Is top up loan available with HDFC?


I have taken a loan for 5 lakhs against property from HDFC. Since I’m in need of 6 more lakhs, is top up facility available with HDFC? The property cost is 50 lakhs and I took the loan last year. I work as an engineer and my annual salary is 6 lakhs.


The maximum top up loan amount can be equivalent to the home loan already sanctioned, subject to an upper cap of Rs 20 to 25 lakhs. This is further subject to an overall cap of 70% of the market value of the mortgage property as assessed by the respective banks. If you have a good repayment history, then your current bank or any other bank will provide you the required top up loan!Assuming that you have a good repayment history, your annual salary and the value of your mortgaged property will help in getting you a top up loan.



Top-up loan is almost like a Personal Loan, except that it comes with a better interest rate. Though not as good as Home Loan rates. You can utilise this loan for any purpose. A top loan on your existing Home Loan is an ideal choice to pay for renovating your house, funding your own parking space, or paying for your child’s higher education, etc. The tenure of the loan will depend on the lender.

Of course, you can avail a top-up loan from the bank or financial institution that you have an existing loan with. However, you can always balance transfer your existing loan to another bank that provides better features and then apply for a top-up loan. HDFC Top-up Loan is one of the most popular top-up loans. In case of HDFC top-up loan, salaried individuals can avail up to Rs. 50 lakhs top-up loan, whether they are existing customers or new customers who have opted for a balance transfer. Benefits include attractive interest rates, simple repayment structure, and hassle-free documentation. The maximum tenure offered is 15 years.

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BB Expert