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SBI Corporate Website Personal Banking Personal Finance Home Loans Takeover Of Home Loans

SBI-Quick-Links TAKEOVER OF HOME LOANS Internet Banking

Quick Links 1. Whether Home Loan can be taken over from the following Institutions?
PRODUCTS / SERVICES Scheduled Commercial Banks (SCBs);
Private and Foreign Banks;
Select Services
Housing Finance Companies (HFCs) registered with National Housing Bank (NHB); OnlineSBI : Internet
LOCATORS Banking Pay Your Utility
Borrowers employers if they are Central/State Govts. or their undertakings or Public Sector
Bill 24 X 7!
Undertakings,
HOME
Yes. subject to the following:-
Personal Banking
Borrower should satisfy the eligibility criteria for availing Home Loan as per the Banks instructions. Personal Banking
Deposit Schemes
The borrower should have serviced interest and/or instalment of the existing loan regularly, as per
Personal Finance
the original terms of sanction.
Home Loans
The borrower has valid documents evidencing the title to the house/flat.
Products
Features
2. Whether take over with sanction of Higher Loan Amount & extended Repayment
Fees Period is possible?
Interest Rates Yes.Based on the merits of the case and requirements/ eligibility of the borrower, the Bank may
Repayment sanction an amount higher than the amount taken over from other bank/ financial institution for
Documents purposes of renovation/ extension/ furnishings. Similarly extended repayment period may be
Most Important Terms sanctioned provided that at all times the criteria regarding maximum permissible finance and security
Conditions margin under the Bank's scheme are not diluted.
Home Loans Application 3. What is the procedure for Take Over?
Form
The borrower should address a letter to the bank/ financial institution from whom he has availed the
List Of Approved Projects
loan asking them to deliver, immediately upon receipt of the loan amount, the title deeds and other
SBI Group Personal
Personal Agricultural
securities, if any,NRI International
direct to our lending branch; SME
Corporate
Accident
Banking / Rural Services Banking Banking Services
Takeover Of Home Loans The borrower should give to the branch a request letter for paying to his existing lending bank /
financial institution the outstanding amount of his loan by debit to his loan account;
Her Ghar (Home Loan For
Women) At Concessional The borrower must give an advice of the actual outstandings (with up-to-date interest) in the loan
Interest Rate account from the other bank/ financial institutions;
Loan For Earnest Money
the statement of Account for the entire period of loan or for the last 10/12 months where the loan
Deposit
has run for a longer period;
Tribal Plus Scheme
Confirmation letter from the financing Bank that they have created an equitable mortgage over the
Auto Loans property.
Education Loans
Personal Loans 4. What are the documents required for availing the loan?
Loans Against Securities Disbursal must be effected only subject to the above information being found satisfactory and
Loans Against Property completion of formalities as regards
Timelines For Conveying Agreement to create Mortgage,
Credit Decisions
Power of Attorney in the favor of the Bank authorizing the Bank to create equitable mortgage on the
Interest Rates
borrowers behalf.
Services Interim security (Ex: Bank Deposit Receipts, LIC Policies, etc) and the security obtained in the
Gold Banking interim period will be released after receipt of the title deeds then the other Bank and creation of a
SBI PAY valid equitable mortgage subsequent to verification of the borrower's title to the property.
NETC Fast Tag Required loan documents.
Aadhaar Seeding
5. Whether Pre-payment penalty is funded?
Yes. Total loan quantum, will however, continue to be determined by eligibility criteria based on income,
EMI/NMI ratio, LTV ratio etc. applicable to Home Loans scheme.

6. Whether takeover of Home Loan with Top up loan is permitted?

Yes. Home Loan with top up loan can be taken over subject to Maximum LTV of 75 % and fulfillment of
other terms and conditions of takeover. Processing fees for such takeover has been waived as part of a
limited period offer until 30.09.2015.

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