SIB Top-Up Loan

Your Equity, Your Opportunity

Experience the freedom to meet your financial needs with South Indian Bank’s Top-Up Loans for Home Loan customers. Designed to unlock the equity in your existing property, our Top-Up Loans are a smart and affordable way to access extra funds for personal or business purposes.

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Parameter	Details
Purpose	Any personal or business use, excluding speculation.
Tenure	1 year to the lesser of 7 years or the balance tenure of the existing Home Loan.
Repayment	Equated Monthly Installments (EMI).
Security	The property used for the existing Home Loan will act as collateral.
Guarantor/Co-borrower	All co-borrowers/guarantors of the existing Home Loan must join the Top-Up Loan.

Maximise the potential of your property with SIB Top-Up Loan!

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Criteria	Details
Age	Minimum 21 years, maximum 65 years (at loan maturity)
Credit History	Regular repayment history of at least 6 months on the existing Home Loan
Property Eligibility	Completed residential property with registered ownership and no overdue payments
Loan Amount	Minimum 1 lakh; Maximum based on existing FOIR, LTV, and income eligibility norms.

Home Loan Eligibility Calculation

For instance, if a customer has a Home Loan of Rs. 40 Lakhs and the property is valued Rs. 1 Cr, Top up loan will extended against the residual equity which is calculated as the difference between the security value and the security value apportioned for home loan based on loan-to-value (LTV) norms.

Example Calculation:

Parameters	Calculation	Value
Value apportioned for Home Loan	Loan Amount / LTV Norms (Rs 40 lakhs / 80%)	Rs 50 lakhs
Residual Equity	Market Value - Value apportioned (Rs 100 lakhs - Rs 50 lakhs)	Rs 50 lakhs
Funding under Top-Up	Residual value * LTV @ 75% (Rs 50 lakhs * 75%)	Rs 37.5 lakhs

The Maximum Top-Up funding is determined by applying applicable LTV on the residual equity, for the captioned scenario maximum eligibility is Rs 37.5 lakhs
Note: Funding eligibility may vary based on overall exposure limits

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Check out the list of documents needed under various applicant category to apply for SIB Top Up Home Loan.

Applicant Type	Required Documents
Salaried individuals	KYC documents (PAN card, Aadhaar card, and photographs) Salary slips for the last 3 months Last 2 years ITR with computation sheet Last 6 months’ bank statements Property documents, including title deeds,Possession Certificate, location sketch, encumbrance certificate, and tax receipts
Businesses	KYC documents of the business and authorised signatories Last 3 years’ audited financials Last 2 years ITR with computation sheet Last 6 months’ current account statements Property documents, including title deeds, possession certificate, location sketch, encumbrance certificate, and tax receipts
Pensioners	KYC documents (PAN card, Aadhaar card, and photographs) Pension statements for the last 3 months Last 2 years ITR with computation sheet Last 6 months’ bank statements Property documents, including title deeds, possession certificate, location sketch, encumbrance certificate, and tax receipts

Category	Details
Interest Rates	Check Interest Rates
Other Charges	Click here for Service Charges

Maximise the potential of your property with SIB Top-Up Loan!
Apply Now or Visit Your Nearest Branch

Step 1: Check Your Eligibility

Existing Home Loan customers with regular repayment history.
Meet income, property, and age criteria.

Step 2: Gather Required Documents

For existing customers:
- No additional documents required.
For new customers:
- Identity proof: PAN, Aadhaar, Passport, or Voter ID.
- Address proof: Utility bills, Aadhaar, or Passport.
- Income proof: Salary slips, IT returns, or Form 16.
- Property documents: Sale agreement and registration documents.

Step 3: Apply Online or Offline

Online Application: Fill out the form on our website, and our assistant will call you
Offline Application: Visit your nearest South Indian Bank branch for a personalised consultation.

Step 4: Verification and Approval

The bank will review your application and inform you of the approval status promptly.

Step 5: Loan Disbursement

Once approved, the loan amount will be credited to your account or utilized as per your requirement.

Maximise the potential of your property with SIB Top-Up Loan!
Apply Now or Visit Your Nearest Branch

Frequently Asked Questions

To get answers to the frequently asked queries

A top-up Loan is the additional limit offered by the mortgager against the existing home loan for fulfilling a host of requirements like home renovation, marriage expenses, business expansion, funding of a child’s higher education, or any other personal need subject to the availability of market value and repayment history.

Customers who have availed a home loan (HL) and have a regular repayment history of at least 12 months, including both principal and interest, can avail of a top-up home loan. This facility is provided to those who have demonstrated consistent responsibility in managing their loan, reflecting their reliability and eligibility for additional funds through a top-up.

Yes, you can avail of a top-up loan along with a home loan balance transfer in the realm of housing finance. When you opt to transfer your existing home loan to a new lender for better interest rates or terms, it's referred to as a balance transfer. During this process, many financial institutions allow you to apply for a home loan top-up also.

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