Home loan topup

POSTED BY Biraja ON August 1, 2012 10:43 pm COMMENTS (4)

I have taken a home loan 6 years back fro citi bank and again taken a top up loan on that before 1 year. Now the problem is the ROI is more than 13% now since this is not a pure home loan and the pre-closing charges is 4%.

Is it worth to switch the home loan to a new bank? Would they consider this as a pure home-loan?

4 replies on this article “Home loan topup”

  1. Dear Biraja, make sure the property papers are in order as per the new bank’s requirement else it ‘ll be a nightmare for you to switch. By the way – You can reduce your interest rate by paying a conversion fee. Please check with CITI Bank for the same. In all probability the new rate with CITI bank ‘ll be around 11%.



    1. Biraja says:

      Deam Manish, I am looking for SBI MAXGAIN and roi would be around 10%

      @Ashal, what document you are talking about? All the originals are with citi bank and I have the photo copies.
      I have asked for conversion fee, but they are saying, no such scheme available.
      May be not for a top up loan. I will check with them again.

      1. Dear Biraja, I do know you have only copies of the documents. Please ask CITI Bank to provide a LOD – List of Documents deposited with CITI Bank. Now Contact SBI to know it’s requirements in terms of papers & check that you have all or not in that LOD. If something is neither with your nor with CITI but termed as important document by SBI, the application ‘ll not move forward.



  2. Depends on the new rate you are getting ? Which bank you want to switch it to ?

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