SBI YONO Insta Home Top-Up Loan: Check eligibility, features, benefits and more

New Delhi: A top-up loan is a loan provided by a bank on top of your existing house loan. Top-up home loans may have lower interest rates than personal loans or home loans, and they may be used for a range of purposes, including building expenses and remodelling.

YONO Insta Home Top-Up Loan is a service provided to pre-selected Home Loan customers via the YONO Mobile App.

Home Loans on YONO is a one-stop solution for all home-related needs such as exploring property alternatives, applying for a loan, obtaining insurance, and simplifying home outfitting, with existing bank customers covered under self-service mode. The following is a step-by-step procedure for obtaining it:

Eligibility

* Resident Type: Resident Indian

* Minimum Age: 18 years

* Maximum Age: 70 years

* Loan Duration: up to 30 years.

* Existing home loan customers that have been pre-selected for this product (Value of existing Home loan should be Rs. 10 lakhs or above)

* Maximum Limit: 8% of the home loan maximum, or Rs. 8 lakhs, whichever is less.

* To be eligible for a top-up, you must have a minimum of Rs. 50,000/-.

* The underlying Home loan's residual tenure must be greater than three years.

* There should be no active Top-up loans for the customer.

* For the primary home loan, the equitable mortgage should have been effectively constructed.

Features

* There was no branch visit.

* Customers can reach us 24 hours a day, seven days a week.

*Instant in-principle approval and a significant reduction in overall TAT

* At each stage, real-time notifications and status updates are provided.

* Low processing fees. There are no hidden costs or administrative fees.

Benefits

* You can get it in three simple steps.

* Payment is made immediately.

* It can be utilised for anything other than speculative purposes.

* Interest rates are low.

* Overdraft facilities are available.

* There is no manual interaction in this fully digital product.

How to avail it:

* Step1: YONO can be downloaded and registered/logged in to.

* Step2: Click on the loan in the Hamburger () menu.

* Step3: Apply Now for a Home Loan

* Step4: Fill out the Application

* Step5: Accept the terms and conditions, and the lead will be generated.