SBI Home Loan Balance Transfer
SBI Home Loan Balance Transfer is a strategic financial option that allows homeowners to transfer their existing home loan from another bank to the State Bank of India (SBI) for better terms and conditions. SBI offers a streamlined and transparent transfer process, making it an attractive choice for those looking to optimize their home loan terms and enhance their financial stability. The interest rate on SBI HomeLoan Transfer starts at an affordable 8.50% per annum for a flexible repayment period of up to 20 years with no processing fee.
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SBI Home Loan Balance Transfer Interest Rates
The key factor for borrowers looking to reduce their monthly EMI payments on home loans is the interest rate. The SBI home loan interest rate for balance transfer starts with an affordable 8.50% per annum, which offers home loan borrowers an attractive option to switch from their existing lender to save money and enjoy various other benefits.
The SBI balance transfer home loan interest rate is mentioned in the table below:
| Rate Package | Rate of Interest |
|---|---|
| For All Loan Amounts | 8.50% per annum onwards |
Disclaimer : The SBI Home Balance Transfer Home Loan Rate of Interest mentioned above is just for reference, it may change any time at the sole discretion of the bank and the changing market conditions.
SBI Home Loan Balance Transfer Eligibility Criteria
The eligibility criteria for SBI Home Loan Balance Transfer is crucial, as it helps ensure that the loan process is seamless and beneficial for both the borrower and the bank. These eligibility criteria generally include details like the age of the applicant, his/ her nationality, income and credit score.
The SBI home loan balance transfer eligibility criteria are elaborated below for your understanding:
| Eligibility Parameters | For Salaried Individuals | For Self-Employed Individuals |
|---|---|---|
| Age Range (in years) | 18 - 70 years | 18 - 70 years |
| Nationality | Indian Resident | Indian Resident |
| Minimum Income Earned | Rs. 25,000 per month | Rs. 25,000 per month |
| Credit Score | 650 and above (preferred) | 650 and above (preferred) |
SBI Home Loan Balance Transfer Processing Fee and Charges
The SBI home loan balance transfer processing fee is nil at the moment, which is a big relief for borrowers who usually pay 1% to 5% of the loan amount at the processing fee with other banks to avail a home loan. However, the bank may charge some other fees for other processes that are listed below in the table:
| Processing Fee | Nil |
|---|---|
| Prepayment Fee | Nil |
| CERSAI Charges | As per actuals |
| Stamp Duty/ Registration Charges | As per actuals |
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SBI Home Loan Balance Transfer comparison with other Top Banks
SBI Home Loan Balance Transfer is highly competitive compared to other top banks in India. It offers attractive interest rates, starting from as low as 8.50% per annum onwards. But, it still makes sense to do a little comparison with other lenders in your city for the same kind of scheme. The table does exactly what we are now explaining:
| Bank/ NBFC Name | Rate of Interest | Processing Fee |
|---|---|---|
| SBI | 8.50% p.a. onwards | Nil |
| Bajaj Housing Finance | 8.70% p.a. onwards | Up to 4% of the loan amount + GST |
| HDFC Bank | 8.70% p.a. onwards | Up to 1.50% of the loan amount or Rs. 4,500 (The higher out of the two will be applicable) |
| Federal Bank | 8.80% p.a. onwards | 0.50% of the loan amount (maximum of Rs. 7,500) |
| Cholamandalam Housing Finance | 9.00% p.a. onwards | Rs. 5,000 (including GST) |
| ICICI Bank | 9.25% p.a. onwards | Up to 2.00% of the principal loan amount |
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Documents Required For SBI Home Loan Balance Transfer
Although banks and NBFCs offer lucrative home loan balance transfer schemes, one thing they ask from applicants is a set of KYC documents to verify their credit worthiness. The same is being followed by the SBI bank to make it easy to verify the background and present financial status of the applicant.
Mentioned below is the updated SBI home loan balance transfer document required list for salaried and self-employed borrowers:
1. For Salaried Loan Applicants
- Duly-filled Application Form affixed with Latest Passport Size Photograph
- Processing fee cheque in favour of SBI Bank
- Proof of Income (Salary Slip for the last 3 months, Bank Statements for the last 6 months)
- Proof of Identity (Voter ID Card, PAN Card, Driving License)
- Proof of Address (Latest Electricity Bill, Gas Pipeline Bill, Passport, Aadhaar Card)
- Copy of all property documents
- A No Objection Certificate (NOC) from the existing lender of the home loan
- A letter stating the outstanding balance from the existing lender
2. For Self-Employed Loan Applicants
- Duly-filled Application Form affixed with Latest Passport Size Photograph
- Processing fee cheque in favour of SBI Bank
- Proof of Income (P&L Balance Sheets, Bank Statements for the last 6 months)
- Proof of Identity (Voter ID Card, PAN Card, Driving License)
- Address proof (Voter ID Card, Passport, Aadhaar Card)
- Business Profile
- Latest Form 26AS
- Partnership Deed (for partnership firm)
- Copy of all property documents
- A No Objection Certificate (NOC) from the existing lender of the home loan
- A letter stating the outstanding balance from the existing lender
FAQs
Some of the costs incurred during the SBI Home Loan Balance Transfer include the processing fee, CERSAI charges, stamp duty, copy of documents, and so on. You are requested to inquire about the same for updated information from the bank’s officials.
At present there are no special SBI home loan balance transfer offers, but the bank may roll out few during the festive season. All-in-all, one gets to enjoy home loans at lower interest rates, and flexible repayment options by choosing SBI Home Loan Balance Transfer.
You can easily check the status of SBI home loan balance transfer application through the bank’s online portal, by visiting their nearest branch, or by calling their customer care service.
You can contact the BASIC Home Loan team to apply for an SBI home loan balance transfer. Alternatively, you may fill the online application form on the official website of the bank or visit the nearest branch to apply for the same.
The maximum tenure for an SBI home loan balance transfer is up to 20 years.