SBI Home Loan Transfer

Stuck with a home loan with a high interest rate? No need to worry, opt for an SBI Home loan transfer and reduce your EMI considerably. If you have a home loan from any private bank, scheduled bank, commercial bank, or housing finance bank which is registered with National Housing bank, you can opt for an SBI Home loan Balance transfer.

For SBI Home Loan Transfer, you can visit the nearest SBI branch or opt for online SBI mode. The State Bank Of India has facilitated a large number of home loan borrowers to transfer their home loans with SBI without any processing fee.

SBI Home loan transfer is the best option for those who couldn’t do their due diligence before availing of the loan and now paying a high interest rate. Later they understand the better loan offers, in such situations, a home loan balance transfer is the best option.

Benefits

Lowest interest rate and easy payment in installments
The best way to reduce your EMI
No prepayment penalty
No hidden charges, total transparency in operations
Loan available as overdraft
Interest calculation on daily reducing balance on daily basis
Concessions for women on interest rate
The processing fee is 0.4% of the total loan amount
Repayment tenure up to 30 years

Eligibility

Required all the valid documents evidencing the ongoing loan
Property details with evidence/proof
The customer must be an Indian citizen or NRI
Minimum age 18 years and maximum age 70 years

Documents Required for SBI Home Loan Transfer

Employer Identity Card
Properly filled application form
Three passport size photograph
Copy of Identity proof (Voter ID card/Passport/Driving license/PAN/ Adhar card)
Copy of Address proof (Telephone Bills/Electricity bills/Voter ID card/Passport/Adhar card)
Proof of business address for self-employed
Bank account statement for last six months
Signature verification by the present banker
Personal asset and liability statement
Original salary certificate from the employer(Only for salaried persons)
TDS Certificate/Form 16/copy of Income Tax returns for last two financial years/duly acknowledged by Income Tax department (Only for salaried persons)
Acknowledged copies of three years Income Tax returns/assessment orders (For self-employed)
Photocopies of challans evidencing payment of advance (for self-employed)

Click to know more: CIBIL Score for The Home Loan

FAQs

Q. What is SBI Home loan Transfer?

Ans. If any borrower realizes that he can get loans on better terms from another bank, he can transfer his home loan from the existing bank to the new bank, the process is called a home loan balance transfer. The same facility is also provided by the State Bank Of India known as SBI Home Loan Transfer.