The country’s largest lender, the State Bank of India (SBI), announced on Saturday that it would waive its home loan processing fees until the end of August.
Currently, the processing fee for home loans is 0.40 percent.
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SBI said it is the limited period of the bank ‘Monsoon Dhamaka Offer’ which allows a home loan customer to benefit significantly. The state-owned lender said the offer will revive consumer confidence.
“There couldn’t be a better time to buy a home, given that SBI home loan interest rates start at just 6.70 percent,” SBI said in a release. The Monsoon Dhamaka offering is for a limited period ending August 31, 2021, SBI said.
“We believe this processing fee waiver offer will facilitate and encourage home buyers to make decisions with ease as interest rates are at historic lows. We aspire to be a banker to every Indian and thereby partners in building of a nation,” CS Setty, MD (Retail & Digital Banking), said SBI.
There will be a compensation of 5 basis points (0.05 percent) for home loans applied for via the bank’s one-stop YONO app. Female borrowers are eligible for a compensation of 0.05 percent (5 basis points/bps) on the loan interest.
(Only the headline and image of this report may have been reworked by Business Standard staff; the rest of the content was automatically generated from a syndicated feed.)