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  • SBI Home Loan Transfer

    Fees & Charges

    Promised Interest Rate

    Customer Service

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    Home Loan BYTES FROM OUR KITCHEN

    SBI Home Loan Transfer

    In the event you are having trouble with your current home loan lender with regard to interest rate, bad networking, substandard customer service, etc., you always have the option to transfer your housing loan to another bank. In most cases, home loans are transferred to other banks as the existing lender is providing high rates of interest.

    State Bank of India is one of the most prominent banks in the country providing home loans at very economical rates. SBI will takeover 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 instalments 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 Loans 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 mortgage.
    • Power of Attorney written in favour of the bank authorizing the bank to create 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 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
    • 0.35% of the loan amount
    • Minimum of Rs.2,000
    • Maximum of Rs.10,000
    Pre Sanction
    • Advocates fee for property search, investigation, etc.
    • Valuation report fee
    Post Sanction
    • Stamp duty for the agreement and loan mortgage
    • Property insurance premium
    • Service tax and registration fee
     

    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.

    Faqs About For SBI House Loan Balance Transfer:

    1. How do I know if I will benefit from a home loan transfer?

      It would be wise to do a cost analysis and see if switching over would save money. If the change in rate of interest is at least 1%, the transfer will be beneficial. Even though you may be free of processing fees, factor in other costs that come with transfer of loans before you make this decision. You can do a calculation of home loan transfers online.

    2. What costs are incurred during a home loan transfer?

      When you transfer a loan, the whole process begins again for the new bank, so you might have to consider processing fees, valuation charges, inspection fee, lawyer’s fee, stamp duty, etc.

    3. I have 1 year left on my home loan, is it wise to switch so late in the loan tenure?

      If your loan tenure remaining is very less, it wouldn’t be advisable to switch your loans as your interest component in your EMI is very less. To take full advantage of a transfer, it is best to switch earlier on in the tenure.

    4. My current bank is charging a prepayment penalty. Will SBI cover this cost?

      Yes. But the total quantum of loan will be determined by eligibility criteria applicable to Home Loans scheme which is based on income, EMI/NMI ratio, LTV ratio, etc.

    5. Can I avail of a higher loan amount from SBI when I transfer my loan?

      Yes, SBI sanctions loans higher than the amount taken over for the purpose of renovation, extension, or furnishings. This is subject to the merits of the case and requirements and eligibility of the borrower.

    6. Can I extend my repayment period when I transfer my loan to SBI?

      Yes, your repayment period can be extended provided that the criteria regarding maximum permissible finance and security margin under the Bank's scheme are not diluted at any point of time.

    7. What is Power of Attorney? Why does SBI need it?

      Power of Attorney is a written legal authorization for another person to act on your behalf. It grants the person rights to handle your affairs with relation to the specified situation. SBI requires a simple power of attorney from you to give it the power to execute all required documents and transfer the title deed with minimum inconvenience to you. You are not required to sign a durable power of attorney which hands over rights in the event that you are incapacitated.

    SBI Home Loan Balance Transfer Reviews

    • SBI Home Loan
      "Good service"
      0.5 4.0/5 "Great!"
      My home loan experience was good with SBI, the loan amount was based on my requirement and the rate of interest was 8.4% which is nominal rate. Documents were collected on time and i received my loan amount. Customer service was good and the tenure period for this loan is 13 years.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 13, 2018
    • SBI Home Loan
      "Best Service"
      0.5 5.0/5 "Blown Away!"
      I have taken a home loan from SBI and the loan experience was good, the loan amount was for Rs 25 lakhs with nominal interest rate when compared to other banks. Customer service was good, they followed up on time and the tenure period for this loan is for 15 years.
      Was this review helpful? 0
      , ahmedabad
      Reviewed on Jun 11, 2018
    • SBI Home Loan
      "Easy to get a loan for Governement Employee"
      0.5 5.0/5 "Blown Away!"
      I used to pay the interest rate of 10.50%. I have taken this home loan in the year of 2008. I used to pay the installment nearly Rs. 8000. Since I'm a Government employee, i got the loan easily from them. I have taken a loan amount of Rs. 6 Lakhs. I have to pay my EMI for nearly 10 years.
      Was this review helpful? 0
      , rajkot
      Reviewed on Jun 05, 2018
    • SBI Home Loan
      "Hidden charges of SBI home loan "
      0.5 1.5/5 "Bad"
      Even SBI charges on home loan in hidden ways. SBI charged us in name of Lien charges, Secondary legal opinion, compulsory house insurance after disbursal of loan. They did not describe about such things at any time, nor such charges are being written on website. Even the charges of legal opinion and Architect review are much higher than the private lenders.
      Was this review helpful? 0
      , patiala
      Reviewed on May 25, 2018
    • SBI Home Loan
      "Good Services in SBI"
      0.5 5.0/5 "Blown Away!"
      I have taken the home loan of Rs.27 lakhs and 90000. They are providing the interest of 8.3 % which is very less compared to other banks. I have taken the loan for 25 years. I'm paying the EMI of Rs. 22325. It is not easy to get the loan in SBI. They will check the each and every documents properly.
      Was this review helpful? 0
      , nasik
      Reviewed on May 24, 2018
    • SBI Home Loan
      "Good Service Very low charges"
      0.5 4.0/5 "Great!"
      My home loan with SBI was for almost 7 lacs. The application and the documentation was carried out at the branch. Their interest rate is pretty much competitive when comparing with other banks, processing took bit longer than expected. Other than that the loan experience was wonderful.
      Was this review helpful? 0
      , kolkata
      Reviewed on May 24, 2018
    • SBI Home Loan
      "Good service"
      0.5 3.5/5 "Pretty good"
      I have taken a home loan from SBI and my experience was good, the loan amount was sufficient and the rate of interest was nominal when compared to other banks. The process was delayed and it took 1.5 months to disburse the loan amount. Customer service was good and they followed up on time.
      Was this review helpful? 0
      , bangalore
      Reviewed on May 23, 2018
    • SBI Home Loan
      "Best Service"
      0.5 5.0/5 "Blown Away!"
      My home loan experience was very good with SBI, the loan amount was for Rs 25 lakhs with less interest rate when compared to all other banks. The process was smooth and i received my loan amount within 1 week. Customer service was good and the tenure period for this loan is 30 years.
      Was this review helpful? 0
      , mumbai
      Reviewed on May 14, 2018
    • SBI Home Loan
      "GOOD SERVICE"
      0.5 3.5/5 "Pretty good"
      I have taken home loan form State bank of India , as they have given promising rate of interest while comparing to other banking which available in market , easy approval process , payments made through ecs process .customer service and customer response is best regarding queries provides solution. The tenure period is 20 years .
      Was this review helpful? 0
      , pune
      Reviewed on May 13, 2018
    • SBI Home Loan
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      I had a home loan with the SBI and it fully closed. The loan amount was 2.5 lacs. The loan application process was super fast and I got the loan with in 10 days. I made payments online the overall process was very good with SBI and I never had any issues with the loan.
      Was this review helpful? 0
      , pune
      Reviewed on May 11, 2018
    • SBI Home Loan
      "AVERAGE"
      0.5 3.0/5 "Satisfactory"
      The ting that happy for the HOME LOAN from this bank is that i can convert my loan into EMI and pay it. My loan is like floating one and rate of interest for my loan is 9.3%. I have to pay for 20 years to complete my loan, i took in 2011. The limit what they have given is not satisfied.
      Was this review helpful? 0
      , hyderabad
      Reviewed on May 11, 2018
    • SBI Home Loan
      "Good service"
      0.5 4.0/5 "Great!"
      I have taken a home loan with SBI and my loan experience was good, the loan amount was for Rs 25 lakhs with nominal interest rate when compared to other banks. Customer service was good and they followed up on time. The tenure period for this loan is 15 years.
      Was this review helpful? 0
      , bangalore
      Reviewed on May 11, 2018
    • SBI Home Loan
      "Good service"
      0.5 4.0/5 "Great!"
      I have taken a home loan with SBI and my loan experience was good, the process was smooth and i received my loan amount on time. The rate of interest was less when compared to other banks. I am happy with the customer service as they followed up on time. The tenure period for this loan is 15 years.
      Was this review helpful? 0
      , hyderabad
      Reviewed on May 07, 2018
    • SBI Home Loan
      "Average"
      0.5 3.0/5 "Satisfactory"
      My home loan was taken with SBI which was take few months back. The loan amount was 40 lakhs and the interest rate was 8.8% which is average in the market . The tenure period as 2 years .The tenure period as 2 years and the processing fee was very satisfactory . They have sanctioned the loan with the committed time .
      Was this review helpful? 0
      , pune
      Reviewed on May 07, 2018
    • SBI Home Loan
      "Average service"
      0.5 3.0/5 "Satisfactory"
      I have taken a home loan with SBI and my loan experience was good, the loan amount was for Rs 20 lakhs with nominal interest rate when compared to other banks. The process was quick and i received my loan amount on time. The tenure period of this loan is for 15 years.
      Was this review helpful? 0
      , bangalore
      Reviewed on May 03, 2018
    • SBI Home Loan
      "Average Bank for Home Loans"
      0.5 5.0/5 "Blown Away!"
      I have not faced any difficulties in SBI Homeloans Since i am an state government employee. Whenever i called the SBI Home Loan department, they wont pick up the call. Compared to other banks SBI is offered me a lowest interest rates. Rate of interest is : 9.2% and the Tenure : 12 years.
      Was this review helpful? 0
      , hyderabad
      Reviewed on May 02, 2018
    • SBI Home Loan
      "Good service"
      0.5 5.0/5 "Blown Away!"
      Got the home loan from the STATE BANK OF INDIA around Two months ago. The customer support service is good with the State bank. The rate of interest and the charges are average . The required loan amount has been given and I am satisfied with it.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Apr 27, 2018
    • SBI Home Loan
      "Perfect service"
      0.5 5.0/5 "Blown Away!"
      State bank of India has offered me the home loan based on my requirement. The customer support service and the response is good with the SBI, but they took higher than normal time to approve the home loan . The loan approval process need to be quick and fast. The rate of interest and the charges are feasible to me and satisfied with the service.
      Was this review helpful? 0
      , bangalore
      Reviewed on Apr 25, 2018
    • SBI Home Loan
      "Average"
      0.5 3.0/5 "Satisfactory"
      The service of Sbi home loan is good. The interest rate they quoted me was 8.35 %which is fine compared to others in the market. The documents process was been smooth with Sbi. Loan disbursement was been on time without any delay. It was an average service from Sbi home loan service.
      Was this review helpful? 0
      , chennai
      Reviewed on Apr 24, 2018
    • SBI Home Loan
      "Good experience"
      0.5 5.0/5 "Blown Away!"
      I have taken home loan from SBI and the approved loan amount is 20 lakhs. The interest for the approved loan amount is 8.2%. They do have pre-closure and part payment facility is available. The monthly EMI is 19200 which i have to pay for 20 years.
      Was this review helpful? 0
      , pune
      Reviewed on Apr 17, 2018
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