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

    We found 6 SBI Home Loan Transfer

    Bank Name
    Interest Rate Range
    Processing Fee Range
    Loan Amount
    Tenure Range
    8.65% - 8.70% Floating
    0.35% (max. 10,000) + S.T.
    15L - 10Crs
    1-30 Years
    Response Time Within 30 minutes
    What you'll love
    Documents
    Perks
    Fees & Charges
    Good to Know
    Eligibility Criteria
    8.60% - 8.65% Floating
    0.35% (max. 10,000) + S.T.
    15L - 10Crs
    1-30 Years
    Response Time Within 30 minutes
    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
    What you'll love
    Documents
    Perks
    Fees & Charges
    Good to Know
    Eligibility Criteria
    9.15% - 9.3% Floating
    0% to 0.35% (max. ₹11,500)
    15L - 10Crs
    1-30 Years
    Response Time Within 30 minutes
    What you'll love
    Documents
    Perks
    Think about
    Fees & Charges
    Good to Know
    Eligibility Criteria
    9.15% - 9.3% Floating
    0% to 0.35% (max. ₹11,500)
    15L - 10Crs
    1-30 Years
    Response Time Within 30 minutes
    What you'll love
    Documents
    Perks
    Think about
    Fees & Charges
    Good to Know
    Eligibility Criteria
    8.50% - 8.55% Fixed/Floating
    0.35% (max. ₹10,000) + S.T.
    5 L to 30 L
    3-30 Years
    Response Time Within 30 minutes
    What you'll love
    Documents
    Perks
    Think about
    Fees & Charges
    Good to Know
    Eligibility Criteria

    SBI Home Loan Transfer is Rated as "Great!" by 930 Users

    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.

    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
      "Better Service"
      0.5 4.0/5 "Great!"
      In the year of 2014, I had taken a home loan from SBI. The rate of interest was around 10.15% at that time. EMI will be deducted from my salary account every month, so I do not have any interactions with the customer service executives till date.
      Was this review helpful? 2
      , hyderabad
      Reviewed on May 23, 2017
    • SBI Home Loan
      "Better "
      0.5 4.0/5 "Great!"
      I got the approval letter from the State bank of India for my home loan. Rate of interest was around 9% and I was not okay with that. Response and other aspects are good with them . Being an under construction property, the loan amount will be get disbursed shortly.
      Was this review helpful? 0
      , hyderabad
      Reviewed on May 22, 2017
    • SBI Home Loan
      "Satisfactory services"
      0.5 5.0/5 "Blown Away!"
      My home loan is from State Bank of India and this process was smooth for me. I had no hassles with the bank in the documentation or in the disbursement. Everything happened on time and and I got the funds I needed with a good deal on the interest and charges.
      Was this review helpful? 0
      , rourkela
      Reviewed on May 22, 2017
    • SBI Home Loan
      "Excellent"
      0.5 4.0/5 "Great!"
      I do have the home loan with the State bank of India and their interest rate is a good one with them. Services are not good with them and the loan amount got disbursed to my account within three months of four months of time. Lastly, even the processing charges were nominal one with them.
      Was this review helpful? 0
      , pune
      Reviewed on May 22, 2017
    • SBI Home Loan
      "Disappointed with the service"
      0.5 2.5/5 "Just OK"
      For me SBI services falls below expectation, because they did not stick to their interest rate. Initially I was quoted an interest rate of 8.5% however they offered me only 8.65%. Therefore SBI needs to stick on to their promises. Additionally, they had to appoint a responsible executive, also he or she should know how to handle the customer in a refined way.
      Was this review helpful? 0
      , hyderabad
      Reviewed on May 22, 2017
    • SBI Home Loan
      "Good Service"
      0.5 4.0/5 "Great!"
      I opted for home loan with SBI BANK, Their process was good and smooth and now also they do, Customer service and responsiveness was really good, It was a Good experience with the HDFC Bank. My HOME loan experience with SBI is Outstanding I would say they are good in service of loans and the loan amount I applied for 42 laks but I received only 38 lakhs because of the property value. They charged me some processing fee and they told me that they will refunded it which they did not do ,when I called to check that they confirmed that the time scales got lapsed.
      Was this review helpful? 0
      , mumbai
      Reviewed on May 21, 2017
    • SBI Home Loan
      "Excellent"
      0.5 5.0/5 "Blown Away!"
      The service provided was very good with State bank based on the Home loan process.The customer follow up made is the positive end of the bank.They have provided very immediate and fast service based on the application.The interest rate offered was 10.5% approximately .and its floating total loan amount was 10.70 laks and tenured is for 15 years applied in 2008.
      Was this review helpful? 0
      , nanded
      Reviewed on May 21, 2017
    • SBI Home Loan
      "Fast Service"
      0.5 4.0/5 "Great!"
      As soon as I submitted my documents with SBI for my housing loan, immediately they called me and the very next day they initiated the process. Interest rate is ok, though the current market rate is of 8.35% I got it for 8.70% but then there is no problem in interest rate. The process went good.
      Was this review helpful? 0
      , bangalore
      Reviewed on May 20, 2017
    • SBI Home Loan
      "Average service."
      0.5 4.0/5 "Great!"
      My wife wanted me to take only SBI home loan as she thinks they do thorough verification of the project and so had to go for it though I preferred some private bank. They processed it within 12/15 days as it was March but had to travel 20+kms as the agent came from a far away branch. Otherwise all is well till now.
      Was this review helpful? 0
      , chennai
      Reviewed on May 19, 2017
    • SBI Home Loan
      "Trsutworthy and Reliable"
      0.5 5.0/5 "Blown Away!"
      I took the home loan with the State bank of India and I got the loan amount with them because of trust. Its the nationalized bank and that's the major thing made me to went ahead with them. Within two to three weeks of time, I got the home loan.
      Was this review helpful? 1
      , bangalore
      Reviewed on May 19, 2017
    • SBI Home Loan
      "Convenient process"
      0.5 5.0/5 "Blown Away!"
      It was a excellent experience with State Bank of India for the home loan. The process was on time and I also got a good deal as well. The disbursement was on the date I needed it and the after loan services has been smooth too. The rate of interest was around 9% and I am comfortable with it.
      Was this review helpful? 0
      , bangalore
      Reviewed on May 19, 2017
    • SBI Home Loan
      "Good Experience with SBI"
      0.5 3.0/5 "Satisfactory"
      SBI is one of the largest bank in India, whatever the loan we take they give transparent information they wont take any hidden charges. I have taken the home loan of Rs.25 lakhs with the tenure of five years without processing fee. SBI charged 8.5% of interest it is nominal as per the market.
      Was this review helpful? 1
      , chennai
      Reviewed on May 18, 2017
    • SBI Home Loan
      "Below average service"
      0.5 3.0/5 "Satisfactory"
      The process took too much time, Sbi executives told they will disburse the loan within 10 to 15 days, but then they took around 4 months to disburse my home loan , which is too long time. The rate of interest is nominal with SBI. Overall I can say it was an below average service.
      Was this review helpful? 0
      , mumbai
      Reviewed on May 18, 2017
    • SBI Home Loan
      "Its Better"
      0.5 4.0/5 "Great!"
      SBI is cheapest loan provider across the India, they have provided lest interest rate 9.3% on home loan. But documentation process is very lengthy, I have submitted lot of documents, because they have stick with the RBI guidelines. SBI have satisfied me by giving 100% loan on my property value.
      Was this review helpful? 0
      , sonipat
      Reviewed on May 18, 2017
    • SBI Home Loan
      "Good deal"
      0.5 5.0/5 "Blown Away!"
      SBI has been good in the services for the home loan. It would have been better if I received the loan more sooner. The documentation was normal and the disbursement was also as needed. The interest rate was around 8% and the processing charges was minimal.
      Was this review helpful? 0
      , hyderabad
      Reviewed on May 18, 2017
    • SBI Home Loan
      "Excellent service"
      0.5 4.0/5 "Great!"
      Being an salaried account holder with SBI. I am very glad to have a loan with SBI. After submitting my documents they took around 10 days to disburse my home loan. The rate of interest is 8.35% which nominal with SBI. Overall I would like to thank State bank for providing a Home loan.
      Was this review helpful? 0
      , chennai
      Reviewed on May 18, 2017
    • SBI Home Loan
      "Better service"
      0.5 4.0/5 "Great!"
      The documentation and the verification process went smooth with State Bank of India Home loan. The rate of interest is nominal, when compared with others. The response part was good with State bank of India. Overall the service is good with SBI.
      Was this review helpful? 0
      , hyderabad
      Reviewed on May 18, 2017
    • SBI Home Loan
      "Better "
      0.5 4.0/5 "Great!"
      I got the home loan with the State bank of India and the loan amount got disbursed to my account within a month of time. Processing charges were nominal one with them. During documentation process also there were no issues with them.
      Was this review helpful? 0
      , chennai
      Reviewed on May 17, 2017
    • SBI Home Loan
      "Average"
      0.5 2.0/5 "Expected more"
      I have not received the documents like repayment schedule and other papers for my home loan with the State bank of India . State bank of India took long time to provide the disbursement , also the verification process was really huge one. Rate of interest was fine one for me and I would like to suggest that they need to optimize and speed up the process.
      Was this review helpful? 0
      , kolkata
      Reviewed on May 16, 2017
    • SBI Home Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      My experience with State bank of India has always been fair. I had taken my home loan from them. The process was quick and it was completed on time by the bank. They also offered a good rate of interest 8.68%.and there was no processing charges toatal loan amount is 19 laks I have opted for.
      Was this review helpful? 0
      , kolkata
      Reviewed on May 16, 2017
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