SBI Top Up Loan Offers and Home Loan Processing Fees and Charges | SBI is giving discount on the interest rate of top-up home loan, processing fee will also not have to be paid
By Amit - December 9, 2021
New DelhiOne hour ago
The country’s largest bank State Bank of India (SBI) has come up with a special offer on home top-up loans. Under this, the bank has decided not to charge processing fees along with giving 0.25% discount on the interest rate of top-up loan. If you have taken home loan then you can take top-up loan against this loan. Under this, you get more loan at lower interest rate.
How much interest is to be paid in this
You will get a top-up home loan at an interest rate of around 7.50 to 9.95% per annum. Its interest rate can be 0.5 to 1% higher than your home loan interest rate. Currently SBI’s home loan interest rate starts from 6.70%.
Loan can be used for any work
Top-up home loans can be used for any purpose like home renovation, children’s education, daughter’s wedding or even for purchase of additional property. Along with the repayment of the loan, the monthly installments of the top-up loan also have to be paid.
Loan can be taken for up to 30 years
Top-up on home loan can also be taken for a tenure of 30 years. In such a situation, you can easily pay it according to your convenience. You can easily repay this with a home loan. In this, you can take a loan of Rs 50 lakh or more. However, your top-up loan amount depends on your home loan.
Easily get top-up home loan
You can take this loan after some time of taking home loan. Banks generally give you a top-up loan based on the home loan repayment pattern. In such a situation, if you are paying your home loan installments on time, then you will easily get a top-up home loan.
What is Top-up Home Loan?
If you have taken home loan then you can take top-up loan against this loan. You can top up a home loan just like you do a top-up recharge on your mobile phone and the balance is credited to your phone. Since it is available only on your home loan, there is a need to pay the top-up loan monthly installments along with the home loan repayment. Its tenure is usually the same as that of a home loan.