SBI Home Loan Balance Transfer
Thinking about moving your home loan to the State Bank of India? It could be a smart move. SBI offers low starting interest rates of 8.50% per year. They make it easy with fewer fees and flexible ways to repay your loan. You can also get extra money and special deals for women if you need them. Applying online is simple, and you can save on taxes, too. Transferring your home loan to SBI could be a great way to manage your money better.
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Table of Content
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Reviewed BySBI Home Loan Balance Transfer Highlights
Here are the highlights of SBI Home Loan Balance Transfer:
| Feature | Details |
| Interest Rates | Starting from 8.50% p.a. onwards |
| Repayment Tenure | Depends on the outstanding amount and the borrower’s eligibility |
| Processing Fee | Currently waived (Normal: 0.35% of loan amount + GST, min Rs. 2,000, max Rs. 10,000 + GST) |
| Legal and Technical Charges | Applicable as per SBI’s norms |
| Prepayment Penalty | None (if prepaid from borrower’s own funds) |
| Top-up Loan Facility | Available, subject to maximum LTV ratio and terms |
| Online Application | Yes, for convenient processing |
| Interest Concessions | Available for women borrowers |
| Tax Benefits | Eligible for tax deductions on home loan repayments under Income Tax laws |
SBI Home Loan Transfer Features and Benefits
Here are the features and benefits of transferring your home loan to SBI:
- Competitive interest rates start at 8.50% p.a.
- Option to avail of higher loan amounts based on eligibility.
- No processing fee is currently charged for balance transfers.
- Flexible repayment options with extended tenure.
- A top-up loan facility is available for additional financial needs.
- Interest concessions for women borrowers.
- The online application process is for convenience.
- Option to track application status online.
- Eligibility for tax benefits on home loan repayments under Income Tax laws.
Eligibility Criteria For SBI Home Loan Transfer
These criteria outline the basic requirements for individuals looking to transfer their home loan to SBI:
| Eligibility Criteria | Details |
| Resident Type | Indian Resident |
| Minimum Age | 18 years |
| Maximum Age | 70 years (at loan maturity) |
| Extended Loan Tenure | Subject to borrower’s age and remaining tenure |
SBI Home Loan Schemes For You
Documents Required For Home Loan Balance Transfer To SBI
List of documents required for a home loan balance transfer to SBI:
- Proof of identity and residence
- NOC from Society/ Builder.
- Registered Agreement for Sale.
- Occupancy Certificate.
- Share Certificate (only for Maharashtra), Maintenance Bill, Electricity Bill, Property Tax Receipt, Chain of all old Agreements for Sale.
- Salary Slip or Salary Certificate of the last 3 months (for salaried applicants).
- Copy of Form 16 for the last 2 years or copy of IT Returns for the last 2 financial years acknowledged by the IT Department (for salaried applicants).
- Last 6 months Bank Account Statements for all Bank Accounts held by the applicant/s.
- Business Address Proof (for non-salaried applicants).
- IT Returns for the last 3 years (for non-salaried applicants).
- Balance Sheet & Profit & Loss A/c for the last 3 years (for non-salaried applicants).
- Business License Details (or equivalent) (for non-salaried applicants).
- TDS Certificate (Form 16A, if applicable) (for non-salaried applicants).
- Certificate of qualification (for C.A./ Doctor and other professionals) (if applicable).
- List of original documents held at the existing bank.
- Last year’s loan account statement from the existing bank.
- Sanction Letter from the existing bank.
- Interim Period Security documents (if applicable).
SBI Home Loan For Different Professions
SBI Home Loan Transfer Fees and Charges
This table provides a clear overview of the fees and charges associated with transferring a home loan to SBI:
| Fee/ Charge | Amount |
| Processing Fee | Waived (Normally 0.35% of loan amount + GST, min Rs. 2,000, max Rs. 10,000 + GST) |
| Stamp Duty | As per state regulations |
| Insurance | As per SBI’s policy |
| Miscellaneous Costs | As applicable |
| Prepayment Penalty | None (if prepaid from borrower’s own funds) |
Step By Step Process For SBI Home Loan Transfer
Here’s a guide on how to apply for a home loan balance transfer from the State Bank of India (SBI) from its website:
- Go to the official State Bank of India website.
- Find and click on the “Home Loans” section.
- Look for details on home loan transfers or balance transfers.
- Review the eligibility criteria for transferring your home loan.
- Fill out the online application form with accurate details.
- Upload required documents like ID proof and property papers.
- Submit your application and documents online.
- SBI will verify your details and process your application.
- Once approved, your existing loan amount will be transferred to SBI.
- Begin repaying your loan under the new terms with SBI.
Home Loan Calculators
Frequently Asked Questions (FAQs)
What are the charges for a home loan transfer from HDFC to SBI?
Typically, processing fees are involved, but currently, SBI has waived these fees for home loan balance transfers.
Why should I consider transferring my home loan to SBI?
SBI offers interest rates starting from 8.50% p.a., waived processing fees, and flexible repayment options.
How long does it take to complete a home loan transfer to SBI?
The transfer process usually takes a few weeks, depending upon thorough documentation and internal processing at SBI.
Will my credit score be affected by transferring my home loan to SBI?
Generally, your credit score is based on how you repay the loan. If your instalments are on time, then there will be no negative impact on your credit score.
Can I transfer my home loan to SBI if my property is still under construction?
Yes, SBI allows transfers for properties under construction, provided applicants meet their eligibility criteria.
Is there a specific loan tenure required to transfer my home loan to SBI?
SBI provides flexibility in loan tenure based on applicant eligibility without a specific tenure requirement for transfer.
What happens to my existing EMI schedule after transferring to SBI?
Your EMI schedule may change based on the revised interest rate and tenure agreed upon during the transfer process to SBI.
Can I renegotiate the loan terms with SBI after the transfer?
Post-transfer, applicants can discuss and renegotiate loan terms with SBI based on their current financial circumstances and SBI’s offerings.
Can I transfer my home loan to SBI if I have a joint loan?
Yes, SBI facilitates the transfer of joint home loans, provided all co-applicants meet SBI’s eligibility criteria.
Will I get tax benefits on the transferred home loan with SBI?
You can continue to enjoy tax benefits on both principal and interest repayments of your home loan as per prevailing tax laws, even after transferring to SBI.
How do I track the status of my home loan transfer application with SBI?
You can monitor the progress of your application status through SBI’s online portal or by contacting their customer service.
