State Bank of India (SBI) has waived off 100% processing fee on home loans till August 31, 2021. This comes as a special bonus for new home loan borrowers.
Currently, the processing fee on SBI Home Loans is 0.40 per cent of the sanctioned loan amount. Thus, a customer stands to save flat Rs 20,000 on a home loan of Rs 50 Lakh.
SBI in its press release said that the 'Monsoon Dhamaka Offer' is for limited period and ends on 31st August 2021. It will benefit the home loan borrowers substantially and revive the consumer sentiments.
SBI said: There could not be a better time to buy a house, considering SBI Home Loan Interest Rates start at just 6.70 per cent.
C.S. Setty, Managing Director of SBI added, with historically low home loan interest rate the waiver on processing fee will further facilitate consumers and encourage the home buyers to take decision with ease.
Furthermore, the largest public sector lender in the country is also offering 0.05 % concession (interest rate discount) to home loan applications sourced digitally through YONO App. The women applicants get another 0.05% rate concession on SBI Home Loans.
The bank had offered a similar processing fee waiver offer in September 2020 as well.