How to transfer home loan from ICICI to SBI?

If a different bank offers a better interest rate, you can transfer your current house loan to them. Here, there is a balance transfer on a loan. This quick and easy transfer prevents you from paying a higher interest rate on the existing loan. So allow me to explain how to transfer home loan from ICICI to SBI.

How to transfer home loan from ICICI bank to SBI?

• You must first review the terms and conditions on the SBI banking institution's website.

• If they are satisfied with the terms of repayment, you can file an application for a loan transfer.

• You must offer all relevant details about the current loan, the lender, and the property.

• You can obtain a loan offer after submitting the form.

• You must pay the processing fee and any other charges if you accept the offer.

• Next, you must upload proof of your income, identity, and property ownership while awaiting approval.

• By contacting your existing lender (ICICI), let them know that you want to transfer the loan amount to SBI.

• Obtain all necessary records from your current lender, including real estate papers, land deeds, etc. 

• A letter of permission from the present lender ICICI should be obtained. Information on the property and the borrowers' unpaid loan sum should be included in the letter.

• Send a foreclosure application for the active loan account. The unpaid loan sum will be settled as soon as the new lender (SBI) receives a letter of consent from the previous lender (ICICI). 

• The property paperwork will then be given to the new lender (SBI), and the old account will be permanently terminated.

• With the new lender, sign a new loan agreement. All terms and conditions, including interest rate, repayment schedule, and remaining loan balance, must be included in the agreement. This is how to transfer ICICI home loan to SBI.

What documents are needed for loan transfer from ICICI to SBI?

• Proof of identity

• Residence proof 

• Records pertaining to the current loan

• 3 months' worth of pay slips

• Bank records from the previous 6 months

• Last 3 years balance sheet and profit/loss statement

• Passport size photo

Now you know how to transfer home loan from ICICI to SBI.

A few years back when I took a home loan from ICICI bank, I had no idea that in future I will have to get it transferred to SBI. I had no idea how to transfer home loan from ICICI to SBI, so I asked my sister who works in SBI. I must tell you that although it can be a difficult process, switching a home loan from ICICI Bank to SBI can be favourable for borrowers.

How to transfer home loan from ICICI bank to SBI?

The following are the procedures to understand how to transfer ICICI home loan to SBI.

1. Analyse the advantages:

   Prior to making a decision, it's crucial to weigh the advantages of switching a house loan from ICICI to SBI. This covers interest rates, administrative costs, and any additional fees related to the transfer.

2. Review the prerequisites:

   The applicant must make sure they are eligible for a house loan under SBI Bank's guidelines. Before beginning the transfer process, it is vital to verify the qualifying requirements since they may differ from bank to bank.

3. Application submission:

   To transfer the mortgage from ICICI Bank to SBI Bank, the borrower must submit an application. The application must contain all pertinent information regarding the borrower, the mortgage, and the new loan account.

4. From ICICI Bank, obtain a NOC:

   The borrower needs to obtain an ICICI Bank No Objection Certificate (NOC). The NOC attests that the borrower has fulfilled all mortgage-related obligations in full.

5. Send the NOC to the SBI Bank:

   The borrower must give SBI Bank the NOC they received from ICICI Bank. This document attests that the borrower is current on all payments to the prior lender.

6. Verify the title documents:

   SBI Bank may demand that the borrower have the title documents examined by a lawyer or a government official. This is done to make sure that there are no legal issues and that the property is free of them.

7. Complete the loan agreement:

   After the property records are examined, SBI Bank will give the borrower a loan agreement. The loan agreement must be signed by the borrower and delivered to the bank.

8. Transfer the outstanding balance:

   SBI Bank will transfer the outstanding sum to ICICI Bank upon the completion of the loan arrangement. Before the transfer, the borrower must make sure that all unpaid balances on the mortgage have been satisfied.

Now that you know the process of loan transfer from ICICI to SBI, I will tell you the ICICI home loan transfer rates.

This is the way to know

how to transfer home loan from ICICI to SBI.

My friend who works at SBI Bank suggested me to do the home loan transfer from ICICI to SBI as the SBI interest rate is lower. After giving it much thought, I agreed and got my home loan transferred from ICICI to SBI. It was easy and I did not have to go through any tedious processes. Let me share the process I followed for your understanding here.

What is the Process for Home Loan Balance Transfer from ICICI to SBI?

I visited my SBI bank branch for the ICICI to SBI home loan transfer. However, the official suggested me to apply online due to the long queue and showed me the process. Here is how you can apply for the loan transfer:

• Visit the

  SBI Home Loan portal

• Select SBI balance transfer of home loan option

• Scroll down and click on

  Apply Now

• Select Yes or No for: Do you have an existing relationship with SBI?

• Choose the type of relationship

• Enter your account number

• Enter your mobile number

• Enter other details as asked for (in case you select No)

• Click on the checkbox again available near “I agree the terms and conditions”

• Click on Submit and your loan transfer application will be processed

This will take you less than an hour to complete so you can opt for it. In case you have any doubts, visit the bank and get clarification from an official. I hope this was helpful.

Read More: