The State Bank of India (SBI) on Saturday has announced good news for the new borrowers, who wish to avail home loans.
Rolling out its limited period offer, Monsoon Dhamaka Offer, the SBI has decided to waive processing fee on home loans till August 31.
SBI, the country’s largest lender currently charges 0.40 percent processing fees for home loans. However, the interest on these home loans will be 6.70%, said the bank.
Notably, the move of SBI will help revive consumer sentiments as customers can gain substantially from it.
"There could not be a better time to buy a house, considering SBI home loan interest rates start at just 6.70 percent," the release said, adding that the Monsoon Dhamaka Offer will end on August 31.
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"We believe this offer of processing fee waiver will facilitate and encourage home buyers to take decision with ease, as the interest rate is at its historic low. We strive to be a banker to every Indian and thereby, be partners in nation-building," SBI MD (Retail and Digital Banking) C S Setty was quoted as saying in the release.
Apart from this, the bank will also offer a concession of 5 basis points (bps) for home loans application through its one-stop YONO App. Besides, women borrowers will be eligible for an additional concession of 5 bps on the loan rate.