There are many people who take housing loans from private banks to complete the documentation process and get the loan approval faster. But later people find it difficult to pay monthly EMIs because of high interest rates and some private lenders even increase the interest rate after a certain period of time. To resolve this issue people try to transfer the home loan from one lender to another. Now you must be wondering, “can i transfer my home loan to another bank?” “how to transfer home loan from one bank to another?” I am here to help, follow the below steps:
How to switch home loan from one bank to another
Let us take an example to transfer home loan from a bank to SBI bank:
Information required:
Last two year statements of EMI payment.
List of documents given to the housing company for home loan.
Deed number
Now you need to visit SBI bank and connect with authorized personnel. They will explain the process.
Take an appointment for a meeting with the branch manager of the bank.
Then you will be provided an application form and asset liability form.
Other documents you need you sing and those documents will be the record that you have applied for bank loan transfer.
Following are the document titles that the bank will provide you to get your signatures or thumb impression:
Asset liability form
Draft 10
Draft 2
Annexure 1
After completing the documentation process. You need to prove that you have done the mutation of the property.
You need to provide the copy of mutation property given by the city development authority
After the approval of your application you need to submit few more documents:
Aadhar card of the property owner.
Pan Card
Passport size photos
If you are a salaried person then provide 3 months salary slip and appointment letter copy.
If you are a business person or self-employed then you need to provide a last three year balance sheet, profit and loss statement and Income Tax return copy as income proof.
You must know that each bank has its own policies, so you must go to the bank by yourself and understand the complete process for better clarity.
And that is how to transfer home loan from one bank to another bank.
I checked the amount of home loan that I am eligible for through this,
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How to transfer home loan from one bank to another?
Mukesh Gupta
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April 28, 2021
2021-04-28T16:19:33+00:00 2021-04-28T20:11:35+00:00Comment
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Home Loan
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