SBI YONO Insta Home Supplemental Loan: Check Eligibility, Features, Benefits & More | Personal finance news

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New Delhi: A top-up loan is a loan from a bank on top of your existing home loan. Supplemental home loans can have lower interest rates than personal loans or home loans, and they can be used for a variety of purposes, including construction expenses and renovations.

YONO Insta Home Top-Up Loan is a service provided to pre-screened home loan clients through the YONO mobile app.

Home loans on YONO are a one-stop solution for all home-related needs, such as exploring real estate alternatives, applying for a loan, obtaining insurance, and simplifying home furnishings. , with existing bank customers being covered in self-service mode. Here is a step by step procedure to get it:

Eligibility

* Type of resident: Indian resident

* Minimum age: 18 years old

* Maximum age: 70 years old

* Duration of the loan: up to 30 years.

*Existing home loan clients who have been shortlisted for this product (existing home loan value must be Rs. 10 lakhs or more)

* Maximum limit: 8% of home loan maximum, or Rs. 8 lakhs, whichever is lower.

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

* The remaining term of the underlying home loan must be greater than three years.

* There must be no active top-up loans for the client.

* For the main home loan, the equity mortgage must have actually been constructed.

Features

* There was no branch visit.

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

* Instant approval in principle and significant reduction in overall TAT

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

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

Advantages

* You can get it in three simple steps.

* Payment is made immediately.

* It may be used for other than speculative purposes.

* Interest rates are low.

* Overdraft facilities are available.

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

How to benefit:

* Step 1: YONO can be downloaded and registered/connected.

* Step 2: Click on loan in Hamburger () menu.

* Step 3: Apply now for a home loan

* Step 4: Complete the application

* Step 5: Accept the terms and conditions and the lead will be generated.

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