New Delhi: A home loan borrower from another bank or lender can transfer his/her loan balance to India’s largest public sector lender State Bank of India (SBI).
The SBI website says that it offers “offers Balance Transfer of home loan that enables a customer to transfer home loan from Scheduled Commercial Banks (SCBs), Private and Foreign Banks, Housing Finance Companies (HFCs) registered with National Housing Bank (NHB) and Borrower’s employers if they are Central/State Govt or their undertakings or Public Sector Undertaking subject to condition that the borrower should satisfy the eligibility criteria for availing Home Loan as per the Bank’s instruction and has serviced interest and/or installment of the existing loan regularly, as per the original terms of sanction.”
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The borrower should have valid documents evidencing the title to the house/flat.
Home Loan Transfer to SBI: Here is the complete list of documents you will be required to submit
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 Maharastra), 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 Licence 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
