Home Loan Transfer to SBI | Process | Interest Rates | Truth | Documents 2022


When you apply for an existing Home Loan Transfer to SBI, the State Bank of India(SBI) treats it as a new home loan request, but with a slightly dissimilar approach.

This is because a home loan transfer from HDFC or any other bank to SBI is a form of refinancing your existing home loan – also called “Home Loan Take Over” or “Balance Transfer of Home Loan”.

The main objective of home loan transfer is to save on the interest cost by going the loan balance to SBI offering a lower rate of interest on the home loan.
When the rate of interest in the economy fall, not all banks decrease interest rates in equal scale for a variety of purpose and that’s when home loan transfer is an attractive choice, particularly when you are disappointed with the bank’s service.

Important Points for Home Loan Transfer to SBI

  • Private banks did not ask for many documents, but when you switched to SBI, they manually tedious verification and documents check.
  • Its some painfully slow process and documentation required are quite large, but if you check other points, this ensure you have all required documentation.
  • SBI is best in the market, especially if you have a good CIBIL score (>760) you may ask for lower interest rates.
    When You switched It change from higher to lower interest (most probability).
    Otherwise also SBI is one of the first banks to reduce interest rates after RBI announcements.
  • The agents are not very professional as overall work is split between SBI office and agents. Therefore, you require to push them to process it faster. Number of visits needed for SBI office, You need at least 2–3 visits.
  • When you opted for MaxGain OD option that allows to park additional funds in the OD account to reduce Principal for the duration you park your funds. Interests are calculated every day. Therefore, You can park funds for as little as 3 or 4 days. Trust, You will save a lot in interest.
  • If you are salaried employee, you can move your whole salary in the loan account on day – 1 and move back amount needed for expenses.
  • For every Rs 10,000 you park you get Rs 70 per month saving in interest. Therefore, Ideally you get home loan % interest on the amount you parked amount (calculated on a daily basis).
  • Even if you don’t select the overdraft account option still making prepayment is quite easy, as simple as depositing money in any of your account. This was one of biggest negative in HDFC bank as prepayment online is not standard option.

Also Read SBI Realty Home Loan : Eligibility, Interest Rate, Features & Benefits

Home Loan Transfer to SBI

Here are important things to know if you want to do a home loan transfer to SBI to save money for the future.


  • Low Interest Rates (Interest rate will vary as per the CIBIL score of the customer).
  • No any hidden charges and No Pre Payment penalty.
  • No administrative charges.
  • Interest charges on everyday reducing balance.
  • Home Loan available as OD (Overdraft).
  • Interest concession for women borrowers.


  • Resident Type: Resident Indian.
  • Minimum Age: 18 years.
  • Maximum Age: 70 years.
  • Extended Loan Tenure.

SBI Home Loan Balance Transfer Interest Rates 2022 and charges

Interest Rate6.65% (Jan 2022).
The interest rate will vary as per the risk score of the customer.
Based on LTV (Loan-to-value) of the Customer.
SBI offers a special discount of 0.05% on interest rates for women borrowers.
Processing Fees.40% of the loan amount + applicable GST.
(Minimum of Rs 10000/- and maximum of Rs 30000/- +GST)
Pre-sanctionLegal fees for property search and Title Investigation Report.
Valuer’s fee for valuation report.
Post-sanctionThe stamp duty is applicable on loan agreements and mortgages. Property insurance premium.
CERSAI registration fee
Rs. 50 + GST up to Rs. 5 lakh limit.
Rs. 100 + GST for limits above Rs. 5 Lakh.
Source SBI

Documents Required

MandatoryDuly filled application form.
3 passport-size photographs.
Employer Identity Card.
Identity Proof (PAN card/ Passport/ Driver’s License/ Voter ID card) (Any one).
Residence Proof (Passport, driving license, Aadhar card, or a recent copy of telephone bill/ electricity bill/water bill/piped gas bill) (anyone).
Property PapersSale Agreement – Registered.
No Objection Certificate (NOC) from Society/Builder.
Registered agreement for sale
Occupancy Certificate.
Only for residents of Maharashtra – Share Certificate.
Maintenance Bill, Electricity Bill, property tax receipt.
All old Agreements for sale.
Income Proof for SalariedLast 3 months’ Salary Slips.
Copy of Form 16 for last 2 years.
Copy of IT Returns for last 2 financial years.
Last 6 months Bank Account Statement.
Income Proof for Non-SalariedBusiness address proof.
IT returns for the last 3 years.
Balance Sheet & Profit & loss A/c for last 3 years.
Business License Details (or equivalent).
TDS Certificate (Form 16A, if applicable).
Certificate of qualification (for C.A./ Doctor and other professionals).
Source SBI

Documents Required From HDFC or IDFC or Any Other Bank

  • Interim Period Security.
  • List of all property documents that are in possession of the existing home loan bank.
  • A copy of the loan statement for the past one year (preferably an attested copy by the bank).
  • Bank statement of the last 1 Year from where the EMIs were deducted.
  • No objection certificate or consent letter from the existing bank

How to Transfer Home Loan to SBI

If you have decided, You will need to follow the process as given below.

  1. Go to SBI Home loan website and check the Eligibility along with current Loan Offer or Call at 1800 425 3800.
  2. Submit a transfer request to your current bank.
    Address a letter to your bank and request them to transfer the title deeds and mandatory documents to SBI upon receipt of the loan amount.
  3. Current Bank will review the same and issue a No Objection Certificate (NOC).
  4. Submit the NOC copy to SBI’s branch along with Mandatory documents. Submit a request letter them to transfer your loan and pay off your outstanding amount to Current Bank by debiting your loan account.
  5. SBI legal team will verify the NOC, Sanction your home loan.
  6. Once the entire SBI back-end process is completed and home loan balance transfer is approved by SBI.
    it will transfer (i.e. disburse) the outstanding loan amount to the previous bank.
  7. All pending ECS(Electronic Clearing Service) and cheques with the earlier bank will stand cancelled.
    You will be required to provide a ECS mandate details and issue security cheques to SBI.
  8. The future EMIs on the outstanding loan balance will be payable to SBI as per the SBI terms and conditions.

SBI Home Loan Transfer from One Person to Another

If a Home loan owner does not want to repay the loan any further, the owner can transfer the debt to another person.
But that will happen only if the property owner sells the property to the new buyer and also get the ownership title (SALE DEED) transferred to the latter.

Documents Required

You should visit the nearby SBI branch along with the following document.

  1. New Sale Deed.
  2. 3 passport size photographs.
  3. Employer Identity Card.
  4. Identity Proof (PAN card/ Passport/ Driver’s License/ Voter ID card) (Any one).
  5. Residence Proof (Passport, driving license, Aadhar card, or recent copy of telephone bill/ electricity bill/water bill/piped gas bill) (any one).

SBI Home Loan Transfer with Top Up

Yes, it’s possible. Existing Home Loan with Top-up can be taken over subject to Max. Loan To Value of 75 percentage.

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