You can switch your current home loan to a different bank if the interest rate offered by that bank is lower. A balance transfer on a home loan is what takes place here. This transfer is simple, and quick, and avoids you from paying a higher interest rate on the current loan. So let me tell you what is the process for IDBI home loan transfer to SBI.
Get a home loan via NoBroker at very affordable interest rates here. Opt for NoBroker buyer plans to find affordable deals in the town.What is the process for a home loan transfer from IDBI to SBI?
You must first examine all terms and conditions on the financial institution's website of SBI.
You may submit an application for a loan transfer if they are ok with the repayment conditions.
You must provide all necessary information regarding the existing loan, lender, and property.
After submitting the form, you can get a loan offer.
If you accept the offer, you must pay the processing fee and additional fees.
You must next upload documentation proving your income, identity, and ownership of property and wait for the approval.
Inform the business of your desire to shift the loan amount to a new lender (SBI) by getting in touch with your current lender (IDBI).
Obtain all necessary documents, such as property papers, land deeds, etc., held by your current lender.
Obtain a letter of approval from the current lender IDBI. The letter should include information on the property and the outstanding loan balance for the borrowers.
Submit a foreclosure request for the current loan account. Once the new lender (SBI) has a letter of approval from the old lender (IDBI), they will settle the outstanding loan balance.
The old account will then be permanently closed, and the property documents will then be transferred to the new lender (SBI).
Sign a new loan document with the new lender. The agreement must include all terms and factors, such as interest rate, repayment period, and remaining loan balance.
Now you know how to transfer home loan from IDBI to SBI.
What documents are needed for the IDBI Bank home loan balance transfer?
Proof of identity
Residence proof
Documents that relate to the present loan
Pay slip from the previous three months
Bank statements over the past six months
Balance sheet and profit/loss account for the last three years
Passport size photo
IDBI home loan transfer process must be clear to you now.
Read More: Can home loans be transferred from one person to another? Which bank is best for a home loan transfer? How to transfer an HDFC home loan to SBI?Your Feedback Matters! How was this Answer?
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Authors Of The Question
How to transfer home loan from IDBI to SBI?
Priya
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1 Answers
1 Year
2023-04-19T08:12:48+00:00 2023-04-26T11:23:08+00:00Comment
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