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SBI Home Loan Balance Transfer

Home Loan Transfer to SBI: Details

Last Updated 26th Nov 2021

Interest Rate6.70%
Processing FeeNil
Lowest EMI per lakh₹ 645
Loan Tenure30 years
  • SBI offers a home loan balance transfer facility at low interest rates starting at 6.70% for a tenure of upto 30 years.
  • You can transfer your home loan to SBI to reduce EMIs and save more on interest.
  • Avail home loan top up from SBI at the time of loan balance transfer to fulfil additional fund requirements.
Calculate Savings, Check Best Offers Get upto ₹ 1,000* Cashback

SBI Home Loan Transfer

SBI, the largest Public Sector Bank in India, offers the facility to transfer your home loans from the existing scheduled commercial, private and foreign banks and housing finance companies to SBI at the lowest interest rates. To transfer your housing loan to SBI, you must have regularly paid the EMIs for a minimum tenure of 6-12 months and fulfil other eligibility criteria of SBI.

SBI Home Loan Balance Transfer Charges

Before you decide to transfer your home loan to SBI, compare and calculate all the costs of loan transfer. The table below mentions SBI home loan transfer interest rate and other home loan transfer charges of SBI.

SBI Home Loan Transfer Rates 6.70%
Processing Fees NIL
Prepayment Charges Nil for individuals in case of floating home loan rates
Memorandum of Deposit of Title Deed 0.2%-0.5%

Features of SBI Home Loan Transfer

Here are key features of the balance transfer scheme:

  • Lower Interest Rates: SBI offers lower home loan rates starting at 6.70% along with Nil processing on home loans. Thus, you can save on your home loan by transferring your loan to SBI.
  • Top-up Loans: If you have a good CIBIL score and fulfil the eligibility criteria of SBI, you can also avail top-up loan above your existing home loan.
  • Extended Loan Tenure: With this SBI home loan balance transfer facility, you can also extend the repayment tenure depending on your loan amount.

Eligibility for SBI Home Loan Transfer

To transfer your home loan to SBI, you must fulfil the following eligibility criteria:

  • First, you must have an existing home loan with any bank except for SBI.
  • Second, you must have obtained a NOC (No-Objection Certificate) for transferring your home loan to SBI.
  • You must be an Indian resident within the age criteria of SBI. The minimum & maximum age to avail a SBI home loan takeover is 18 and 70 Years respectively.
  • You must have paid more than 12 EMIs on your home loan.
    • Use SBI home loan balance transfer calculator to estimate the best balance transfer offers and costs associated with it.

Process to Transfer Your Existing Home Loan to SBI

The home loan balance transfer process to SBI is smooth and quick. To transfer your existing home loan to SBI, you need to follow the steps as mentioned below:

  • Submit the request to transfer your home loan to your existing bank by addressing a loan transfer letter. To place a request, you would also need to ask about the transfer of title deeds and other securities to SBI upon receipt of the loan amount.
  • On the review of your application, your bank will issue a No Objection Certificate (NOC).
  • Submit the NOC to SBI and request them to transfer your loan and pay off your outstanding amount to the existing bank.
  • SBI will then validate the NOC, sanction your loan and pay off your dues to the existing bank.
  • Your existing bank will issue a confirmation letter stating the equitable mortgage over the property.
  • Your existing bank will close your loan account and cancel all cheques or standing instructions related to your loan.
  • Finally, your home loan transfer to SBI will be completed.

Document Required for SBI Home Loan Transfer

To avail of home loan balance transfer from SBI, you need to submit the following documents to SBI.

Documents Required Accepted Valid Documents
Application Form with Photo Application Form of Primary Borrower and Co-borrower(s)
Identity Proof
  • Valid Passport
  • Aadhaar Card
  • Driving License
  • Photo Identity card issued by Govt. body
  • Letter from a recognized public authority
Residential Proof
  • Valid Passport
  • Voter Card
  • Latest Utility bill
  • Rent agreement on stamp Paper
  • Life Insurance Policy
  • Residence address Certificate by an employer on company letterhead
Age Proof
  • Primary Borrower
  • Co-borrower(s)
Income Proof
  • Last 3 years’ Form 16
  • Last 6 months salary slip
  • Last 6 months’ bank account statement showing salary credit
Other Documents
  • Loan statement
  • List of property documents (LOD) in possession of the existing lender.
  • Last 12 months' statement of the bank account from which loan EMI is paid

FAQs

Is it good to transfer a home loan to SBI?

Yes, transferring your home loan to SBI is a good idea for home loan borrowers as SBI provides lower home loan rates starting at 6.70%, and minimal processing fee is Nil.

How can I transfer my SBI home loan from one branch to another?

To transfer your SBI home loan from one branch to another, you can request through net banking/mobile banking. SBI also allows the home loan transfer facility through phone banking by calling the home loan customer care.

Are there any charges while applying for SBI home loan balance transfer?

Yes, SBI charges home loan transfer fees. Apart from that, you would also have to pay prepayment/ foreclosure charges as per your existing bank. As the amount will be transferred to a new bank, the processing fee will also be levied accordingly.

What are the benefits of taking a SBI home loan balance transfer?

If you apply for a home loan transfer to SBI, you can clear off your existing home loan at lower rates and save more on interest. Besides that, it can also help you avail top-up on your existing home loan.

How can I check the status of my SBI home loan balance transfer?

To know your SBI home loan status, you can call SBI home loan customer care number or visit SBI official website to check the status.


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SBI Home Loan News - Nov 2021
  • 2021-09-17 : SBI Bring Down Home Loan Interest Rate
    State Bank of India (SBI) has slashed home loan interest rate by 45 bps (basis points). A customer whose cibil score is above 800 can get a home loan at a lowest rate of 6.70% and whose score is in between 750-800 will get a loan at a rate of 6.80%.
  • 2021-08-13 : SBI offers ZERO processing fees on home loans
    State Bank of India (SBI) is offering zero processing fees on home loans. This is an Independence day offer by the bank as they want to help its customers achieve freedom from rent.
  • 2021-07-07 : SBI offers to revamp loans for personal segment borrowers
    State Bank of India (SBI) has announced offering restructuring of loans to its eligible personal segment borrowers who availed personal loans, home loans, loans against property, Xpress credit, education loans and auto loans before April 1, 2021.
  • 2021-06-18 : SBI kept its Marginal cost of lending rates unchanged
    State Bank of India kept its MCLR rate unchanged with effect from 15 June 2021. The overnight and one-month MCLR is 6.65%. The three months and six months MCLR is 6.65% and 6.95%, respectively. MCLR for one year, two years and three years stand at 7%, 7.20% and 7.30%, respectively.
  • 2021-05-21 : SBI net profit rises 81% YoY
    State Bank of India’s quarterly net profit rose 81% year-on-year to Rs 6,451 crore for the three months ended March. The bank’s total domestic advances rose 5.67% year-on-year to Rs 21.82 lakh crore. Retail advances which include home, LAP, personal, two-wheeler, car, gold, education and doctor loan stood at Rs 8.7 lakh crore. Further, total domestic deposits for SBI which include FD and RD rose 14.26% from a year ago to Rs 35.7 lakh crore. The current account and savings account deposits rose 16.73% year-on-year to Rs 16.47 lakh crore.
*Terms and conditions apply. Credit at sole discretion of lender, which is subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and collected from public sources. Read More
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