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10 Jan 2018

SBI Home Loan Transfer 2018 - Transfer Process, Charges, Take Over

SBI Home Loan Transfer January 2018 - Get information on how to transfer home loan to SBI, Charges, Take Over Processing Fee, Interest Rate, EMI after transfer your Home Loan at SBI.

Your Unpaid/Outstanding Amount of Your Existing Bank/Lender will paid by New Lender to Close the Existing Loan. A new Loan with New Lender will Start and Previous Lender will issue an Loan Closure/No Objection Certificate.







ROI & PROCESSING CHARGES ON HOME LOAN BALANCE TRANSFER

For Women Borrowers For Other Borrowers
Interest Rates 8.60% 8.65%
Per Lakh EMI Rs. 776 Rs. 780

Total Interest Payable

1,79,364 1,80,645

Total Payment
(Principal + Interest)

2,79,364 2,80,645
Processing Charges\ Rs. 5000 - Rs. 6500 depending on loan amount Rs. 5000 - Rs. 6500 depending on loan amount
Legal & Valuation Charges Rs. 4800 - Rs. 5500 depending on property type Rs. 4800 - Rs. 5500 depending on property type




TAKEOVER OF HOME LOANS


Due to a high disparity between interest rates for existing and new customers, several home loan customers are unhappy with the high rates they are being forced to pay. But when banks start discriminating between you and its new customers, it’s time for you to transfer your home loan to a lower interest rate and save money.

1. Whether Home Loan can be taken over from the following Institutions?
  • Scheduled Commercial Banks (SCBs);
  • Private and Foreign Banks;
  • Housing Finance Companies (HFCs) registered with National Housing Bank (NHB);
  • Borrowers employers if they are Central/State Govts. or their undertakings or Public Sector Undertakings,
Yes. subject to the following:-
  • Borrower should satisfy the eligibility criteria for availing Home Loan as per the Banks instructions.
  • The borrower should have serviced interest and/or instalment of the existing loan regularly, as per the original terms of sanction.
  • The borrower has valid documents evidencing the title to the house/flat.
2. Whether take over with sanction of Higher Loan Amount & extended Repayment Period is possible?

Yes.Based on the merits of the case and requirements/ eligibility of the borrower, the Bank July sanction an amount higher than the amount taken over from other bank/ financial institution for purposes of renovation/ extension/ furnishings. Similarly extended repayment period July be sanctioned provided that at all times the criteria regarding maximum permissible finance and security margin under the Bank's scheme are not diluted.

3. What is the procedure for Take Over?
  • The borrower should address a letter to the bank/ financial institution from whom he has availed the loan asking them to deliver, immediately upon receipt of the loan amount, the title deeds and other securities, if any, direct to our lending branch;
  • The borrower should give to the branch a request letter for paying to his existing lending bank / financial institution the outstanding amount of his loan by debit to his loan account;
  • The borrower must give an advice of the actual outstandings (with up-to-date interest) in the loan account from the other bank/ financial institutions;
  • the statement of Account for the entire period of loan or for the last 10/12 months where the loan has run for a longer period;
  • Confirmation letter from the financing Bank that they have created an equitable mortgage over the property.
4. What are the documents required for availing the loan?

Disbursal must be effected only subject to the above information being found satisfactory and completion of formalities as regards
  • Agreement to create Mortgage,
  • Power of Attorney in the favor of the Bank authorizing the Bank to create equitable mortgage on the borrowers behalf.
  • Interim security (Ex: Bank Deposit Receipts, LIC Policies, etc) and the security obtained in the interim period will be released after receipt of the title deeds then the other Bank and creation of a valid equitable mortgage subsequent to verification of the borrower's title to the property.
  • Required loan documents.
5. Whether Pre-payment penalty is funded?

Yes. Total loan quantum, will however, continue to be determined by eligibility criteria based on income, EMI/NMI ratio, LTV ratio etc. applicable to Home Loans scheme.

6. Whether takeover of Home Loan with Top up loan is permitted?

Yes. Home Loan with top up loan can be taken over subject to Maximum LTV of 75 % and fulfillment of other terms and conditions of takeover. Processing fees for such takeover has been waived as part of a limited period offer until 30.09.2015.

USER SEARCHES ON SBI HOME LOAN TRANSFER - JANUARY 2018


UPDATED ON USER SEARCH QUERIES RISING
24.01.2017 home loan transfer charges +50%
24.01.2017 home loan transfer from hdfc to sbi +40%

3 comments:
Write comments
  1. My home loan trasfar Tek ovar. From. SRIRAMHOUSIng 16/: entreat
    Pleis SAR. My. Lon. Trasfar. My. EMI. 14975
    Loan. 10lak

    Regards,
    Bhatt hardik

    ReplyDelete
  2. I have an existing housing loan 12.5lac from Lic housing finance and I want to transfeer it in sbi.what is the provedure and what will be the emi

    ReplyDelete
  3. I am central govt employee and wishing transfer home loan to SBI.
    What's simply way

    ReplyDelete