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SBI Home Loan at Zero Processing Fees 2017

SBI Home Loan at Zero Processing Fees With the facility of “Transfer your existing home loan” from State Bank of India, Individuals can now easily transfer their existing home loan from another bank to SBI at a zero processing fee, till June 30, 2017. If you met the eligibility criteria of the State Bank of India, then you can get a higher amount than your current outstanding amount of home loan.

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Conditions to Take over your existing home loan:

  • Home loan can be taken over from Scheduled Commercial Banks, Private and Foreign Banks, Housing Finance Companies.

  • The borrower should have valid documents evidencing the title to the house/flat.

  • The borrower should have installment of the existing loan regularly, as per the original term of sanction.

  • SBI may sanction an amount higher than the amount taken over from the existing lender for renovation, extension and furnishings.

How to Takeover SBI Home Loan?

  • The borrower should address a letter to the bank/financial institution from whom he has availed the loan asking them to deliver, immediately upon receipt of the loan amount, the title deeds and other securities, if any, direct to the SBI branch.

  • The borrower must give an advice of the actual outstanding in the loan amount from the other bank/financial institutions; the statement of account for the entire period of the loan or for the last 10/12 months where the loan has run for a longer period.

  • A confirmation letter from the financing bank that they have created an equitable mortgage over the property.

Documents Required for availing the Takeover of Loan:

  • An Agreement to create mortgage, Power of Attorney in the favor of the bank authorizing the bank to create an equitable mortgage on the borrower’s behalf.

  • Bank deposit receipts, LIC policies and the security obtained in the interim period will be released after receipt of the title deeds, then the other bank and creation of a valid equitable mortgage subsequent to verification of the borrower’s title to the property.

  • KYC documents and other required loan documents.

The pre-payment penalty is funded and the total loan amount will be determined on the basis of eligibility criteria.