SBI Home Loan Top up

by Bizopedia · Published May 3, 2022 · Updated November 2, 2022

SBI Home Loan Top up

Table of Contents

SBI is the largest bank in India in terms of deposits and advances. State Bank of India offers all the types and varieties of Home Loan to its customers in India as well as abroad. SBI Home Loan Top up is a unique product from SBI that is offered to existing Home Loan customers of State Bank of India . In this post, we would look into various features of a To up Loan from SBI.

SBI Home Top up Loan

One of the most important features of a State Bank of India Top up loan is that it comes with a lower rate of interest compared to other banks. Other important features of a top up loan from SBI includes-

Very low processing fees
No hidden charges and no foreclosure charges for Top up customers
A larger tenure of 30 years can be availed for this loan
In this loan, interest is charged on the reducing balance and it is also available as an overdraft facility

SBI Home Loan Top up

Eligibility for State Bank of India Top up Loan

Both Indian as well as NRI are eligible for a top up loan from SBI
An applicant should be older than 18 years and younger than 70 years at the time loan maturity
Top up loan can be availed for a period of 30 years

Interest rates on State Bank of India Home Top up Loan

	Top Up Loan
CIBIL Score	Term Loan	OverDraft
>=800	6.95%	7.35%
750-799	7.05%	7.45%
700-749	7.15%	7.55%
650-699	7.25%	7.65%
550-649	7.65%	7.95%
NTC/No Cibil Score	–	–

For updated list of Interest rates for SBI Home Loan you can visit this link

Documents required for Home Top up Loan

SBI Home Loan Top up mandatory Documents

Employer Identity card
Complete Loan application form along with 3 passport sized affixed photographs
Proof of identity such as PAN card, Voter ID
Proof of residence

Property papers

Permission for construction
Agreement for sale
Occupancy certificate if property is ready to move
Approved plan copy, Conveyance deed
Payment receipts towards builder

Account Statement and Income proof

Last 6 months Bank account statement for all bank account hold by owner
Previous Loan account statement of all previous loan accounts
Last 3 months salary slips and salary certificates
Copy of form 16 for last 2 years and last 2 years Income tax returns acknowledged by income tax department
Business address proof
Income tax returns for past 3 years
Balance Sheet and income statement for past 3 years
TDS Certificate
Qualification certificate

SBI Smart Home Top up Loan

SBI smart top up loan is a unique product offered by Bank for its existing Home Loan customers in which a top up amount is offered to its customers to be utilized for personal use such as Wedding, purchase of a appliances, medical expenses etc.

Key features of SBI Smart Home Top up Loan are-

Loan tenure up to 20 years
CIBIL score of 550 or more is required
Loan amount up to 5 Lakhs can be provided under this loan
Satisfactory loan repayment track record of at least 1 year should be available at the time loan sanction with no DPD in credit bureau report
No other documentation is required to avail Smart Top up Loan

In this post, we have discussed various features of SBI Top up Home Loan offered by SBI to its customers. These top up loans are perfect to avail a short term credit facility to meet immediate requirements such as wedding, medical expenses, fee payment and other personal expenses. You can read our other articles on Home Loan from below-

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