Charges | Complete Process | Takeover | Steps - SBISERVICE™ are providing you all the information to know the Home Loan Transfer, Home Lo...
Charges | Complete Process | Takeover | Steps - SBISERVICE™ are providing you all the information to know the Home Loan Transfer, Home Loan Interest Rate, Home Loan Transfer Process, Take Over & EMI's for Transferred Home Loan in State Bank of Indian (SBI).
Here you can also compare and get quotes interest rates on the bases of >Loan EMI >Eligibility >Processing Fee & more.
Banks now days start perspicacious between their new customers and the existing customers, Now it is possible to transfer the home loan into the lower interest rate.
What is the procedure for Take Over?
✍ The borrower should address a letter to the bank/ financial institution from whom he has availed the loan asking them to deliver, immediately upon receipt of the loan amount, the title deeds and other securities, if any, direct to our lending branch;
✍ The borrower should give to the branch a request letter for paying to his existing lending bank / financial institution the outstanding amount of his loan by debit to his loan account;
✍ The borrower must give an advice of the actual outstandings (with up-to-date interest) in the loan account from the other bank/ financial institutions;
✍ the statement of Account for the entire period of loan or for the last 10/12 months where the loan has run for a longer period;
✍ Confirmation letter from the financing Bank that they have created an equitable mortgage over the property.
What are the documents required for availing the loan?
✍ Disbursal must be effected only subject to the above information being found satisfactory and completion of formalities as regards
✍ Agreement to create Mortgage,
✍ Power of Attorney in the favor of the Bank authorizing the Bank to create equitable mortgage on the borrowers behalf.
✍ Interim security (Ex: Bank Deposit Receipts, LIC Policies, etc) and the security obtained in the interim period will be released after receipt of the title deeds then the other Bank and creation of a valid equitable mortgage subsequent to verification of the borrower's title to the property.
✍ Required loan documents.
Home Loan can be taken over from the following Institutions?
✍ Scheduled Commercial Banks (SCBs);
✍ Private and Foreign Banks;
✍ Housing Finance Companies (HFCs) registered with National Housing Bank (NHB);
✍ Borrowers employers if they are Central/State Govts. or their undertakings or Public Sector Undertakings,
Whether take over with sanction of Higher Loan Amount & extended Repayment Period is possible?
Yes. Based on the merits of the case and requirements/ eligibility of the borrower, the Bank may sanction an amount higher than the amount taken over from other bank/ financial institution for purposes of renovation/ extension/ furnishings. Similarly extended repayment period may be sanctioned provided that at all times the criteria regarding maximum permissible finance and security margin under the Bank's scheme are not diluted.
Subject to the following:-
✍ Borrower should satisfy the eligibility criteria for availing Home Loan as per the Banks instructions.
✍ The borrower should have serviced interest and/or instalment of the existing loan regularly, as per the original terms of sanction.
✍ The borrower has valid documents evidencing the title to the house/flat.
Here you can also compare and get quotes interest rates on the bases of >Loan EMI >Eligibility >Processing Fee & more.
HOME LOAN BALANCE TRANSFER - PROCESSING CHARGES & ROI
Other's | Women's | |
Interest Rate | 8.65% | 8.60% |
EMI /lakh | ₹. 780 | ₹. 776 |
Total Payment (Interest + Principal) | ₹ 2,80,645 | ₹ 2,79,364 |
Total Interest Payable | ₹ 1,80,645 | ₹ 1,79,364 |
Valuation & Legal Charges | ₹. 4800 - ₹. 5500 depends upon property type | ₹. 4800 - ₹. 5500 depends upon property type |
Processing Charges | ₹. 5000 - ₹. 6500 depends upon loan amount | ₹. 5000 - ₹. 6500 depends upon loan amount |
HOME LOAN TAKEOVER
Due to high imbalance between the existing and the new customers about interest rates, many of the customers of home loan was mournful because of the high interest rates they had to pay.Banks now days start perspicacious between their new customers and the existing customers, Now it is possible to transfer the home loan into the lower interest rate.
What is the procedure for Take Over?
✍ The borrower should address a letter to the bank/ financial institution from whom he has availed the loan asking them to deliver, immediately upon receipt of the loan amount, the title deeds and other securities, if any, direct to our lending branch;
✍ The borrower should give to the branch a request letter for paying to his existing lending bank / financial institution the outstanding amount of his loan by debit to his loan account;
✍ The borrower must give an advice of the actual outstandings (with up-to-date interest) in the loan account from the other bank/ financial institutions;
✍ the statement of Account for the entire period of loan or for the last 10/12 months where the loan has run for a longer period;
✍ Confirmation letter from the financing Bank that they have created an equitable mortgage over the property.
What are the documents required for availing the loan?
✍ Disbursal must be effected only subject to the above information being found satisfactory and completion of formalities as regards
✍ Agreement to create Mortgage,
✍ Power of Attorney in the favor of the Bank authorizing the Bank to create equitable mortgage on the borrowers behalf.
✍ Interim security (Ex: Bank Deposit Receipts, LIC Policies, etc) and the security obtained in the interim period will be released after receipt of the title deeds then the other Bank and creation of a valid equitable mortgage subsequent to verification of the borrower's title to the property.
✍ Required loan documents.
Home Loan can be taken over from the following Institutions?
✍ Scheduled Commercial Banks (SCBs);
✍ Private and Foreign Banks;
✍ Housing Finance Companies (HFCs) registered with National Housing Bank (NHB);
✍ Borrowers employers if they are Central/State Govts. or their undertakings or Public Sector Undertakings,
Whether take over with sanction of Higher Loan Amount & extended Repayment Period is possible?
Yes. Based on the merits of the case and requirements/ eligibility of the borrower, the Bank may sanction an amount higher than the amount taken over from other bank/ financial institution for purposes of renovation/ extension/ furnishings. Similarly extended repayment period may be sanctioned provided that at all times the criteria regarding maximum permissible finance and security margin under the Bank's scheme are not diluted.
Subject to the following:-
✍ Borrower should satisfy the eligibility criteria for availing Home Loan as per the Banks instructions.
✍ The borrower should have serviced interest and/or instalment of the existing loan regularly, as per the original terms of sanction.
✍ The borrower has valid documents evidencing the title to the house/flat.
COMMENTS