SBI Home Loan Balance Transfer
The Home Loan Balance Transfer facility allows borrowers to transfer their outstanding loan amounts to a new lender at a lower rate of interest and for a longer tenure. Lower interest rates help borrowers to reduce their overall interest cost. This facility is basically beneficial to those who had taken housing loans at a higher rate of interest and now because of improvement in their credit profile, they have become eligible for a lower rate of interest.
Home Loan Transfer Process:
Below mentioned are the steps for the Home loan transfer process:
Step 1: Go through the offers available for a Balance transfer with other lenders, and then compare their interest rates on the parameter of their features, benefits, processing fees, and other charges.
Step 2: Analyze the cost-to-benefit of the balance transfer taking into consideration all the costs to be incurred for the transfer.
Step 3: After finding a better deal, negotiate the terms & conditions with the lender so as to get the same or better loan terms & conditions.
Step 4: Get a NOC, foreclosure letter, loan repayment record, and property documents from the existing lender.
Step 5: By submitting the application form, start with the home application process with the new lender and all other required documents.
Step 6: Get a sanction letter and sign the loan agreement with the new lender.
Step 7: The new lender will pay off the outstanding loan amount that has been paid to the previous lender earlier by transferring the amount via cheque/ DD.
Step 8: Once the previous lender receives the outstanding loan amount, cancel all the cheques and ECS and close the home loan account.
| SBI Home Loan Balance Transfer- A Snapshot | |
| Interest Rates | 8.50% p.a. onwards |
| Repayment Tenure | Depends on the outstanding amount |
| Processing fee | NIL |
Home Loan Transfer Rates in India
Below mentioned are the Home Loan Balance Transfer Interest Rates
| Name of Lender | Up to INR 30 Lakh | Above INR 30 Lakh to INR 75 Lakh | Above INR 75 Lakh |
| SBI | 9.15% – 10.15% | 9.15% – 10.05% | 9.15% – 10.05% |
| HDFC | 8.50% onwards | 8.50% onwards | 8.50% onwards |
| LIC Housing Finance | 8.90% – 10.35% | 8.90% – 10.55% | 8.90% – 10.75% |
| ICICI Bank | 9.00% – 9.80% | 9.00% – 9.95% | 9.00% – 10.05% |
| Kotak Mahindra Bank | 8.85% onwards | 8.85% onwards | 8.85% onwards |
| PNB Housing Finance | 8.50% – 14.50% | 8.50% – 13.00% | 8.50% – 10.85% |
| Punjab National Bank | 8.65% – 9.60% | 8.60% – 9.50% | 8.60% – 9.50% |
| Bank of Baroda | 9.15% – 10.65% | 9.15% – 10.65% | 9.15% – 10.90% |
| Union Bank of India | 9.00% – 10.75% | 9.00% – 10.95% | 9.00% – 10.95% |
| IDFC First Bank | 8.85% onwards | 8.85% onwards | 8.85% onwards |
| L&T Housing Finance | 8.60% onwards | 8.60% onwards | 8.60% onwards |
| Bajaj Housing Finance | 8.70% onwards | 8.70% onwards | 8.70% onwards |
| Tata Capital | 8.95% onwards | 8.95% onwards | 8.95% onwards |
| Federal Bank | 10.15% – 10.20% | 10.20% – 10.25% | 10.25% – 10.30% |
SBI Home Loan Balance Transfer Interest Rates
Below mentioned are the SBI Home Loan Interest Rates for Balance Transfer:
Card Rates (Term Loan)
| CIBIL Score | Interest Rate (p.a.) |
| >=800 | 8.50% |
| 750-799 | 8.50% |
| 700-749 | 8.60% |
| 650-699 | 9.45% |
| 550-649 | 9.65% |
| NTC/No CIBIL/-1 | 8.80% |
Note:
- The above rates are inclusive of a 5 bps concession to women borrowers
- A premium of 10 bps to card rate for loans up to INR 30 lakhs for LTV > 80% and < = 90%.
Term Loan
| CIBIL Score | Interest Rate (p.a.) |
| >=800 | 9.15% |
| 750-799 | 9.25% |
| 700-749 | 9.35% |
| 650-699 | 9.45% |
| 550-649 | 9.65% |
| NTC/No CIBIL/-1 | 9.35% |
Note:
- For Shaurya and Shaurya Flexi- 10 bps concession over and above the proposed rates (Not applicable for HLBT, resale and ready to move in properties, where separate concession is available)
- *For HLBT/ Resale/ Ready to move in properties- 20 bps concession over the above rates (for CIBIL Scores 700 and above)
- The above rates are inclusive of 5 bps concession for women borrowers and 5 bps concession for salary account holders for Privilege and AponGhar.
SBI Max Gain
| CIBIL Score | Interest Rates |
| >=800 | 9.55% p.a. |
| 750-799 | 9.65% p.a. |
| 700-749 | 9.75% p.a. |
| 650-699 | 9.85% p.a. |
| 550-649 | 10.05% p.a. |
| NTC/No CIBIL Score/-1 | 9.75% p.a. |
SBI Top-up Home Loan
Campaign Rates (First disbursement in the loan account to be done by 30th April 2023)
| CIBIL Score | Interest Rate (p.a.) |
| >=800 | 9.10%* |
| 750-799 | 9.20%* |
| 700-749 | 9.30%* |
| 650-699 | 9.85% |
| 550-649 | 10.15% |
| NTC/No CIBIL/-1 | 9.75% |
Term Loan
| CIBIL Score | Interest Rate (p.a.) |
| >=800 | 9.55% |
| 750-799 | 9.65% |
| 700-749 | 9.75% |
| 650-699 | 9.85% |
| 550-649 | 10.15% |
| NTC/No CIBIL/-1 | 9.75% |
Overdraft
| CIBIL Score | Interest Rate (p.a.) |
| >=800 | 9.85% |
| 750-799 | 9.95% |
| 700-749 | 10.05% |
| 650-699 | 10.15% |
| 550-649 | 10.45% |
| NTC/No CIBIL/-1 | 10.05% |
SBI Realty Home Loan
| CIBIL Score | Interest Rate (p.a.) |
| >=800 | 9.45% |
| 750-799 | 9.55% |
| 700-749 | 9.65% |
| 650-699 | 9.75% |
| 550-649 | 9.85% |
| NTC/No CIBIL/-1 | 9.65% |
SBI Tribal Plus
| CIBIL Score | Interest Rate (p.a.) |
| >=800 | 9.25% |
| 750-799 | 9.35% |
| 700-749 | 9.45% |
| 650-699 | 9.55% |
| 550-649 | 9.75% |
| NTC/No CIBIL/-1 | 9.45% |
Home Loan for Employees of Government of Kerela
| Loan Type | Interest Rate (p.a.) |
| Term Loan | 9.30% p.a. |
| Max Gain | 9.70% p.a. |
SBI Smart Home Top-up
| Loan Type | Interest Rate (p.a.) |
| Term Loan | 9.75% p.a. |
| Max Gain | 10.15% p.a. |
Insta Top-up YONO & INB
| Loan Type | Interest Rate (p.a.) |
| Overdraft | 9.75% p.a. |
Note:
- 5 bps concession to women borrowers subject to minimum EBR, i.e., 9.15%
- Premium of 10 bps for loans up to 30 lacs for LTV >80% &< =90% shall continue
- 5 bps concession for Privilege and Shaurya Home Loans if maintaining salary account with SBI under salary package
- 5 bps concession on card rates for MaxGain& Realty loans (except all types of CRE Loans) for borrowers with CIBIL Score greater than or equal to 750.
Eligibility Criteria
Below mentioned is the eligibility criteria for SBI Home Loan Balance Transfer:
- Resident Type: Resident Indian
- Minimum Age: 18 years
- Maximum Age: 70 years
- Extended Loan Tenure
Features of SBI Home Loan Balance Transfer
- Low Interest Rates
- No Hidden Charges
- No Pre Payment Penalty
- Interest charges on Daily Reducing Balance
- Home Loan Available as Overdraft
- Interest Concession for Women Borrowers
Documents Required
Below mentioned are the documents required for SBI Home Loan Balance Transfer:
List of papers/ documents applicable to all applicants:
- Employer Identity Card
- Loan Application: Completed Loan Application form duly filled with 3 Passport size photographs
- Proof of Identity (Any one): PAN/ Passport/ Driver’s License/ Voter ID card
- Proof of Residence/ Address (Any one): Recent copy of Telephone Bill/ Electricity Bill/Water Bill/Piped Gas Bill or copy of Passport/ Driving License/Aadhar Card
Property Papers:
- NOC from Society/Builder
- Registered agreement for sale
- Occupancy Certificate
- Share Certificate(only for Maharashtra), Maintenance Bill, Electricity Bill, property tax receipt
- Chain of all old Agreements for sale
Account Statement:
- Last 6 months Bank Account Statements for all Bank Accounts held by the applicant/s
Income Proof for Salaried Applicant/ Co-applicant/ Guarantor:
- Salary Slip or Salary Certificate of last 3 months
- Copy of Form 16 for last 2 years or copy of IT Returns for last 2 financial years, acknowledged by IT Dept.
Income Proof for Non-Salaried Applicant/ Co-applicant/ Guarantor:
- Business address proof
- IT returns for 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)
Documents from the other Bank:
- List of original documents held at Bank
- Loan a/c statement for the past one year
- Sanction Letter
- Interim Period Security