State Bank of India has come up with a host of special offers for new Home Loan borrowers ahead of festival season. The customers can enjoy 100% processing fee-waiver along with concession on interest rate and loan quantum. Besides special concession is also announced for those who apply through YONO App & have a good credit score.
Already interest rates on Home Loans are at the lowest mark and SBI Home Loans typically range from 6.95% to 7.45% p.a. for salaried individuals and between 7.10% to 7.60% p.a. for self-employed borrowers. After applying the special festival offer, the Home Loan customer will able to lock-in up to 15 bps lower than regular rate. Furthermore, waiving of processing fees will save up to 0.50% of the loan amount.
Thus not only the new housing finance customers but also the ones who want to transfer their existing Home Loans with other banks to SBI EBLR Home Loan stand to enjoy the festival offer by SBI.
Besides as we know the property prices for both residential as well as commercial properties have reduced by at least 15-20% across the country since the beginning of this year. Thus, it is the golden time to purchase a home or commercial property for self use.
Now let’s take a quick snapshot at SBI Home Loan Festival Offer 2020:
Under this offer SBI has waived off processing fee on Home Loan.
So the saving will be up to 0.5% of Loan amount and GST. For example- on Rs 75 Lakh of Home Loan you will save up to Rs 35400.
If your credit score is above 700 points you stand a chance to save up to 10 bps on Home Loan. The offer is only for loans above Rs 30 Lakh and up to 1 crore.
You can save around 1.6 Lakh on a 30 Year loan of Rs 75 Lakh for 30 years on concession of 10 bps.
Furthermore, the lender has also come up with loan amount concession. This will make you eligible for more amount than before.
If you apply through YONO app you can save 5 bps further i.e. more saving of up to Rs 80000 on loan up to 75 Lakh.
Clearly applying for a Home Loan has multiple benefits now-
1) Up to 20% saving in real estate cost.
2) Up to 2.5 Lakhs of savings in Home Loan cost.
This is certainly a festival bonanza for SBI Home Loan Customers.