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24x7 Home Loan Top Up
Having taken up a loan, you sometimes require another helping hand to fulfil your plans for a need that has cropped up now.
Additionally, due to factors such as inflation it may be difficult to predict the exact amount for owning your dream abode home or, you may just have to take care of home renovation amidst your loan repayment The thought of paying for these through your savings, may burn an immediate hole in your pocket, but that doesn't have to be the case. Axis Bank provides 24x7 Home Loan Top up to help meet these needs appropriately.
For existing Home Loan customers, this Axis Bank product lets you borrow a certain amount over and above your existing home loan instantly and digitally, with minimal inputs and saves you from the hassle of paperwork.
Here’s an example to help you better understand the working:
Assuming you are an existing customer of Axis Bank with an existing Home Loan of ₹50,00,000 at an interest rate of 6.9% for a tenure of 30 years. After 20 years, the outstanding amount to be paid off is ₹28,48,771. Now, if you are considering a home renovation or need funds to meet a sudden business requirement you could consider a top-up (loan) to work out these needs. 24x7 Home Loan Top up will guarantee an instant credit of funds*,in addition to benefits such as a waiver on pre-payment charges.
Features & Benefits
Ease of repayment:
24x7 Home Loan Top up levies no charge on loan repayment earlier than the set tenure or making larger part-payments than the structured EMI*
Funds anytime, anywhere:
In line with the other 24x7 Loans offerings, the Home Loan Top Up disbursal amount is credited to your bank account instantly.
Paperless application:
24x7 Loan application is a matter of just a few clicks, helping you avoid the hassle of branch visits and an elaborate paperwork.
Attractive interest rates:
Get preferred interest rates on your instant top-up loan to address your need.
Flexible tenure:
Yes, you got that right. You’re your own master and have the right to spread your loan repayment according to your liquidity within your Home Loan repayment tenure of 7 years***
* Nil charges only for floating rate of interest. ** The instant credit of funds is post submission of the online application form. *** Maximum Tenure of 7 years or Residual Parent Loan tenure, whichever is lower.
Features of Home Loan Top Up
Eligibility
The Axis Bank Top-up Loan offers home loan customers extra finance to tide over a short term crunch. Find out the eligibility criteria for applying for an Axis Bank Top-up Loan below.
NRIs and Resident Indians can avail of Top-Up Home Loans based on the following conditions:
Frequently Asked Questions
24x7 Home Loan Top Up is the pre-approved loan offered on the basis of existing Home Loan with us. After completion of the digital journey, the loan amount is credited instantly in your account for your personal or business use. 24x7 Home Loan Top Up will be in parallel with the existing Home Loan.
Original property documents will be released only after you close both 24x7 Home Loan Top Up as well as the existing Home Loan in the system.
You will need to fill in assisting channel and employee details by clicking on the Human icon on the top right corner of the journey screen and selecting ‘Assisted By’ option in the drop down menu.
24x7 Home Loan Top Up provides you a digital, hassle-free, paperless experience. The loan amount is instantly credited to your account.
- Select the Purpose of Loan
- View / Modify your Loan Offer
- Set e-NACH mandate
- Get Co-Applicant Consent
No, additional collateral is not required. The collateral of the parent loan will be linked to the 24x7 Home Loan Top Up.
24x7 Home Loan Top Up is a paperless process, hence, no documentation is required.
No, you will be eligible only for the maximum loan amount displayed on the loan offer screen. You can however reduce the loan amount.
The loan amount will get credited in the same account where your existing loan was disbursed and the EMI will also be deducted from the same account.
Processing fees are the charges taken for processing the loan application.
Yes, you can repay your 24x7 Home Loan Top Up ahead of schedule by making a lump sum payment towards part or full prepayment.
You can log in and retry after sometime. If the issue persists, please visit the nearest branch.
You will receive an SMS and email after the 24x7 Home Loan Top Up is disbursed.
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