Loan customers may think the possibility of transferring the loan to more customer-friendly bank, sometimes, reasoning better interest rate, relaxation of fine imposing etc. When they think about taking a loan, there may not have studied various bank’s terms, conditions, policies.
After starting repayment of some installments, they would have learned about their bank’s merits and demerits. If another bank has a better offer, they can transfer a loan to another bank, if the current bank allows and economically beneficial.
This documentation is applicable not only to SBI but almost all banks functioning in India. Though the list is considered as a general requirement, slight variation/addition are applicable depending on the nature and type of banks.
1. Original Sanction letter of the financier.
2. A/c statement of the financier for the entire tenure of the loan.
3. Copy of title papers in the name of the applicant.
4. Possession certificate –where the house is complete and repayment has started.
5. Detail of interim security (preferably fixed deposit of relatives or friends equivalent to loan amount).
6. Foreclosure letter.
7. List of documents held by the financing institute.
8. Letter undertaking to issue NOC, from the current lender bank/financier.
9. Project cost will be sale deed + stamp paper + prepayment penalty.
OTHER: Cheque for NEC / Valuation / IT verification fee and processing fee.