This huge bank waives off processing fee for home loans for Aug
New Delhi: There is good news for those who are looking to avail home loans soon. The largest bank of the country State Bank of India has waived off the processing fee on home loans till 31 August, 2021. Additionally, the bank will give a 5 basis points concession for home loans applied through its ‘YONO’ Mobile App.
The women borrowers of home loans will be eligible for another 5 basis points concession on interest rate, the bank said in a statement.
The processing fee for home loans is otherwise 0.40 percent. The bank’s interest rates for home loans start at 6.70 percent.
Considering significant competition among the banks to woo home buyers for loans, other banks may follow suit. SBI had let go of processing fees in September 2020 also.
SBI’s offer of processing fee waiver will facilitate and encourage home buyers to take decisions with ease, as interest rate is at its historic low," said C S Setty, MD, SBI.