Top up loans: toppings on your home loan
By Joseph Samson
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Process of applying for a top up loan

Many public as well as private sector lenders offer top up loan facility. Applying for a top up loan is very simple. The customer needs to contact the concerned bank authority for applying for the loan. Online application forms are also available for the same in the banks' websites. Processing fee charged for such loans is often minimal and is often given free of cost to pre existing customers or to those who have a very good repayment record.

List of Some Banks Offering Top up Loans:

HDFC Bank - Topup Home Plan
ICICI Bank - ICICI Top Up Scheme
Bank of India - Star Home Plan
State Bank of India - Equitable Home Scheme
Union Bank of India - Union Home Plus
UCO Bank - UCO Shelter Scheme
Bank of Baroda - Baroda Home Top Up Plan

An advantage of top up loans is that they can be used to finance personal needs of individuals. In other words, these loans can be used in place of personal loans in order to finance individual needs. The interest rates for these loans are much lesser than that charged on personal loans.

Mostly bankers do not seek minute details about the purpose for which the loan is taken. They however keep it in check that the loan amount is not used for illegal or speculative purposes like gambling.

However, tax benefits are not associated with these loans as is the case with home loans. A tax shield is available only if the borrower has taken the loan for acquiring add-ons to the existent home or modifying or renovating it. But if he has taken the loan for buying furniture and furnishings for his house then tax shield will not be available on the loan.

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(Comments Posted : 43) Post Your Comments
1. How to rate of interest top up lone
vishnu B Katare (Posted: Mar 17, 2017)
2. I have a home and top-up loan with SBI in a joint account with spouse. Home loan is closed by SBI life after My husband expired. But the top-up loan is still on for more 20 years. Do I have the option to reduce the top-up load term to 5 years and close it, instead of prolonging. Also can you please confirm if tax exemption is given on these top-up loans?
Surekha (Posted: Jan 7, 2017)
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Debora Orr (Posted: Oct 20, 2015)
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