Home Loan Transfer to SBI | Process | Interest Rates | Truth | Documents 2023

Home Loan Transfer to SBI



When you apply for an existing Home Loan Transfer to SBI in 2023, 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 a 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 on an equal scale for a variety of purpose and that’s when a home loan transfer is an attractive choice, particularly when you are disappointed with the bank’s service.

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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.
  • It’s a painfully slow process and the documentation required is quite large, but if you check other points, this ensures you have all the 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 changes 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. A number of visits needed for SBI office, You need at least 2–3 visits.
  • When you opted for the MaxGain OD option that allows parking 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 a salaried employee, you can move your whole salary in the loan account on day – 1 and move back the 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 prepayments is quite easy, as simple as depositing money in any of your accounts. This was one of the biggest negatives in HDFC bank as prepayment online is not a 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.

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  • Low-Interest Rates (Interest rate will vary as per the CIBIL score of the customer).
  • No 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 and charges

Interest Rate8.75%.
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 are 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 all property documents that are in possession of the existing home loan bank.
  • A copy of the loan statement for the past 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 the current Loan Offer or Call 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 to them to transfer your loan and pay off your outstanding amount to your 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 the 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 canceled.
    You will be required to provide 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) (Anyone).
  5. Residence Proof (Passport, driving license, Aadhar card, or a recent copy of telephone bill/ electricity bill/water bill/piped gas bill) (anyone).

SBI Home Loan Transfer with Top Up


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

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