Transferring an existing home loan to the State Bank of India (SBI) is done through a home loan balance transfer method. This process helps borrowers reduce interest costs, obtain lower EMI payments, or access better loan terms offered by SBI. Here is how to transfer existing home loan to SBI:
Firstly, ensure you meet SBI’s eligibility criteria, including a stable income, good repayment history, and a satisfactory CIBIL score (usually 700+).
Compare your current interest rate with SBI’s rate to determine if you can achieve meaningful savings.
Inform your current bank, in writing, that you want to transfer the loan to SBI.
Request the following from your current bank or housing finance company:
Outstanding loan statement
No Objection Certificate (NOC)
List of original property documents held
Submit a balance transfer application through SBI YONO, the SBI official website, or by visiting a branch. Choose whether you also want a top-up loan along with the transfer.
Provide SBI with:
KYC documents (PAN, Aadhaar, photographs)
Income proof (salary slips or ITRs)
Property documents
Existing loan statement and NOC
SBI may conduct legal verification and property valuation.
Once approved, SBI issues a sanction letter mentioning the loan amount, interest rate, tenure, and EMI.
Then, SBI pays your outstanding loan amount directly to your current lender.
After closure, the old lender hands over the original property documents to SBI.
SBI often offers low or zero processing fees on balance transfers. You may incur valuation or legal charges and foreclosure costs (if applicable). The major benefit is long-term interest savings and transparent floating rates. Hope this helps you in transferring your existing housing loan to the State Bank of India.
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How to Transfer Existing Home Loan to SBI?
priya
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2025-12-30T08:04:39+00:00 2025-12-31T19:43:53+00:00Comment
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