Bought flat? Borrowed home loan? Paying heavy interest on the borrowed amount? Want to do balance transfer of your existing home loan to SBI to save money for future? Saying yes to all these questions? Then here is something you must know. India's largest lender, State Bank of India (SBI), on its home loans website, https://homeloans.sbi/, says, "Switch your Home Loan to SBI and Save Big!"

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"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 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," says SBI home loans website.

Here are top things to know if you want to do balance transfer of your existing home loan to SBI to save money for future:-

SBI Balance Transfer of Home Loan: Features

Low Interest Rates
No Hidden Charges
No Pre Payment Penalty
Interest charges on Daily Reducing Balance
Home Loan Available as Overdraft
Interest Concession for Women Borrowers

SBI Balance Transfer of Home Loan: Eligibility

Resident Type: Resident Indian
Minimum Age: 18 years
Maximum Age: 70 years
Extended Loan Tenure.
Loan Amount: Click Here - https://onlineapply.sbi.co.in/personal-banking/home-loan?se=SBI-Microsit...

SBI Balance Transfer of Home Loan: Interest Rates & Fees

Click here to view the Interest Rates: https://homeloans.sbi/downloads/INTEREST%20RATE%20W.E.F%20FROM%2001.01.2...

*Interest rate will vary as per the risk score of the customer

** Based on LTV of the Customer

Consolidated Processing Fee structure (including Advocate Fee and Valuer Fees) will be as under:

“0.40% of the loan amount plus applicable GST subject to a minimum of Rs 10000/- and maximum of Rs 30000/- plus GST.

However, for builder tie up projects where individual TIR and Valuation Is not required: 0.40% of loan amount subject to max. recovery of Rs. 10000/- plus applicable tax.

And, if TIR and Valuation is required, then normal charge as mentioned above will be applicable.

Documents Required: Documents Required

List of papers/ documents applicable to all applicants:

Employer Identity Card
Loan Application: Completed Loan Application form duly filled with 3 Passport size photographs
Proof of Identity (Any one): PAN/ Passport/ Driver’s License/ Voter ID card
Proof of Residence/ Address (Any one): Recent copy of Telephone Bill/ Electricity Bill/Water Bill/Piped Gas Bill or copy of Passport/ Driving License/Aadhar Card
Property Papers:

NOC from Society/Builder
Registered agreement for sale
Occupancy Certificate
Share Certificate(only for Maharastra), Maintenance Bill, Electricity Bill, property tax receipt
Chain of all old Agreements for sale
Account Statement:

Last 6 months Bank Account Statements for all Bank Accounts held by the applicant/s
Income Proof for Salaried Applicant/ Co-applicant/ Guarantor:

Salary Slip or Salary Certificate of last 3 months
Copy of Form 16 for last 2 years or copy of IT Returns for last 2 financial years, acknowledged by IT Dept.
Income Proof for Non-Salaried Applicant/ Co-applicant/ Guarantor:

Business address proof
IT returns for last 3 years
Balance Sheet & Profit & loss A/c for last 3 years
Business Licence Details(or equivalent)
TDS Certificate (Form 16A, if applicable)
Certificate of qualification (for C.A./ Doctor and other professionals)
Documents from the other Bank:

List of original documents held at Bank
Loan a/c statement for the past one year
Sanction Letter
Interim Period Security

"SBI Home Loans is the largest Mortgage Lender in India, which has helped over 30 lakh families to achieve the dream of owning a home," says the website.