How to transfer HDFC home loan to SBI?

Hi there! Me and my family have always lived in a rented apartment. For the majority of my life, I stayed in a 2 BHK in Pune. My father and mother wished to own a house one day. For the same, we had applied for a home loan at HDFC. Things were going well, but my parents were looking for loans with a better interest rate. Soon, my mother found out about SBI’s home loans. She also came to know about the interest concession provision for women. As the loan was under her name, we thought it would be a good decision to switch. Hence, we began to inquire about a home loan balance transfer to SBI. 

There is a list of documents that are needed to do so. I have stated all the information below. Kindly have a look.

How to transfer loan from HDFC to SBI: Required Documentation

• Properly filled Loan Application form alongside 3 passport size photos.

• Address or Residence Proof: Most recent copy of electricity bill or water bill or gas bill or phone bill or copy of Aadhar card or driving licence or your passport.

• Employer Identification Card

• ID Proof: Passport or Aadhar or voter ID or driving licence

• Loan account statement for the last 12 months

• Sanction letter

• Interim period security

• List of all the original documents held by the bank

• Registered agreement for sale

• Occupancy certificate

• List of all the old agreements for sale

• NOC from the society or builder

• Share certificate (only needed in Maharashtra), electricity bill, property tax receipt, maintenance bill

• Bank account statements of the last 6 months from the applicant's existing bank accounts.

• Last 3 years’ IT returns

• TDS certificate (Form 16 A, if applicable)

• Qualification certificate ( for Doctor, C.A. and other professionals)

• Business Licence details 

• Address proof of your business

• Last 3 years’ balance sheet as well as profit and loss account

• Last 3 months’ salary slips or a salary certificate

• Copy of the IT returns for the previous 2 years, approved by the IT department or a copy of Form 16 for the last 2 years

As far as the procedure is concerned, you can refer to Aniket’s answer. He has explained everything in detail. I hope this helps you to understand home loan balance transfer to SBI.

In order to organise your finances while you buy or build your home, a home loan can be of great assistance. However, when I took a home loan I got really dissatisfied with the loan's conditions since I was looking for financial support through a home loan. I knew that several banks today provide flexible repayment terms for home loans. However, the correct bank may offer a home loan balance transfer that would make repayment easier. If you too wish for a home loan transfer from HDFC to SBI, I can help you since I transferred my home loan from HDFC to SBI.

What is Home Loan Balance Transfer?

Before I tell you about HDFC to SBI home loan transfer, you should understand what a home loan balance transfer is. 

Home Refinancing is another name for Home Loan Balance Transfer. This service is useful if you want to transfer the balance of your mortgage to a bank that provides more flexible repayment alternatives than your parent bank. The new bank might provide more enticing interest rates, a longer loan term, or better repayment options. When you decide to switch your home loan to a new bank, the new bank reimburses your parent bank for the unpaid balance.

What is the HDFC home loan transfer to SBI Process? 

You can start a loan transfer from HDFC to SBI by following the below steps:

• Apply: You must notify your current lender that you plan to execute a home loan balance transfer before starting one. Depending on what your bank asks, you can do this by submitting an application form or a letter explaining why you choose the transfer.

• NOCs (No Objection Certificates) or letters of consent The first lender will provide you with a NOC or consent letter when you apply. The application for the transfer with a new lender must include this document.

• Presentation of the Documents: You can give the necessary paperwork to the new lender now that you have the NOC. You may also be required to produce documentation regarding your property, loan balance, and interest rates, in addition to the NOC. You must also submit all the other required documents listed by the bank.

• Assurance from the previous lender: Wait for confirmation from your old lender that the initial loan has been closed after delivering the paperwork.

• Fees must be paid: Once you have the confirmation, you can start a new loan contract with the new lender and pay the necessary expenses.

Eligibility for transfer loan from HDFC to SBI 

• You should reside in India.

• At least 18 years of age is required.

• You shouldn't be older than 70.

Documents Required For home loan transfer from HDFC to SBI 

To transfer your current mortgage to SBI, the following papers are needed.

• Employee Identification Card

• Completed loan application with three passport-size photos Proof of identity: Passport, PAN, Voter ID, Driver's License, Address, and Proof of Residency A copy of your driver's licence, passport, or Aadhaar card, OR a current electricity, telephone, water, or gas bill

• Certificate of Occupancy 

• Certificate of Occupancy 

• Certificate of No Objection (NOC) from the builder or society

• Utility bills, maintenance invoices, and property tax receipts

• Old sale agreements

• Statement of Bank Account and Income

• The most recent six months' bank statements

• Income Proof

• Salary certificates or pay stubs from the previous three months.

• Form 16 or the last two financial years' Form 16 income tax returns

Documents Required From Your Current Lender

• A list of the original papers it possesses a year's worth of loan account statements

• Letter of loan sanction interim period security

I hope this explains to you the home loan transfer from HDFC to SBI.

If you have an ongoing housing loan with a high rate of interest, then you can go for an SBI home loan balance transfer which offers you an attractive and affordable interest rate starting from 6.95%, low processing fees, and flexible tenures. As housing loans are generally a commitment of many years, switching to a lower rate of interest effectively reduces your EMI amount. This ultimately lowers the final cost of your home loan. Let me tell you how to transfer HDFC home loan to SBI.

• Submit a letter to your HDFC bank for a home loan transfer, requesting them to transfer the title deeds and other documents to SBI immediately upon the loan amount’s receipt.

• After that, the HDFC bank will issue a NOC (No Objection Certificate) after the review.

• Provide this NOC to SBI and ask them to transfer your loan and debit your loan account to pay off your outstanding amount to HDFC.

• After validating the NOC, SBI will sanction your loan and pay off your dues to HDFC.

• A confirmation letter is needed from HDFC mentioning they’ve created an equitable mortgage over the house.

• HDFC will close your loan account and every cheque or standing instruction related to your loan.

• Now, you can start paying off your loan to SBI at the decided rate of interest.

You will be required to submit documents like your ID proof, property papers, bank account statement, income proof, etc. 

If you want to know how to transfer HDFC home loan to SBI, then the process will be the same.

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I hope you like my answer on how to transfer HDFC home loan to SBI.