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SBI Balance Transfer of Home Loan

Switch your Home Loan to SBI and Save Big!

SBI offers Balance Transfer of home loan that enables a customer to transfer home loan from Scheduled Commercial Banks (SCBs), Private and Foreign Banks, Housing Finance Companies (HFCs) registered with National Housing Bank (NHB) and Borrower’s employers if they are Central/State Govt or their undertakings or Public Sector Undertaking subject to condition that the borrower should satisfy the eligibility criteria for availing Home Loan as per the Bank's instruction and has serviced interest and/or installment of the existing loan regularly, as per the original terms of sanction. The borrower should have valid documents evidencing the title to the house/flat.

  • Features
  • Eligibility
  • Interest Rates & Fees
  • Documents Required
  • Low Interest Rates
  • No Hidden Charges
  • No Pre Payment Penalty
  • Interest charges on Daily Reducing Balance
  • Home Loan Available as Overdraft
  • Interest Concession for Women Borrowers
  • Resident Type: Resident Indian
  • Minimum Age: 18 years
  • Maximum Age: 70 years
  • Extended Loan Tenure.
  • Loan Amount: Click Here
Category
Home Loan (Term Loan)*
Upto Rs. 30 lakhs Above Rs.30 lakhs & Rs.75 Upto lakhs Above Rs.75 lakhs
Home Loan as Overdraft (Maxgain)*
Above Rs.20 lakhs & Upto Rs.75 lakhs Above Rs.75 lakhs & Upto Rs.3 crores
Salaried
Women
8.35% p.a 8.50-8.60% p.a 8.55-8.65% p.a
8.65-8.75% p.a 8.70-8.80% p.a
Others
8.40% p.a 8.55-8.65% p.a 8.60-8.70% p.a
8.70-8.80% p.a 8.75-8.85% p.a
Non-Salaried
Women
8.50% p.a 8.60-8.70% p.a 8.65-8.75% p.a
8.75-8.85% p.a 8.80-8.90% p.a
Others
8.55% p.a 8.65-8.75% p.a 8.70-8.80% p.a
8.80-8.90% p.a 8.85-8.95% p.a

 

*Interest rate will vary as per the risk score of the customer

Fees

  • Processing Fee*
    1. Zero Processing Fee till 30th September 2017
    2. 0.35% of the loan amount.
    3. Minimum: Rs. 2,000/-
    4. Maximum: Rs. 10,000/-

*Plus applicable taxes

  • Pre-sanction**
    1. Advocate's fee for property search and title investigation report.
    2. Valuer's fee for valuation report.
  • Post-sanction**
    1. Stamp duty payable for Loan agreement & mortgage.
    2. Property insurance premium.
    3. CERSAI Registration Fee of Rs 50 + Service Tax up to Rs 5 Lakh limit and Rs 100 + Service Tax for limits above Rs 5 Lakh.

** To be paid at actuals.

Click here to view old Interest Rates

List of papers/ documents applicable to all applicants:

  • Loan Application: Completed Loan Application form duly filled with 3 Passport size photographs
  • Proof of Identity (Any one): PAN/ Passport/ Driver’s License/ Voter ID card
  • Proof of Residence/ Address (Any one): Recent copy of Telephone Bill/ Electricity Bill/Water Bill/Piped Gas Bill or copy of Passport/ Driving License/Aadhar Card

Property Papers:

  • List of original documents held at Bank
  • Loan a/c statement for the past one year
  • Sanction Letter
  • NOC from Society/Builder
  • Registered agreement for sale
  • Occupancy Certificate
  • Share Certificate(only for Maharastra), Maintenance Bill, Electricity Bill, property tax receipt
  • Chain of all old Agreements for sale

Account Statement:

  • Bank A/c. Statement ( Individual ) of last six months

Income Proof for Salaried Applicant/ Co-applicant/ Guarantor:

  • Current Salary Slip or Salary Certificate
  • Copy of Form 16 for last 2 years or copy of IT Returns for last 2 financial years, acknowledged by IT Dept.

Income Proof for Non-Salaried Applicant/ Co-applicant/ Guarantor:

  • IT returns for last 3 years
  • Balance Sheet & Profit & loss A/c for last 3 years
  • Business Licence Details(or equivalent)
  • TDS Certificate (Form 16A, if applicable)
  • Certificate of qualification (for C.A./ Doctor and other professionals)

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