Now Transfer Your Home Loan To SBI At Zero Processing Fees

Do you have a Home Loan with any bank or housing finance company at higher interest? If yes, then it may be a good opportunity for you to transfer your existing home loan to State Bank of India, as the country's biggest lender is charging zero processing fee on home loan takeover till June 30, 2017. Even you can get higher than the amount currently outstanding in your home loan from SBI if you match their eligibility criteria, the state-owned lender said in its website. .Here are the details you need to know: Home Loan can be taken over from the following Institutions: Scheduled Commercial Banks (SCBs),Private and Foreign Banks, Housing Finance Companies (HFCs) registered with National Housing Bank (NHB), Borrower's employers if they are Central/State Governments or their undertakings or Public Sector Undertakings. Criteria The borrower should have serviced interest and/or installment of the existing loan regularly, as per the original terms of sanction. The borrower should have valid documents evidencing the title to the house/flat. Whether take over with sanction of Higher Loan Amount & extended Repayment Period is possible? Yes. Based on the merits of the case and requirements/ eligibility of the borrower, the Bank may sanction an amount higher than the amount taken over from other bank/ financial institution for purposes of renovation/ extension/ furnishings. Similarly extended repayment period may be sanctioned provided that at all times the criteria regarding maximum permissible finance and security margin under the Bank's scheme are not diluted. What is the procedure for Take Over? 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 our lending branch; 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. The borrower must give an advice of the actual outstandings (with up-to-date interest) in the loan account from the other bank/ financial institutions; the statement of Account for the entire period of loan or for the last 10/12 months where the loan has run for a longer period; Confirmation letter from the financing Bank that they have created an equitable mortgage over the property. Documents required for availing the loan: Disbursal must be effected only subject to the above information being found satisfactory and completion of formalities as regards Agreement to create Mortgage, Power of Attorney in the favor of the Bank authorizing the Bank to create equitable mortgage on the borrower's behalf. Interim security (Ex: Bank Deposit Receipts, LIC Policies, etc) 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. Required loan documents. 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. Whether takeover of Home Loan with Top up loan is permitted?

Now Transfer Your Home Loan To SBI At Zero Processing Fees

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