SBI Home Loan Balance Transfer
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.
SBI Bank EMI Calculator
Your Monthly EMI
₹ 77,530
Total Principal
₹ 1,00,00,000
Total Interest
₹ 86,07,174
Total Payable
₹ 1,86,07,174
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 |
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:
For Salaried Individuals
Age Range (in years)
18 - 70 years
Nationality
Indian Resident
Minimum Income Earned
Rs. 25,000 per month
Credit Score
650 and above (preferred)
For Self-Employed Individuals
Age Range (in years)
18 - 70 years
Nationality
Indian Resident
Minimum Income Earned
Rs. 25,000 per month
Credit Score
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 |
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:
- Rate of Interest - 8.50% p.a. onwards
- Processing Fee - Nil
- Rate of Interest - 8.70% p.a. onwards
- Processing Fee - Up to 4% of the loan amount + GST
- Rate of Interest - 8.70% p.a. onwards
- Processing Fee - Up to 1.50% of the loan amount or Rs. 4,500 (The higher out of the two will be applicable)
- Rate of Interest - 8.80% p.a. onwards
- Processing Fee - 0.50% of the loan amount (maximum of Rs. 7,500)
- Rate of Interest - 9.00% p.a. onwards
- Processing Fee - Rs. 5,000 (including GST)
- Rate of Interest - 9.25% p.a. onwards
- Processing Fee - Up to 2.00% of the principal loan amount
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:
| 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 |
| 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 |
How to Apply for an SBI Home Loan Balance Transfer
Those who want to move ahead with online SBI Home Loan Balance Transfer apply procedure can follow these simple steps:
Choose ‘Repay Right’
Go to the BASIC Home Loan official website and choose ‘Repay Right’ from the drop-down menu under ‘Calculators’
Enter Your Loan Details
Enter the required details in the online form that is displayed on the screen, and click ‘Next’
Check Your Savings & Apply
You can now see your total savings; proceed ahead by selecting any of the below three options: Saving As Per Your New ROI, Adjust Your Tenure Or EMI, Top Up. Then, ‘APPLY’ by filling out the online form.
Our Expert Will Reach Out to You
The BASIC Home Loan team will then reach out to you for further assistance in applying for an SBI Balance Transfer Loan.
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