Housing loans at SBI can be availed for a maximum tenure of 30 years. The rates are also very low but if your home loan is with any other lender and you want to transfer it to SBI, you can surely do it. There is a minimal charge for this. SBI home loan interest rate calculator can be used to check how much loan amount is remaining.

The balance transfer can be done in two cases - from other bank or from base Rate linked loan to MCLR linked loan. The process is simple at SBI home loan and the rates are very low. But, just like you a normal housing loan, you have to submit documents at the bank. In this article, we have given the list of documents you need to have and an example showing how much will you save if you transfer your home loan to SBI.

SBI Home Loan Documents

The list of documents required at the loan application are as follows:

For Salaried:

  • Duly filled loan application

  • 3 recent passport size photographs

  • Identity proof (Voter ID card/Passport/ Driving license/IT PAN Card)

  • Residential proof (photocopy of recent electricity bill/telephone bill/property tax receipt)

  • Proof of business address for non-salaried individuals

  • Bank statement/Pass Book of last three month

  • Signature identification from present bankers

  • Personal Assets and liabilities statements

  • Original salary certificate from employer

  • TDS certificate on Form 16 of IT return for last two financial years, duly acknowledged by IT department

For Self-employed:

  • Duly filled loan application

  • 3 recent passport size photographs

  • Identity proof (Voter ID card/Passport/ Driving license/IT PAN Card)

  • Residential proof (photocopy of recent electricity bill/telephone bill/property tax receipt)

  • Proof of business address for non-salaried individuals

  • Bank statement/Pass Book of last three month

  • Signature identification from present bankers

  • Personal Assets and liabilities statements

  • Acknowledged copies of three years IT return/Assessment orders

  • Photocopies of challans evidencing payment of Advance Income Tax

SBI Home Loan Interest Calculator

Let us take an example that your existing home loan is of the loan amount ₹40 lakhs for the tenure of 25 years and interest rate of 9.50% p.a. You are paying as shown below.

EMI: ₹34,948

Total interest outgo: ₹64,84,360

Total amount: ₹1,04,84,360

If you transfer the loan after 5 years, your remaining loan amount will be ₹37,49,243. This amount will be your new amount for which you will apply at SBI. So, if your documentation is proper and you get the approval for 8.50% per annum (which is the lowest home loan interest rate at present), your payments will be:

EMI: ₹32,537

Total interest outgo: ₹40,59,589

Total amount: ₹78,08,832

How can you convert SBI Maxgain home loan to SBI Term Loan?

Now you can opt for one time conversion of existing Maxgain Account (Home Loan) to Term Loan Account by submitting option letter at Home branch/RACPC. For this, you will have to pay conversion charges of 2000/-.

Published by Zachary McGavin