for the loan . It was good experience with PNB Housing .
      Was this review helpful? 0
      , indore
      Reviewed on Dec 01, 2017
    • Bajaj Finserv Home Loan
      "Fraud from Bajaj Finserv lending Home Loan With TopUp"
      0.5 1.0/5 "Really Bad"
      I am completely fedup with services of Bajaj finserv. They are cheater and fraud company. I have applied for Home loan with top up in Bajaj Finserv. They debited Loan amount of Rs.1028368 and Rs.284360 (Account 401SHO42311520 / 401SHO42311507) to me on 19th Jun 2017 but physically received both cheque of Rs.1028368 and Rs.284360 on 18 July 2017. There is an almost one month broken period. There was their internal problem that is why this delay happened. I am not responsible for this delay. Same thing happened with Top up loan, As per account statement, amount is debited to me on 18 Aug 2017 but amount credited to my bank account of Rs.1019583 on 17 Oct 2017 (Account 401SHO48137544). There is an almost two months broken period. They are cheater as I am not aware when they got signed on Interest Bearing certificate" from me. They never told me about this form. It almost 4 months passed, I did not get any resolution of this.
      Was this review helpful? 10
      , new delhi
      Reviewed on Nov 13, 2017
    • ICICI Bank Home Loan
      "Decent Loan"
      0.5 3.5/5 "Pretty good"
      I had a good experience with ICICI in regards to my Home Loan, they readily agreed to give me the loan and the whole loan process was not that long. Their Rate of Interest was also alright. I recently changed this Loan to another Bank as ICICI refused to top-up my current loan. Otherwise I was pretty much okay with them.
      Was this review helpful? 4
      , mumbai
      Reviewed on Nov 06, 2017
    • SBI Home Loan
      "Good serivce"
      0.5 4.0/5 "Great!"
      The State bank of India has gave top up home loan within a week time. I got it around 4 months ago. The customer service is not clear in their process. The process need to have transparency. The rate of interest and the charges are nominal is nominal with State bank of India.
      Was this review helpful? 2
      , hyderabad
      Reviewed on Oct 11, 2017
    • SBI Home Loan
      "EXCELLENT"
      0.5 5.0/5 "Blown Away!"
      I had taken a housing loan from SBI for an amount of 17 lakhs. Processing fee charged on my housing loan was around 4k. It was just a top up loan. Rate of interest levied by them was around 8% . EMI is 28k , the total tenure of the loan was 15 years. The Loan got disbursed within a month also documentation part was too simple. The agent who came for the documents collection was very kind and he was ready to help me at any cost.
      Was this review helpful? 3
      , pune
      Reviewed on Oct 08, 2017
    • SBI Home Loan
      "Its Better"
      0.5 4.0/5 "Great!"
      MY existing loan was already running with some other bank, when I applied home loan with SBI their response is not fast and also my existing bank itself gave me the top up option. Hence I didn't go head with SBI for the home loan, but they are good.
      Was this review helpful? 0
      , chennai
      Reviewed on Oct 06, 2017
    • ICICI Bank Home Loan
      "Good one"
      0.5 4.0/5 "Great!"
      ICICI Bank is far by the best bank, however they were unable to provide a top up loan housing loan is the most secured loan and that is why I had preferred ICICI Bank they could have provided me a top up. I had taken it for a period of 25 years and I had completed 7 years and the charges were 9%
      Was this review helpful? 1
      , mumbai
      Reviewed on Sep 21, 2017
    • LIC Housing Home Loan
      "Door Step Process"
      0.5 5.0/5 "Blown Away!"
      Interest rate is recently reduced to 8% I guess for the home loan. I had already availed home loan from LIC and I had taken top up as well. LIC is very convenient in order to get the loan because of their interest rate and other services. It is quite simple to approach them. Even they provide door step service.
      Was this review helpful? 2
      , bangalore
      Reviewed on Aug 23, 2017
    • SBI Home Loan
      "Overall good"
      0.5 4.0/5 "Great!"
      My home loan is from State Bank of India. Even though I applied in the month of April. I got the rate of interest of June and the loan letter had Aprils date on it. I got 0.5 lesser on the interest rate. The rate was of 8.65%, it was a max scheme and the processing fees was zero for the initial loan and the top up loan had a fee.
      Was this review helpful? 0
      , pune
      Reviewed on Aug 07, 2017
    • SBI Home Loan
      "Fast Service"
      0.5 5.0/5 "Blown Away!"
      During the year of 2010, I availed housing loan from State bank of India. Even I had taken the top up as well. SBI done with the loan process in a fast way. I had submitted all the required documents to avail the loan. The rate of interest is 8.75% which is very normal when compared with other banks.
      Was this review helpful? 1
      , new delhi
      Reviewed on Jun 10, 2017
    • HDFC Limited Home Loan
      "Wonderful "
      0.5 4.0/5 "Great!"
      Rate of interest was around 8.5% for the home loan with the HDFC limited . It took around two months of time to get the disbursement and the services were fine. They have provided the 100% of the balance transfer option with the top up of 3.89 lakh Rupees.
      Was this review helpful? 5
      , chennai
      Reviewed on Jun 07, 2017
    • Indiabulls Home Loan
      "Average "
      0.5 2.0/5 "Expected more"
      I am having the home loan with the Indiabulls and it come up with the top up as mortgage loan. They have sanctioned only around 21 lakh Rupees while they have committed around 30 lakh Rupees. Finally, they have stated that their rate of interest is around 8.5% for the balance transfer. They have made me to roam here and there to get the loan. Response is also good one while it comes to prior documentation submission then it will be inverse approach. Insurance is also something extra deviated one.
      Was this review helpful? 6
      , hosur
      Reviewed on Jun 01, 2017
    • Oriental Bank of Commerce Home Loan
      "Customer Oreinted bank"
      0.5 5.0/5 "Blown Away!"
      Got top up for my home loan with Oriental bank of commerce. OBC rate of interest is very high when compared with State bank of India. Within the time limit they disbursed my home loan. The response and follow up was very good with OBC. The service is very good for long term relationship with OBC. There cooperation is very helpful in banking service.
      Was this review helpful? 1
      , pune
      Reviewed on Apr 19, 2017
    • SBI Home Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      I had taken a housing loan from SBI for an amount of 17 lakhs. Processing fee charged on my housing loan was around 4k. It was just a top up loan. Rate of interest leived by them was around 8% . EMI is 28k , the total tenure of the loan was 15 years. The Loan got disbursed within a month also documentation part was too simple. The agent who came for the documents collection was very kind and he was ready to help me at any cost.
      Was this review helpful? 1
      , pune
      Reviewed on Apr 18, 2017
    • ICICI Bank Home Loan
      "Competitive , fast approach and customer delight"
      0.5 5.0/5 "Blown Away!"
      ICICI bank have provided me the better interest rate, also they have provided some good concession in the rate of interest for women applicants.Interest rate is competitive with them, also they have provided me with the top up loan. Customer service with the ICICI bank is an excellent one for me and the response is fast one.
      Was this review helpful? 1
      , pune
      Reviewed on Apr 10, 2017
    Common Loader Icon

    Display of any trademarks, tradenames, logos and other subject matters of intellectual property belong to their respective intellectual property owners. Display of such IP along with the related product information does not imply BankBazaar's partnership with the owner of the Intellectual Property or issuer/manufacturer of such products.

    reTH65gcmBgCJ7k
    This Page is BLOCKED as it is using Iframes.