How to Transfer Home Loan from Axis to SBI?

I wasn’t aware of the home loan transfer process until my cousin brought it up when I was complaining about the Axis Bank home loan. He said that since I was having issues with my current loan provider, then I should consider moving it to SBI. Following that, I asked him how to transfer home loan from Axis Bank to SBI. 

What is the Axis Bank Home Loan Transfer to SBI Process?

He told me that I needed to follow a few steps to complete the transfer. I have listed the steps below. 

• He asked me to submit a request to PNB Bank for the Axis Bank to SBI home loan transfer by writing a letter. 

• Next, he asked to collect a NOC from Axis Bank. According to him, the bank will review the request and issue the NOC.

• After that, he told me to submit the NOC to SBI and request them to transfer my loan and pay off the outstanding amount to Axis Bank.

• He said that SBI would validate the NOC, approve the loan, and then pay off the dues to Axis Bank.

• Following that, he asked me to obtain a confirmation letter from Axis Bank about closing off the loan account. 

These are the steps that he mentioned about the Axis to SBI home loan transfer. I hope this information helps. 

A feature called a home loan balance transfer enables you to move the unpaid balance of an existing house loan from one lender to another. You must prefer to switch lenders in the middle of a loan if you find lower interest rates or better conditions. But first, you must know how to transfer home loan from Axis to SBI.

How to transfer home loan from Axis Bank to SBI?

• Send a loan transfer request to your present bank Axis Bank. Send your bank a letter asking them to give the title documents and other securities to SBI right away as they receive the loan money.

• After reviewing it, Axis Bank will grant a No Objection Certificate (NOC).

• Send the NOC to SBI and ask them to transfer your loan and debit your loan account to pay off the remaining balance owed to Axis Bank.

• SBI will approve your loan, validate the NOC, and settle your debt with Axis Bank.

• Axis Bank must confirm in writing that they have secured a fair loan over the property.

• Your loan account will be closed by Axis Bank and all standing orders or checks associated with your loan will be cancelled.

• You keep repaying your loan to SBI at a lower interest rate.

• So the process for home loan balance transfer from Axis Bank to SBI must be clear to you now.

What paperwork is required for loan transfer from Axis to SBI?

You will need a few documents for the transfer, including:

• Identification documentation

• Your evidence of residence

• Documents related to the current loan

• Pay slips over the previous three months

• Six months' worth of bank statements

• Statements of profit and loss for the last three years for self-employed people, including a balance sheet.

• A passport-sized photograph

• A letter on the letterhead of the current lender listing the property documents in their possession.

• Send a copy of your most recent outstanding balance letter on the letterhead of your present financial institution.

• A copy of the title deeds, together with your own contribution proof

This is all you need to know about how to transfer home loan from Axis to SBI.