Homebuyers hurry up! You can transfer your home loan at SBI with no processing fees; offer valid only this month

The State Bank of India (SBI) has been introducing various benefits to its customers in regards to their loans especially home loans. In almost every individuals checklist of dreams, one most likely includes a house of their own.In a major good news to homebuyers, SBI has now launched a new offer, where it is allowing homebuyers who have taken loan from other banks, to shift this loan with them at no processing fees. Simply put, there will be zero processing fees on your home loan transfer to SBI, and not only this you will also enjoy low interest rate benefit. This does makes your EMIs cheap. 

However, the offer is valid only till this month, which means if you plan to transfer loan at SBI then you have to do so before February 28,2019.

SBI via its twitter account said, "Switch to a loan that brings joy! Transfer your Home Loan to SBI at ZERO processing fees. Offer valid till 28th February, 2019."

Switch to a loan that brings joy! Transfer your Home Loan to SBI at ZERO processing fees. Offer valid till 28th February, 2019. Apply now: https://t.co/9q6lk5wWA4 #StateBankOfIndia #SBI #Banking #Home #HomeLoan #HappyHomes #SBIHomeLoans #TakeoverHomeLoan pic.twitter.com/55LYXr3Ejl

— State Bank of India (@TheOfficialSBI) February 2, 2019

There is a scheme called balance transfer of home loan, which SBI offers for other banks homebuyers. 

SBI offers Balance Transfer of home loan that enables a customer to transfer home loan from Scheduled Commercial Banks (SCBs), Private and Foreign Banks, Housing Finance Companies (HFCs) registered with National Housing Bank (NHB) and Borrower’s employers if they are Central/State Govt or their undertakings or Public Sector Undertaking.

This is subject to condition that the borrower should satisfy the eligibility criteria for availing Home Loan as per the Bank's instruction and has 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.

Interest rates offered by SBI to government employees are mentioned below:

Features of SBI Privilege Home loans are: 

• Low Interest Rates
• Zero Processing Fee
• No Hidden Charges
• No Pre Payment Penalty
• Interest charges on Daily Reducing Balance
• Repayment up to 30 years
• Interest Concession for Women Borrowers
• Interest Concession in case Check Off is provided

Eligibility: 

• Resident Type: Resident Indian
• Minimum Age: 18 years
• Maximum Age: 75 years
• Loan Tenure: up to 30 years.