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  • Home Loan Transfer to SBI

    SBI home loan balance transfer scheme offers attractive interest rates starting from 6.95%, flexible tenures and low processing fees. You can save money on interest payment, pay off your loan faster and avail other benefits when you transfer your home loan to SBI

    You can transfer your home loan to SBI from:

    • Private and Foreign Banks
    • Scheduled Commercial Banks (SCBs)
    • Borrower’s employers if they are Central/State Govt or their undertakings or Public Sector Undertaking
    • Housing Finance Companies (HFCs) registered with National Housing Bank (NHB)

    Check: SBI Home Loan Interest Rate


    SBI Home Loan Transfer Charges

    Interest Rate 6.95%
    Processing Fees 0.35% of the loan plus GST
    (minimum: Rs. 2000; maximum: Rs. 10,000) *
    Pre-sanction Legal fees for property search and Title Investigation Report.
    Valuer's fee for valuation report.
    Post-sanction Stamp duty applicable on loan agreement and mortgage. Property insurance premium.
    CERSAI registration fee of Rs. 50 + GST up to Rs. 5 lakh limit; and Rs. 100 + GST for limits above Rs. 5 Lakh.
    *Additional out-of-pocket expenses include those for obtaining Title Investigation Report,
    Valuation Report, CERSAI registration.

    Compare: Home Loan Transfer

    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.

    Eligibility for SBI Home Loan Transfer

    • You should be an Indian Resident
    • You should be at least 18 years of age
    • You should not be over 70 years of age

    Documents Required For SBI Home Loan Transfer

    The following documents are required to transfer your existing home loan to SBI.

    • Employer Identity Card
    • Duly filled loan application along with 3 passport size photographs
    • Identity proof: Passport/ PAN/ Voter ID/ Driving License
    • Address/ Residence proof: Copy of Aadhaar Card/ Driving License/ Passport OR recent Electricity Bill/ Telephone Bill/ Piped Gas Bill/ Water Bill

    Property Papers

    • Occupancy certificate
    • Agreement for sale (registered)
    • No objection certificate (NOC) from the builder/society
    • Electricity Bill, Maintenance Bill and receipt of property ta
    • Share Certificate (only for Maharashtra)
    • Old sale agreement documents

    Bank Account Statement And Income Proof

    • Bank account statements of the last 6 months for all bank accounts held by you
    • Income Proof
    • Salary slips or salary certificates for the last 3 months.
    • Form 16 or income tax returns of the last 2 financial years

    Documents Required From Your Current Lender

    • List of original documents it holds
    • Loan account statement for the past one year
    • Loan sanction letter
    • Interim period security

    Features Of SBI Home Loan Transfer

    • Low rates of interest
    • Low processing fee
    • No hidden charges
    • No prepayment or foreclosure charges
    • Home loan is available as overdraft facility
    • Special interest rates for women borrowers
    • Interest is charged based on the daily reducing balance method


    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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