BOM TopUp Loan for Home Loan Borrowers

For applicants who already have a home loan yet need to borrow more money to meet personal requirements such as education, marriage, home renovation, or medical expenses, having a BOM TopUp Loan for Home loan borrowers could be a perfect financial solution. A top-up loan allows you to borrow extra money on top of an existing home loan without incurring the costs of an entirely new home loan application process. The BOM TopUp Loan for Home Loan Borrowers scheme offers a high loan amount, flexible repayment tenure, and zero hidden charges – allowing you complete peace of mind. 

NoBroker makes applying for a BOM TopUp Loan for Home loan borrowers Loan even easier. You don’t need to apply via the bank’s website or branch as we do everything online, right from the time of document collection from you to ensure that you get a quick and smooth approval and disbursal.

Overview: BOM TopUp Loan for Home loan borrowers

Key Features and Benefits

The BOM TopUp Loan for Home loan borrowers offers several attractive benefits:

• Higher Loan Amount: Borrow up to ₹10 crore based on eligibility and repayment capacity.
• Flexible Repayment Tenure: Choose a repayment period of up to 15 years.
• No Hidden Charges: Transparent terms and no surprise fees.
• No Prepayment Penalty: Pay off early if you wish, without extra charges.
• CIBIL-Based Interest Rates: A better credit score means better interest rates.
  

This BOM TopUp Loan for Home loan borrowers is a smart way to access funds without taking on an entirely new loan. If your home loan repayment has been consistent, this add-on loan gives you financial freedom with minimal documentation and fast approval.

Eligibility Criteria

You can apply for the BOM TopUp Loan for Home loan borrowers if:

• You are an existing home loan borrower with a satisfactory repayment history of at least 12 months.
• You are an NRI, PIO, or staff member with a housing loan under BOM’s public or staff scheme.
• Your home loan account is classified as a standard asset (not in default).
• You previously had a home loan with BOM that has been repaid and closed.
• The property is in your name and possession (not under construction).
• Your CIBIL score is 700 or higher.
• You meet the age requirement, with the loan maturing before you turn 75.
  

Interest Rates Based on CIBIL Score

The interest rate on the Top-Up Loan is linked to your credit score. Here’s the breakdown:

Applicants with better credit scores benefit from lower interest rates and can apply for BOM TopUp Loan for Home loan borrowers. Keeping your repayment history clean helps reduce the cost of borrowing.

Documents Required

Here is a category-wise list of documents required for the BOM TopUp Loan for Home loan borrowers:

General Documents

• Duly filled and signed loan application form
• Two recent passport-size photographs
• Proof of identity (anyone): PAN card, Aadhaar card, Passport, Voter ID, Driving License
• Proof of residence (anyone: Utility bill, Aadhaar card, Passport, Voter ID, Driving License
  

For Salaried Individuals

• Salary slips for the last 3 months
• Form 16 or IT Returns for the last 2 years.
• Employer’s undertaking for EMI deduction (if applicable)
• 6 months bank account statement (salary account)
  

For Self-Employed / Business Professionals

• Income Tax Returns of the last 3 years (2 years for professionals)
• Computation of income, profit & loss statement, balance sheet
• Tax registration, company license, Shop Act certificate
• Business bank statements for the last 12 months
  

For NRIs / PIOs

• Employment contract (translated to English if necessary)
• Work permit and visa copy
• Identity card from an employer
• Overseas and NRE account bank statements (last 6 months)
• Salary certificate or income proof attested by a certified authority
• Proof of PIO status (PIO card, Indian passport, or parental passport)
  

Property Documents

• Copy of sale deed or allotment letter
• Approved drawings or building plan
• Receipts of payments made toward the property
• Urban land ceiling clearance (if required)
• Permission for construction (if applicable)

Who Should Apply for This Loan?

The BOM TopUp Loan for Home loan borrowers is suitable for:

• Families planning a wedding or higher education for children
• Individuals renovating their homes or managing emergency medical expenses.
• Existing home loan borrowers looking for a better alternative to high-interest personal loan.
• NRIs or PIOs who have existing BOM home loans and need extra financing
  

If your home loan repayment history is solid and your credit score is 700 or above, this is a much more affordable borrowing option than starting a new personal loan application.

Applying through NoBroker

NoBroker allows you to apply for your BOM TopUp Loan for Home loan borrowers quickly and conveniently. Here’s how it works:

1. Check eligibility: you can check eligibility using the loan eligibility calculator on the platform.
2. Upload required documents: simply upload your required documents safely online.
3. Loan assessment: our experts will review your application and submit it to the bank.
4. Get approval: you will receive in-principle approval and up-to-date information on your application process.
5. Loan disbursal: once the documents have been verified, you will receive funds in no time.

There is no requirement for you to apply through the Bank of Maharashtra’s platform or visit a branch. NoBroker gives you support for BOM TopUp Loan for Home loan borrowers throughout the application process, helping improve your chances of approval quickly.