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No restrictions on how you utilise the top-up funds. Use it however you want it.
Enjoy lower interest rates on top-up home loans as compared to personal loans, making them more affordable and manageable.
Choose from a variety of repayment tenures that align with your financial situation and preferences.
Experience quick and efficient loan processing to access funds promptly.
Receive exceptional customer service throughout the top-up home loan process, from application to post-disbursement.
Consolidate multiple debts into a single top-up home loan to simplify debt management and reduce interest payments.
Get Instant Digital Sanction for your top-up home loan applying at your convenience anytime anywhere on ABCD app.
If you have any of the following loans, you can get a Top-up Loan on it.
Check your eligibility to know whether you can avail of the top-up facility.
Check your eligibility for the top-up loan
Calculate the top-up loan amount you can get
Gather the required documents including the existing home loan documents
Read the top-up loan terms and conditions
Apply for the top-up loan
Read the top-up loan terms and conditions
Apply for the top-up loan
Are you eligible for a top-up home loan? Check whether you meet the criteria.
TRANSACTIONS | CHARGES |
---|---|
Top up loan amount upto 20% of HL | +0.25% on existing Processing Fees
Processing Fees ranges from 0.25 to 1.75% |
Disclaimer: The above charges constitute the rack rate for all customers. Actual charges for any customer, if different, will be as communicated at the time of loan sanction and disbursal and will be subject to changes from time to time.
Name of Fee/Charge levied |
Transactions & Charges in Rupees |
---|---|
Revision of fixed rate to floating and vice-versa/ revision in loan interest rate/ tenure at discretion of abhfl | 2% of the loan outstanding |
Loan re-schedulement (at discretion of abhfl) charges | 0.50% on principal outstanding amount |
Disclaimer: The above charges constitute the rack rate for all customers. Actual charges for any customer, if different, will be as communicated at the time of loan sanction and disbursal and will be subject to changes from time to time.
Name of Fee/Charge levied | Transactions & Charges in Rupees |
---|---|
• Stamp Duty • Legal and other statutory charges • Insurance Premium • Creation charge with ROC • MOE/MOD/Registration |
As per state laws, where applicable |
Disclaimer: The above charges constitute the rack rate for all customers. Actual charges for any customer, if different, will be as communicated at the time of loan sanction and disbursal and will be subject to changes from time to time.
Name of Fee/Charge levied | Transactions & Charges in Rupees |
---|---|
Applicable for non-individuals/ Loan sanction for business purpose/ individuals with other than floating rate) • Part Payment / Pre-closure is allowed after 12 months from final loan disbursement date • In case of Part Payment / Pre-closure before 12 months from final loan disbursement date, lock-in period interest will be applicable |
Floating rate term loan sanctioned to individual borrowers, with or without co-obligant(s):
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Floating rate term loan sanctioned to non-individual borrowers: • 4% of principal outstanding paid and lock-in charges if any.
|
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Fixed interest rate housing loan given to individual:
|
|
Fixed interest rate non-housing loans (LAP/LRD/CP/GPL/Top-up) given to Individual/Non-Individual borrowers (closed from own/other source): • 4% of principal outstanding paid and lock-in charges if any. |
|
Lock-in charges:
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Pre-closure quote: • Pre-closure statement charges • Original document retrieval charges |
Rs 1,000/- per loan account |
Disclaimer: The above charges constitute the rack rate for all customers. Actual charges for any customer, if different, will be as communicated at the time of loan sanction and disbursal and will be subject to changes from time to time.
Name of Fee/Charge levied | Transactions & Charges in Rupees |
---|---|
Late payment penalty / Non Conformance with any covenants / stipulated conditions |
24% p.a. i.e 2% per month on overdue amount |
Cheque bouncing charges/NACH failure charges/Bounce charges | Rs 750/- per instance |
Accrued Interest |
As applicable based on actual delayed status or as communicated by the lender from time to time
|
CERSAI charges |
• When facility amount is equal to Rs. 5 lacs or lesser – Rs.50 per loan
• When facility amount is greater than Rs. 5 lacs – Rs.100 per loan |
Request for Copies of any collateral held with ABHFL |
Rs 750/- per instance |
Duplicate Statement/ Repayment Schedule / any other document held with ABHFL request |
Rs 200/- per loan account |
Charge For Exchanging NACH mandate | Rs 750/- per instance |
CIBIL report retrieval fee | Rs 50/- per instance for Consumer and Rs. 500/- for Commercial CIBIL |
NOC issuance charges | Rs 500 |
Disclaimer: The above charges constitute the rack rate for all customers. Actual charges for any customer, if different, will be as communicated at the time of loan sanction and disbursal and will be subject to changes from time to time.
Passport/ Aadhaar Card/ Voter's ID/ Driving License/ Job Card issued by NREGA/ Registration certificate/ PAN card (PAN Card only as identity proof)
Salary slip for the last 3 months showing all deductions and Form 16
Latest 6 months
Rental receipts or documents showing receipt of income
Copy of Title documents and approved sanction plan
Disclaimer: ABHFL reserves the rights to call upon additional documents at its discretion. The documents will be collected by ABHFL.
Passport/ Aadhaar Card/ Voter's ID/ Driving License/ Job Card issued by NREGA/ Registration certificate/ PAN card (PAN Card only as identity proof)
IT Returns or financial documents for the last 2 years and computation of income certified by a CA for the last 2 years
Latest 6 months
Rental receipts or documents showing receipt of income
Copy of Title documents and approved sanction plan
Disclaimer: ABHFL reserves the rights to call upon additional documents at its discretion. The documents will be collected by ABHFL.
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A top-up home loan is an additional loan that can be availed of over and above an existing home loan. It is typically taken by borrowers who have seen an increase in their income, a decrease in their outstanding balance on their existing home loan, or who have additional anticipated expenses. If the borrower wishes to increase the loan amount and take a cash out, they can do so by applying for a top-up loan.
Yes, you can apply for a top-up home loan even if you have refinanced your home loan with ABHFL. The eligible loan amount will be determined based on your current home loan eligibility, which is assessed using the following factors:
• Income of all applicants
• Age of the primary applicant
• Existing income or EMIs
• Stability and continuity of the primary applicant's occupation
To ensure your eligibility for a top-up home loan, it is recommended to consult with an ABHFL representative to discuss your specific circumstances.
To be eligible for a top-up home loan, you must generally meet the following criteria:
• Existing home loan with ABHFL: You must hold an existing home loan with ABHFL to qualify for a top-up home loan. This ensures that the lender has a comprehensive understanding of your financial situation and repayment capacity.
• Good credit history: A strong credit history demonstrates your ability to manage debt responsibly and makes you a less risky borrower for the lender. A good credit score typically ranges from 700 to 850.
• Steady income: A stable and consistent income stream is crucial for ensuring that you can make the monthly repayments on your top-up home loan. This ensures that your loan is not unduly burdensome on your finances.
• Sufficient property value: The value of your property acts as collateral for the top-up home loan. The lender will evaluate the market value of your property to assess its ability to support the additional loan amount. The top-up loan amount is typically capped at 70–80% of the property's value.
• Loan-to-Value (LTV): LTV represents the ratio of your outstanding home loan amount to the property's market value. A lower LTV indicates a higher equity portion, which may be favourable for top-up loan approval.
Top-up home loans typically offer lower interest rates and longer repayment terms than personal loans. This is because the lender has more security as the loan is secured against your property. Also, lower interest rates translate to lower monthly repayments, making the loan more manageable for you. Additionally, top-up loans are secured by your home, which means that you may qualify for a higher loan amount than you would with a personal loan.
The interest rate for a top-up home loan is typically determined based on several factors, including:
• Existing home loan interest rate: The interest rate on your existing home loan often serves as the base rate for the top-up loan. This ensures consistency in your overall interest rate and simplifies the repayment process.
• Credit history: Your credit history plays a significant role in determining the interest rate offered for your top-up loan. A strong credit history, typically reflected by a high credit score, indicates a lower risk to the lender and can lead to a lower interest rate. Conversely, a poor credit history may result in a higher interest rate.
• Loan-to-Value ratio (LTV): The LTV represents the ratio of your outstanding home loan balance to the current market value of your property. A lower LTV indicates that you have more equity in your property, making it less risky for the lender and potentially leading to a lower interest rate.
• Loan amount: The amount of the top-up loan you are applying for may also influence the interest rate. Larger loan amounts may attract slightly higher interest rates, while smaller top-ups may receive lower interest rates.
• Lender's interest rates: Different lenders have their own internal policies and risk assessment models, which can affect the interest rates they offer for top-up home loans. It is important to compare interest rates from multiple lenders to find the most competitive terms.
• Market conditions: Overall market conditions, such as prevailing interest rates and economic trends, can also influence the interest rates offered for top-up home loans. Interest rates may fluctuate over time, so it is advisable to check current rates before applying for a top-up loan.
In conclusion, the interest rate for a top-up home loan is typically the same as the interest rate on your existing home loan. However, it may be slightly higher, depending on your credit history and other factors.
Processing fees are charged by lenders to cover the administrative costs associated with processing your top-up home loan application. These fees typically range from 0.5% to 2% of the loan amount. The exact percentage may vary depending on the lender, the loan amount, and other factors. Processing fees are typically paid upfront at the time of applying for the top-up home loan and are often added to the total loan amount, increasing the overall borrowing amount.
The tenure for a top-up home loan refers to the total period over which you will repay the additional loan amount. Typically, the tenure for a top-up home loan can range from 5 to 20 years, depending on the lender's policies. However, the actual tenure you qualify for will depend on your individual circumstances.
When you sell a property that has a top-up home loan attached to it, the proceeds from the sale will be used to repay the outstanding balance on the loan. This ensures that the lender is fully repaid for the loan amount they provided.
The process of repaying your top-up home loan upon selling your property typically involves the following steps:
• Notification to the lender: Once you have finalised the sale of your property, it is important to notify your lender promptly to initiate the repayment process.
• Settlement of proceeds: Upon settlement of the property sale, the proceeds will be held by your real estate agent or conveyancer. They will then disburse the funds to your lender, typically in the form of a bank transfer or cheque.
• Repayment of top-up loan: The lender will use the proceeds from the property sale to repay the outstanding balance on your top-up home loan. This includes the principal amount and any accrued interest.
• Closing of loan account: Once the top-up home loan is fully repaid, your lender will close the loan account and provide you with a confirmation of closure.
It is important to check with your lender if there are any prepayment charges associated with repaying your top-up home loan early. Some lenders may charge a prepayment penalty if you repay the loan in full before the end of the agreed-upon tenure.
The maximum amount of money you can borrow with a top-up home loan is typically determined by two factors:
• Equity in your property: The equity in your property represents the difference between the market value of your property and the outstanding balance on your existing home loan. Lenders typically allow you to borrow up to 80% of the equity in your property as a top-up home loan.
• Lender's policies: Each lender has its own policies regarding the maximum loan-to-value (LTV) ratio for top-up home loans. The LTV ratio represents the ratio of the total loan amount (including the existing home loan and the top-up loan) to the market value of your property. Lenders may have different LTV limits depending on the borrower's profile, property type, and other factors.
To determine the maximum top-up home loan amount you qualify for, follow these steps:
• Appraised value: Obtain an appraisal of your property to determine its current market value.
• Outstanding balance: Subtract the outstanding balance on your existing home loan from the appraised value of your property. This will give you equity in your property.
• LTV limit: Determine the lender's LTV limit for top-up home loans. This information can be found on the lender's website or by speaking to a mortgage specialist.
• Maximum top-up loan: Multiply the equity in your property by the lender's LTV limit. This will give you the maximum top-up home loan amount you are eligible for.
Yes. Top-up home loans offer flexibility in their usage, allowing you to utilise the additional funds for a variety of purposes. Some common uses for top-up home loans include:
• Home improvement and renovations: Top-up home loans can be used to fund renovations, extensions, or upgrades to your existing property. This can improve the livability of your home or increase its market value.
• Debt consolidation: To reduce your overall interest payments and simplify your debt management, you can consolidate multiple debts into a single top-up home loan. This can provide a lower interest rate and a more manageable repayment structure.
• Medical expenses and emergencies: Top-up home loans can serve as a financial backup in case of unexpected medical expenses or emergencies. This can help you cover medical bills, hospital stays, or other healthcare-related costs.
• Education expenses: Top-up home loans can be used to fund education expenses for yourself, your children, or other family members. This can include tuition fees, accommodation, textbooks, and other educational costs.
• Investment opportunities: In certain cases, you may use a top-up home loan to invest in income-generating assets, such as property or business ventures. This could potentially provide additional income streams and potential capital appreciation.
• Business expansion: Top-up home loans can be used to finance business expansion plans, such as purchasing equipment, hiring new employees, or expanding operations. This can help you grow your business and increase its profitability.
It is important to note that the specific purposes for which you can use a top-up home loan may vary depending on the lender's policies and the terms of your loan agreement. It is advisable to consult with a mortgage specialist or lender to understand the permissible uses for top-up home loans and ensure that your intended purpose aligns with their requirements.
Yes, you can typically get a top-up home loan if you have a co-applicant on your existing mortgage. However, the eligibility of your co-applicant will also be assessed by the lender to ensure they meet the criteria for the top-up loan.
ABHFL (Aditya Birla Housing Finance Limited) is a leading housing finance company in India, and it offers a variety of benefits for top-up home loans, including:
• Competitive interest rates: ABHFL offers competitive interest rates on top-up home loans, making us more affordable and manageable for borrowers. Lower interest rates translate to lower monthly repayments, reducing the financial burden on the borrower.
• Flexible repayment terms: ABHFL provides flexible repayment tenure options for top-up home loans, allowing borrowers to customise their repayment plan according to their financial situation and preferences. Longer tenures can reduce monthly EMIs, while shorter tenures can help repay the loan faster and minimise overall interest payments.
• Quick processing times: ABHFL is known for its efficient loan processing and disbursal mechanisms. The company strives to minimise the time between loan application and fund disbursement, allowing borrowers to access additional financing quickly.
• Strong customer service: ABHFL has a reputation for providing excellent customer service throughout the loan process, from application to post-disbursement support. Our customer support team is readily available to address queries, provide assistance, and resolve any issues promptly.
• Wide network of branches: ABHFL has a vast network of branches across India, making it easily accessible to borrowers in various locations. This extensive reach allows borrowers to interact with the company in person, clarify doubts, and receive personalised guidance.
• Digital banking platform: ABHFL offers a convenient digital banking platform that allows borrowers to manage their loan accounts online or through a mobile app. This platform provides access to account details, statements, and the ability to make online payments, enhancing convenience and flexibility.
• Eligibility check: ABHFL provides an online eligibility check feature that allows potential borrowers to assess their preliminary eligibility for a top-up home loan based on basic information. This quick check can help borrowers understand their potential borrowing capacity and make informed decisions.
• Pre-approved loans: ABHFL offers pre-approved top-up home loans to eligible customers, which streamlines the application process and reduces paperwork. Pre-approved loans provide borrowers with a guarantee of loan eligibility and allow them to proceed with property purchases or other financing needs confidently.
• Special offers and promotions: ABHFL regularly offers special promotions and interest rate discounts on top-up home loans, making us even more attractive to borrowers. These offers can help borrowers secure financing on more favourable terms.
• Tie-ups with real estate developers: ABHFL has tie-ups with various real estate developers, providing exclusive offers and benefits to homebuyers who choose top-up home loans from ABHFL for their property purchases. These tie-ups can offer additional discounts, preferential rates, or value-added services.
• Loans for a variety of personal or professional needs (other than for speculative purposes)
• Borrow up to 80% of property value
• Attractive interest rates
• Easy and hassle-free documentation
• Tax benefits
• Easy-to-clear eligibility requirements
• Quick disbursement
Yes. You can borrow money on an existing home loan in the form of a top-up loan.
Salaried:
• Proof of identity and address: Passport / Aadhaar Card / Voter's ID / Driving License / Job Card issued by NREGA / Registration certificate / PAN card (PAN Card only as identity proof)
• Proof of income: Salary slip for the last 3 months showing all deductions and Form 16
• Bank statement where income is credited: Last 6 months
• Proof of other income: Rental receipts or documents showing receipt of income
• Property documents: Copy of title documents and approved sanction plan
Self-Employed:
• Proof of identity and address: Passport/ Aadhaar Card/ Voter's ID/ Driving License/ Job Card issued by NREGA/ Registration certificate/ PAN card (PAN Card only as identity proof)
• Proof of income: IT Returns or financial documents for the last 2 years and computation of income certified by a CA for the last 2 years
• Bank statement showing salary: Last 6 months
• Proof of other income: Rental receipts or documents showing receipt of income
• Property documents: Copy of title documents and approved sanction plan
When you take out a top-up home loan, your existing home will serve as the primary security for the loan. This means that if you are unable to repay the loan, the lender has the right to repossess your property to recoup the loan amount. In some cases, the lender may also require additional collateral, such as a guarantor, a savings account or a certificate of deposit (CD), to further secure the loan.