Balance Transfer of Home Loan

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Home Loan Take Over -Balance Transfer

SBI offers Balance Transfer of Home Loan, which enables a customer to transfer home loan from Scheduled Commercial Banks (SCBs), Private and Foreign Banks, Housing Finance Companies (HFCs) registered with National Housing Bank (NHB), and Borrower’s employers if they are Central/State Govt or their undertakings or Public Sector Undertaking, subject to the condition that the borrower should satisfy the eligibility criteria for availing Home Loan as per the Bank’s instructions and The borrower must have appropriate paperwork proving title to the house/flat.

Features Eligibility Documents Required
  • Low Interest Rates
  • No Hidden Charges
  • No Pre Payment Penalty
  • Interest charges on Daily Reducing Balance
  • Home Loan Available as Overdraft
  • Interest Concession for Women Borrowers
  • Resident Type: Resident Indian
  • Minimum Age: 18 years
  • Maximum Age: 70 years
  • Extended Loan Tenure.

List of papers/ documents applicable to all applicants:

  • Employer Identity Card
  • Loan Application: Completed Loan Application form duly filled with 3 Passport size photographs
  • Proof of Identity (Any one): PAN/ Passport/ Driver’s License/ Voter ID card
  • Proof of Residence/ Address (Any one): Recent copy of Telephone Bill/ Electricity Bill/Water Bill/Piped Gas Bill or copy of Passport/ Driving License/Aadhar Card

Property Papers:

  • NOC from Society/Builder
  • Registered agreement for sale
  • Occupancy Certificate
  • Share Certificate(only for Maharastra), Maintenance Bill, Electricity Bill, property tax receipt
  • Chain of all old Agreements for sale

Account Statement:

  • Last 6 months Bank Account Statements for all Bank Accounts held by the applicant/s

Income Proof for Salaried Applicant/ Co-applicant/ Guarantor:

  • Salary Slip or Salary Certificate of last 3 months
  • Copy of Form 16 for last 2 years or copy of IT Returns for last 2 financial years, acknowledged by IT Dept.

Income Proof for Non-Salaried Applicant/ Co-applicant/ Guarantor:

  • Business address proof
  • IT returns for last 3 years
  • Balance Sheet & Profit & loss A/c for last 3 years
  • Business Licence Details(or equivalent)
  • TDS Certificate (Form 16A, if applicable)
  • Certificate of qualification (for C.A./ Doctor and other professionals)

Documents from the other Bank:

  • List of original documents held at Bank
  • Loan a/c statement for the past one year
  • Sanction Letter
  • Interim Period Security
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