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Dear Forum Members,
I have taken housing loan from SBI in last year. My construction is still going on. I would like to know, whether Is it possible to enhance the already sanctioned home loan,provided I meet the eligibility criteria? If so please tell me the procedure. Quick reply is appreciated.

Thanks...
Basha

You can obtain top up loan on top of the existing loan amount. Otherwise you cant get it refinanced by the same bank or worst case you can just get it financed by another bank which gives you the required amount.

Thank you KrishnaKumar. Whether is it possible avail top up loan before completion of the project? My bank Manager says, you can avail top up loan for interiors only after getting the project completion certificate from bank authorities. Is it true?

Hi,

Yes it is true as per Bank authorities, Topup loan will not be given over & above the Sanctioned loan amount if project is not completed, you can get additional amount for the Interiors & if you show any additional Taxable bills (Solar Connection, House Automation etc..)

Topup loan on Home loan is not applicable as it is subjected to Income tax & you may utilize for your Personal expenses after the Project is over.
Just check once again with Bank personally (Most cases SBI will not sanction top up loan)

This is my personal view, if any other members are availed, it would helpful to clarify this