Shifting of home loans easier: SBI

By Accommodation Times Bureau

State Bank of India (SBI) said, to be the biggest lender has now made easier for home loans of other bank to fleetly flow into their pockets.

An issue circulated in the branches has given the margins for switchover loans, or loans that customers have already taken from other banks and wish to switch to SBI. Banks commonly does not handle over title deeds whenever a customer wants to change. A customer then needs to submit third-party guarantee or any other security until the banks transfers the title deeds which generally takes months.

Senior officials, SBI said, ‘’there has been some modifications done in the take over norms. Discretion has been given to some senior officer and regional managers to waive the stipulation of the interim security’’. There has to be a gap of at least two years from the date of first disbursal, the housing projects should be complete and the conduct of the account should be nice.

Recently SBI waived of 50% processing fees and offering home loans up to Rs.30 lakh at 10%. By this very move officer said that demand for the home loans has been doubled.

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