State Bank of India is one of the most prominent banks in the country providing home loans at very economical rates. SBI will take over your loan from any of the institutions mentioned below.
- HFCs (Housing Finance Companies)
- Foreign and private banks
- Scheduled commercial banks
- Borrower’s employees considering they are PSUs or Central or State Government institutions
| SBI Home Loan Balance Transfer Interest Rates | ||||
|---|---|---|---|---|
| Category | Home Loan | Home Loan As Overdraft | ||
| Upto Rs.75 lakh | Above Rs.75 lakh | Upto Rs.75 lakh | Above Rs.75 lakh | |
| Women | 8.60% p.a. | 8.65% p.a. | 8.75% p.a. | 8.95% p.a. |
| Others | 8.65% p.a. | 8.70%p.a. | 8.80% p.a. | 9.00% p.a. |
Eligibility for SBI Home Loan Transfer:
Your eligibility to transfer your loan to SBI depends on a variety of factors.
- You need a good credit score.
- You should have duly paid all installments and interest on the existing loan.
- You need to satisfy the eligibility criteria for availing a Home Loan as per the bank’s instructions.
- Salaried and self-employed individuals can apply.
SBI Home Loan Balance Transfer Features And Benefits
- Good customer service
- Exclusive benefits from SBI
- Low rates of interest
- Low processing fee
- Daily reducing balance method is used while charging interest on the loan
- No hidden costs and administrative charges
- No prepayment or preclosure charges will be levied is case of early prepayment of the loan
- Provides an extensive network nationwide. SBI has over 15,969 branches across the country, enabling you to visit any of these branches in order to make loan payments
- Discount of interest for women
- Home loan is available as overdraft
Documents Required for SBI Home Loan Transfer:
You will need two sets of documents. One set is specifically for the loan transfer, and the second set are regular documents you need to avail of a loan and fulfil the criteria set by the bank.
For Loan Transfer You Will Require:
- Filled transfer application form.
- Agreement to create a mortgage.
- Power of Attorney written in favor of the bank authorizing the bank to create an equitable mortgage on the borrower’s behalf.
- Valid documents of the title to the house/flat.
- Bank statement of your current home loan account of last 6 months to 1 year.
- Foreclosure letter from a current bank.
The Other Regular Documents Required Are:
- Passport-size photographs.
- Identification proof.
- Address proof.
- Last 3 months salary slips or 3 years IT returns.
- Bank statement of your salary account for the last 6 months.
SBI Home Loan Balance Transfer Fees
| Processing Fee |
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| Pre Sanction |
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| Post Sanction |
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Process of SBI Home Loan Transfer:
If you have decided to Transfer Your Home Loan, you will need to follow the process as given below.
Step: 1- Submit a request to your current bank (Bank A) for loan transfer. Address a letter to your bank and request them to transfer the title deeds and other securities to SBI immediately upon receipt of the loan amount.
Step: 2- Bank A will review it and issue a No Objection Certificate (NOC)
Step: 3- Submit the NOC to SBI and request them to transfer your loan and pay off your outstanding amount to Bank A by debiting your loan account.
Step: 4- SBI will validate the NOC, sanction your loan and pay off your dues to bank A.
Step: 5- A confirmation letter is required from Bank A stating they have created an equitable mortgage over the property.
Step: 6- Bank A will close your loan account and cancel all cheques or standing instructions related to your loan.
Step: 7- You continue paying off your loan to SBI at lowered rates of interest.
