New Delhi: The largest public sector lender in India, State Bank of India (SBI), accepts home loan balances from borrowers of other financial institutions.
According to the SBI’s website, the company “offers Balance Transfer of Home Loan that enables a customer to transfer home loan from Scheduled Commercial Banks (SCBs), Private and Foreign Banks, Housing Finance Companies (HFCs) registered with National Housing Bank (NHB), and Borrower’s Employers if they are Central/State Govt or their undertakings or Public Sector Undertaking subject to condition that the borrower should satisfy the eligibility criteria for availing Home Loan as per the Bank’s instruction.
The borrower ought to be in possession of valid documents proving the title to the house or apartment.
Transfer of a Home Loan to SBI: The complete list of documents that must be submitted by you can be found here:
List of papers or documents that apply to all applicants
Loan Application for Employer Identification Card: Completed Loan Application form with three passport-sized photos of proof of identity (for any person): PAN, passport, driver’s license, or voter ID card are all forms of proof of residence or address. A copy of your most recent telephone bill, electricity bill, water bill, or piped gas bill, or a copy of your passport, driving license, or Aadhar card.
Occupancy Certificate, Share Certificate (exclusively for Maharastra), Maintenance Bill, Electricity Bill, and Property Tax Receipt Chain of all previous Agreements for Sale Account Statement:
Statements from the last six months of each applicant’s bank accounts. Income documentation for a salaried applicant, co-applicant, or guarantor:
Copy of the Form 16 for the last two years or a copy of the IT Returns for the last two financial years, acknowledged by the IT department
Proof of Income for a Non-Salaried Candidate, Co-Applicant, or Guarantor:
Documents from the other bank: Business address proof IT returns for the past three years Balance Sheet and Profit and Loss Account for the past three years Business Licence Details (or equivalent) TDS Certificate (Form 16A, if applicable) Certificate of qualification (for C.A., Doctor, and other professionals)
Statement of original documents held at the Bank Loan a/c for the past year Sanction Letter Interim Period Security List
