STATE BANK OF INDIA

Top Up Loan


Loan for any purpose other than speculative.
Repayment period co-terminus with the underlying Home Loan account.
Upto two Home Equity Loans allowed to exist together.
No prepayment/preclosure penalty.

Eligibility
All Home Loans with a satisfactory repayment track of at least one year.
Valid mortgage should have been created in favour of the Bank.
Loan Amount
Minimum Loan Amount: Rs. 0.50 lacs
Maximum Loan Amount: Rs. 2 crores.
Permissible Loan amount is calculated at 75% of present market value of the house property less present outstanding in the Home Loan account.
Interest Rate
Term Loan: 1.25% over Base Rate, present effective rate:11.25% p.a.
Overdraft: 1.50% over Base Rate, present effective rate:11.50% p.a.
Loan Tenure
Interest Rate
The tenure of the loan will be co-terminus with the original residual maturity of the Home Loan or the option exercised by customer, whichever is earlier.
The loan has to be liquidated before the borrower attains the age of 70 years.

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