State Bank of India (SBI) - the country's largest lender today announced a 100 per cent waiver on processing fees on home loans in a special limited period offer ending August 31, 2021. The complete waiver is a major reduction from the existing processing fee of 0.40 per cent for home loan customers, according to a statement shared by the bank on Saturday, July 31. The SBI home loan interest rates start at 6.70 per cent.
There will be a concession of five bps (0.05 percentage) for home loans applied through the State Bank of India's YONO mobile app. Women borrowers will be eligible for concession of 0.05 percentage (five basis points/bps) on the loan rate, according to SBI. (Also Read: State Bank Of India Branch Inaugurated At Rashtrapati Bhavan )
"We believe this offer of processing fee waiver will facilitate and encourage home buyers to take decision with ease, as interest rate is at its historic low,'' said C.S. Setty, MD (R&DB), State Bank of India.
Earlier this year, the bank announced the reduction on its interest rates on home loans from 6.95 per cent to 6.70 per cent, and said that women borrowers are eligible to receive a special concession of five basis points. (Also Read: State Bank Of India Cuts Home Loan Interest Rates To 6.70% )
Last week, SBI opened a new branch within the premises of the Rashtrapati Bhavan - the first branch of the state-owned lender in the President's Estate. President Ram Nath Kovind who inaugurated the opening of the branch in the presence of First Lady Savita Kovind and Finance Minister Nirmala Sitharaman - was the first customer of the branch.
On Friday, July 30, shares of State Bank of India settled 2.28 per cent lower at Rs 431.70 apiece on the BSE.