Transferring your home loan from LICHFL to SBI is essentially a home loan balance transfer. Follow these steps on how to transfer home loan from LICHFL to SBI:
Before starting, compare interest rates and charges. If SBI’s effective rate is significantly lower than your current LICHFL rate, you can save interest over the remaining tenure. Use a home loan transfer calculator to estimate savings.
Submit a balance transfer application to SBI either online, through YONO, or at a branch. SBI will assess your profile including CIBIL score, income, and property.
Ask LICHFL for:Outstanding loan statement, No Objection Certificate (NOC), List of all original property documents held by them. These are essential for SBI to process the balance transfer.
Provide SBI with all required paperwork: KYC (PAN, Aadhaar, photos), Proof of address and income (salary slips / ITRs), Property-related documents, LICHFL loan statement and NOC
SBI may also require valuation and title search reports.
Once SBI sanctions the loan, it will issue a cheque in favour of LICHFL to clear your outstanding balance. LICHFL will close your home loan account and hand over original documents to SBI.
SBI often offers processing fee waivers on balance transfers, but you may incur valuation, legal, stamp duty, or foreclosure charges with LICHFL. Compare total costs with potential interest savings before deciding. This allows you to close your existing loan with LICHFL and move the outstanding loan to SBI for a potentially lower interest rate, better terms, or flexible repayment features.
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How to Transfer Home Loan from LICHFL to SBI?
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2025-12-30T08:01:01+00:00 2025-12-30T11:31:23+00:00Comment
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