A Takeover Loan for Home Loan Borrowers to Help Consolidate Their Debts.

A loan scheme for the balance of transfer of your existing housing loan to SBI.

State Bank of India Balance of Transfer Home Loan

This loan scheme helps people looking for a relatively low-interest home loan transfer their home loan from private banks, other public-sector banks, foreign banks, Non-Banking Financial Companies (NBFCs), Housing Finance Companies (HFCs), etc. to SBI. Only the employees of central government, state government, other government undertakings and Public Sector Units are eligible for this loan scheme.

Features of SBI Balance of Transfer Home Loan

Why this Loan?

  • The State Bank of India Balance of Transfer Home Loan is meant for housing loan borrowers of other banks, NBFCs and HFCs who want to transfer their housing loan to State Bank of India. This scheme can help reduce the debt burden on the borrower, thereby acting as a consolidation loan, if the borrower gets better terms such as a lower interest rate on the new loan
  • There are no pre-payment charges on this loan

Loan Amount & Repayment Period

  • The maximum loan amount sanctioned under this loan and the repayment period are decided by the bank on a case-to-case basis


  • The interest rate for this loan is defined as the sum of two factors: External Benchmark based Rate (EBR) and Spread. As of October 2020, the applicable interest rate ranges from 7.00% to 7.70%

Security Needed

  • The bank may ask for the first charge of property financed by the bank

Margin Money (Borrowers Contribution to Total Cost)

  • As of October 2020, this information is not mentioned on the bank’s website. Please talk to a bank representative if you want more details

Note: Margin money refers to the amount the borrower contributes to the overall amount required. The bank will cover the rest. So, if the total amount needed is Rs. 20 lakh, a 20% margin means you will have to contribute Rs. 4 lakh. The bank will provide the balance of Rs. 16 lakh.

Processing Charges

  • The bank charges up to 0.40% of the total loan amount up to Rs. 30,000 for processing this loan

Documents Needed

  • Loan Application Form duly filled and signed by the applicant and co-applicant, if any
  • Two Passport Size Photographs of applicant and co-applicant
  • Personal ID Proof: Aadhaar Card, PAN Card, Passport or Driving License. PAN Card / PAN Card Issuing Letter is must
  • Signature Proof: PAN Card, Banker’s Verification, Driving License or Passport
  • Residential Address Proof (Any One): Aadhaar Card, Electricity Bill, Post-paid Phone Bill, Valid Rent Agreement
  • Income/Banking Proof for Salaried Professionals: Last 3 months’ salary slip, Form 16 or income tax returns

Reference Facts

  • State Bank of India Website: www.sbi.co.in and www.onlinesbi.com (net banking)
  • Headquarters: Mumbai, Maharashtra
  • Call Centre Toll-Free Number: 1800 11 2211, 1800 425 3800