Top Up Home Loan
Existing home loan borrowers can explore home loan top up offers by various lenders to meet their personal financial requirements. They can check for the top up amount offered by various lenders and opt for the one that best suits your requirements.
Overview
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 apply home loan top up facility.
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:
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 loan
- Quick loan disbursal process as the lender already has the KYC details and documentation of the pledged collateral of their existing home loan borrowers.
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
Loan Consulting Registration Form
On Call Consulting Fees Applicable
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