how to convert personal loan to home loan in sbi

Hey there, I know the idea of loans can be daunting. There is car loan, hose loan, personal loan, credit card loans, and small business loans. I have done research about personal loans and home loans. There are different types of loans that can be availed by banks. Read below to read how to convert personal loan to home loan in SBI. Can you get a personal loan and home loan together? If you have a personal loan and are now looking to take a home loan. You can go to the bank and fill an application for the same. If your debt-to-income ratio is less than 50 %, the bank will consider the application for a second loan. You will then have a personal loan as well as a home loan. How to convert personal loan to home loan in sbi : According to the rules and regulations followed by the bank. You cannot convert personal loan to Home Loan In  SBI. SBI offers its customers Balance Transfer of home loan. This allows a customer to shift their home loans from Scheduled Commercial Banks (SCBs), Private and Foreign Banks, Housing Finance Companies (HFCs) registered with National Housing Bank (NHB), etc. Eligibility criteria for balance transfer of home loan:

• The borrower will get balance transfer if they can satisfy the liability criteria for getting a home loan set by the financial institution.
• The borrower will get balance transfer if they are regularly paying installments for their previous loan on a regular basis.
• The borrower will get balance transfer if they have legally valid documentation that shows the title to the house.
• The borrower will get balance transfer if they are resident of India.
• The borrower will get balance transfer if they are above 18 years of age. 

There are many advantages and disadvantages that you will need to think about when it comes to getting a secondary loan. I hope my answer on how to convert personal loan to home loan in SBI helps you out. Cheers! But you must also know if you are eligible for a home loan or not before converting your personal loan into a home loan. You can easily check you eligibility through NoBroker here,

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If you want to Avail a Home Loan to Purchase Your Dream Property . Check out loan provisions by NoBroker  Read more answers : How to get SBI home loan statement?   How to pay SBI home loan EMI online?   In which bank lowest interest rate for home loan in December 2021   Can rent my property to bank which I have already availed a loan. Loan is still pending ? Can the bank adjust my rent in the EMI amount ?   

Existing types of loans against property include home loans. The sole variation is that you do not already own the property at the time of application for the loan. You must be looking at options for converting an existing loan to a home for a number of reasons. But you must know if a personal loan convert to home loan is possible or not.

Apply for a home via NoBroker to get the funds in your hand in no time. Search for affordable property deals by opting for NoBroker buyer plans.

How to convert personal loan into housing loan?

No, personal loan to home loan conversion is not possible. A financial tool called a personal loan serves the needs of one particular person. Personal loans are available for any purpose and are unsecured. You have taken out a home loan as a secured instrument for purposes relating to your house. That’s why personal loan convert into home loan is not allowed.

What are the benefits of an SBI home loan balance transfer?

• Under the overdraft facility (Max Gain), top-up loans are not allowed for loans between Rs 20 lakh and Rs 2 crore.

• Only properties that are ready to move into are eligible for the overdraft facility (Max Gain).

• Women borrowers are eligible for a 5% discount with an 8.90% minimum EBR.

• For loans up to Rs. 30 lakhs with LTVs between 80% and 90%, there is a premium of 10 bps added to the card rate.

• If you maintain a salary account with SBI as part of your wage package, you will receive a 5 bps discount on your credit home loan.

I hope you understood the facts about the personal loan convert to home loan.

Read More: Can you convert personal loan to home loan? How to convert personal loan to home loan in HDFC? How to convert personal loan to home loan in SBI?