A "low interest" loan shouldn't mean you have very little interest in paying it back!
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    We found 6 SBI Home Loan Transfer

    Bank Name
    Interest Rate Range
    Processing Fee Range
    Loan Amount
    Tenure Range
    8.40% - 8.75% Floating
    0.35% (max. 10,000) + S.T.
    15L - 10Crs
    1-30 Years
    Response Time Within 30 minutes
    Rs.5,000 Amazon voucher free
    What you'll love
    Documents
    Perks
    Fees & Charges
    Good to Know
    Eligibility Criteria
    8.35% - 8.70% Floating
    0.35% (max. 10,000) + S.T.
    15L - 10Crs
    1-30 Years
    Response Time Within 30 minutes
    Rs.5,000 Amazon voucher free
    What you'll love
    Documents
    Perks
    Fees & Charges
    Good to Know
    Eligibility Criteria
    8.6% - 8.7% Floating
    0.35% (max. 10,000) + S.T.
    20L - 10Crs
    25-30 Years
    Response Time Within 30 minutes
    Rs.5,000 Amazon voucher free
    What you'll love
    Documents
    Perks
    Fees & Charges
    Good to Know
    Eligibility Criteria
    8.55% - 8.70% Floating
    0% to 0.35% (max. ₹11,500)
    15L - 10Crs
    1-30 Years
    Response Time Within 30 minutes
    Rs.5,000 Amazon voucher free
    What you'll love
    Documents
    Perks
    Think about
    Fees & Charges
    Good to Know
    Eligibility Criteria
    8.55% - 8.70% Floating
    0% to 0.35% (max. ₹11,500)
    15L - 10Crs
    1-30 Years
    Response Time Within 30 minutes
    Rs.5,000 Amazon voucher free
    What you'll love
    Documents
    Perks
    Think about
    Fees & Charges
    Good to Know
    Eligibility Criteria
    8.35% - 8.40% Fixed/Floating
    0.35% (max. ₹10,000) + S.T.
    5 L to 30 L
    3-30 Years
    Response Time Within 30 minutes
    Rs.5,000 Amazon voucher free
    What you'll love
    Documents
    Perks
    Think about
    Fees & Charges
    Good to Know
    Eligibility Criteria

    SBI Home Loan Transfer is Rated as "Great!" by 955 Users

    Fees & Charges

    Promised Interest Rate

    Customer Service

    Responsiveness

    Home Loan BYTES FROM OUR KITCHEN

    People seek out home loans to help construct or buy a house. Sometimes, later down the line, they might realize that there are other banks offering much better schemes and interest rates and would prefer to transfer their loan to take advantage of these benefits.

    When you transfer a home loan from Bank A to Bank B, Bank B pays off your dues to Bank A, and then you will continue to pay your loan at the new interest rate of Bank B along with the new terms and conditions. This process is also known as takeover or refinancing.

    Reasons leading up to a decision to transfer the loan could be issues with the current bank such as high interest rates, bad networking, branch problems and low assistance. It could also simply be that another bank is offering better rates of interest.

    Home Loan Offers

    Overview:

    SBI offers luring benefits to customers to transfer their home loans to them.

    SBI will take over your loan from the following institutions:

    • Private and Foreign Banks.
    • Scheduled Commercial Banks.
    • Housing Finance Companies registered with National Housing Bank.
    • Borrower’s employers if they are Central/State Government or their undertakings or Public Sector Undertakings.

    Features and Benefits:

    SBI offers home loan transfer options with attractive benefits, some of which are listed below.

    • Hassle-free service.
    • Package of exclusive benefits.
    • Low interest rates and processing charges.
    • Interest is charged on a daily reducing balance.
    • No hidden costs or administrative charges.
    • You can prepay the loan at any time without any charges.
    • SBI has over 15,969 branches nationwide providing you with an added advantage of having your loan transferred to a branch nearest to you.

    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.

    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.

    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.

    • 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.
    • Bank A will review it and 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 Bank A by debiting your loan account.
    • SBI will validate the NOC, sanction your loan and pay off your dues to bank A.
    • A confirmation letter is required from Bank A stating they have created an equitable mortgage over the property.
    • Bank A will close your loan account and cancel all cheques or standing instructions related to your loan.
    • You continue paying off your loan to SBI at lowered rates of interest.

    FAQS about for SBI House loan 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.

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  • SBI Home Loan Balance Transfer Reviews

    • SBI Home Loan
      "Happy banking"
      0.5 5.0/5 "Blown Away!"
      I approached State bank of India for the housing loan. When I approached them I got good response and they done with the process in a good way. The interest rate is around 9.5%. I am quite happy with the bank for the housing loan services. And the customer service is good.
      Was this review helpful? 1
      , mysore
      Reviewed on Jun 20, 2017
    • SBI Home Loan
      "Low interest rate"
      0.5 5.0/5 "Blown Away!"
      I got the home loan with the State bank of India and the interest rate is around 8.75%. The loan amount got disbursed to my account within fifteen days of time. Services are very good one with them. Documentation process is very nominal , also I got it through one of the agent.
      Was this review helpful? 0
      , pune
      Reviewed on Jun 19, 2017
    • SBI Home Loan
      "Need lot of improvement on customer service and the processi"
      0.5 4.0/5 "Great!"
      I do hold a home loan with State bank of India and the interest rate was around 8.65%, also I got the reminder up for the interest rate got reduced as 8.35%. Service aspects are okay. I would like to suggest that they could improve the response, also the customer service could be get improve a lot.
      Was this review helpful? 1
      , bangalore
      Reviewed on Jun 17, 2017
    • SBI Home Loan
      "Overall good"
      0.5 4.0/5 "Great!"
      My process is on for the home loan with State Bank of India, and it has been a good experience till now. There are no hassles when it comes to services and response. The main part in the interest rate which is a good deal and the processing charges were also very much nominal.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 17, 2017
    • SBI Home Loan
      "Average one"
      0.5 3.0/5 "Satisfactory"
      I got the home loan with the State bank of India and the interest rate was very lesser one with them on that time. They have provided the loan amount after some long time like their processing time was very long time ,like it took around more than one month of time. They have provided around 80% of cost of home .
      Was this review helpful? 0
      , mumbai
      Reviewed on Jun 16, 2017
    • SBI Home Loan
      "Nice service"
      0.5 4.0/5 "Great!"
      Documentation process is very simple with State bank of India for the home loan. I availed the loan from the bank. The current interest rate is 9.35%. I am happy with the bank in terms of the home loan as they done the process without any hassles.
      Was this review helpful? 1
      , kolkata
      Reviewed on Jun 15, 2017
    • SBI Home Loan
      "Good Service"
      0.5 4.0/5 "Great!"
      I have dropped the plan to get a home loan at present, so that was the reason I haven't proceed with the sbi home loan . The service with SBI was good and the executive gave a call and asked me to submit the documents with SBI. I have postponed my plan to next 6 months, I may be going with SBI that time. I am satisfied with SBI service.
      Was this review helpful? 0
      , noida
      Reviewed on Jun 14, 2017
    • SBI Home Loan
      "Satisfactory services"
      0.5 4.0/5 "Great!"
      So far so good with the home loan process at State Bank of India. The process is on and the overall experience is good and satisfactory. The documentation is normal and since I am an existing customer I am sure to get a better deal on the interest rate and charges.
      Was this review helpful? 0
      , mysore
      Reviewed on Jun 14, 2017
    • SBI Home Loan
      "Its Better"
      0.5 4.0/5 "Great!"
      I was postponed the decision to take home loan right now, I am planning to take it after two or three months later with same SBI bank. They ready to sanction 85% of loan on the property, It is very sufficient. I don't face any issues with them. I am happy about their service.
      Was this review helpful? 0
      , pune
      Reviewed on Jun 14, 2017
    • SBI Home Loan
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      The SBI executives gave a call and explained me about the product and they were in follow up on my home loan application. I got a prompt response from SBI, but then I have postponed my plan ,so that was the reason I can't proceed with the home loan with SBI. The rate of interest is nominal with SBI. The service rendered by SBI is very good.
      Was this review helpful? 0
      , hyderabad
      Reviewed on Jun 14, 2017
    • SBI Home Loan
      "Good in Interest rate"
      0.5 5.0/5 "Blown Away!"
      SBI offers the lowest interest rate for the loan. I availed housing loan from them, the interest rate is 8.30% which is pretty good one as per the market rate. Customer service is satisfactory and they sanctioned the loan within 2 days. SBI is the right place for the loans. The interest rate is common for all the people.
      Was this review helpful? 0
      , raipur
      Reviewed on Jun 13, 2017
    • SBI Home Loan
      "Excellent Service"
      0.5 4.0/5 "Great!"
      My neighbor is a branch manager in Sbi, I got the home loan disbursement with his support and I have provided all the documents they have asked and he legally approved my loan. The rate of interest is nominal with SBI. The customer service and the response was good with SBI . I am happy about the loan amount and satisfied with the service.
      Was this review helpful? 0
      , pune
      Reviewed on Jun 12, 2017
    • SBI Home Loan
      "Reliable"
      0.5 3.5/5 "Pretty good"
      Currently, Home loan with the State bank of India is under process and the interest rate will be get confirmed , also they have not provided the 100% commitment there. Customer service is a kind of okay and the response was also not great okay for me.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 12, 2017
    • SBI Home Loan
      "Need to be quick in response"
      0.5 1.0/5 "Really Bad"
      My home loan is still under process after 4 months, since for past 4 months I am waiting for the status, but there is no response from SBI. They are not at all giving the status of the product. I had already done with the documentation still I didn't get any kind of status with my loan application. The rate of interest is low and the processing fee is also reasonable with SBI. The response part need to be improved with SBI.
      Was this review helpful? 0
      , bangalore
      Reviewed on Jun 12, 2017
    • SBI Home Loan
      "Fast Service"
      0.5 5.0/5 "Blown Away!"
      During the year of 2010, I availed housing loan from State bank of India. Even I had taken the top up as well. SBI done with the loan process in a fast way. I had submitted all the required documents to avail the loan. The rate of interest is 8.75% which is very normal when compared with other banks.
      Was this review helpful? 0
      , new delhi
      Reviewed on Jun 10, 2017
    • SBI Home Loan
      "Best bank to take a home loan"
      0.5 4.0/5 "Great!"
      I had taken SBI home loan before four years, at the time I got an offer for 9.8%, now they reversed my interest rate around 9.15% on home loan. I took the loan of Rs. 23 lakhs for the tenure of 15 years. SBI offered me floating interest rate. I didn't find any hidden charges till date.
      Was this review helpful? 1
      , mumbai
      Reviewed on Jun 09, 2017
    • SBI Home Loan
      "Good bank for loans"
      0.5 5.0/5 "Blown Away!"
      I had got the best deal from SBI on my housing loan. Interest rate when compared with any other banks is way too good , even the loan process is excellent. They will disburse the loan amount without any hassles. SBI is recommendable for any kind of loans like personal loan, car loan and home loan etc.
      Was this review helpful? 2
      , coimbatore
      Reviewed on Jun 08, 2017
    • SBI Home Loan
      "Good Service"
      0.5 4.0/5 "Great!"
      During the year 2006, I had taken a home loan from SBI. The rate of interest was around 13.5% at that time and it is bit high. EMI will be deducted from my salary account every month 31000 approximately for 15 years , so I do not have any interactions with the customer service executives till date.
      Was this review helpful? 1
      , tinsukia
      Reviewed on Jun 07, 2017
    • SBI Home Loan
      "Best offer in the market"
      0.5 5.0/5 "Blown Away!"
      I had finalized the independent house, so I requested 50% of amount of the property, they disbursed the amount within the time. I had submitted all the documents through the legal advisor. SBI offered me an interest rate of around 8% which is the least in the market.
      Was this review helpful? 0
      , udupi
      Reviewed on Jun 07, 2017
    • SBI Home Loan
      "Good Process"
      0.5 5.0/5 "Blown Away!"
      Five years ago I had taken a housing loan from State bank of India. I am happy with the loan process, the bank processed the loan in a proper way and there was no challenges during the process. The rate of interest is very normal and the customer service is good.
      Was this review helpful? 0
      , chennai
      Reviewed on Jun 06, 2017
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