Change my home loan

[Shikha Sharma]

Dear Sir

I want to change my home loan from HDFC Bank to SBI....does anyone know the process. Please let me know.

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[PolicyWala]

Transfer of Loan Procedure -

1. Apply for Account Statement, Foreclosure and list of docs statements from HDFC
2. Get 6 monts bank a/c statement, ID proof, 3 months Salary slips
3. Talk EC for 30 years, Registration docs
4. Go with the docs to SBI branch (contact branch in your city) ask for RACPC
5. Anyone in SBI - RACPC Office (For SBI Home Loans this office keeps the
records and does the disbursals) could help you.

The Documentation is common for any loan transfer, I have taken loan from ICICI Bank.

[Shikha Sharma]

HDFC informed that penalty charges at the rate of 3% (along with Service Tax and educational cess on ST) will have to be paid by me if I am transferring the loan to another bank. Is it reasonable?

[PolicyWala]

HDFC informed that penalty charges at the rate of 3% (along with Service Tax and educational cess on ST) will have to be paid by me if I am transferring the loan to another bank. Is it reasonable?

These are pre-payment charges. Pls check terms and conditions of the loan.