The country’s largest lender, the State Bank of India (SBI), on Saturday announced the removal of mortgage processing fees until the end of August.
Currently, the mortgage processing fee is 0.40%.
SBI said it was the bank’s time-limited “Dhamaka Monsoon Offer” that a home loan customer can earn significantly. The public lender said the offer would help rekindle consumer sentiment.
“There couldn’t be a better time to buy a home, given that interest rates on SBI home loans start at just 6.70%,” the SBI said in a statement. The Monsoon Dhamaka offer is for a limited period ending August 31, 2021, SBI said.
“We believe this offer of waiver of processing fees will make it easier and more encouraging for homebuyers to make a decision with ease, as the interest rate is at an all-time low. We strive to be a banker for every Indian and, therefore, to be partners in nation building, “CS Setty, MD (Retail & Digital Banking), said SBI.
There will be a 5 basis point (0.05 percent) concession for home loans applied through the bank’s unique YONO app. Female borrowers will be eligible for a 0.05% (5 basis points / bp) concession on the loan rate.
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