SBI Balance Transfer

SBI

State Bank of India (SBI) 

State Bank of India (SBI) is the largest Bank of India with approx consolidated assets of USD 500 billion and profit of USD 1.5 billion for the year ended March 31, 2018. SBI currently has a network of approx 13,000 Branches and 59,291 ATMs across India.  It is headquartered in Mumbai, Maharashtra, India.

Check out your savings with Home Loan Balance Transfer Calculator here

More details on our blog - here

SBI Home Loan Balance Transfer Features

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

Documents

  • 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.

Go for it
Top