Good News For Home Buyers: With SBI’s Monsoon Dhamaka Offer, You Can Get Home Loan at 0% Processing Fee Till August 31 | Earth Indian

SBI Home Loan Offer: Here comes a piece of wonderful news for the home buyers at this pandemic time. The State Bank of India (SBI) on Saturday has announced a special ‘Monsoon Dhamaka’ offer to its customers in which homebuyers can avail loans without any processing fee till August 31. SBI is already offering one of the lowest interest rates on its home loans.

“It’s raining offers for new homebuyers! Apply for a home loan with NIL processing fee. What are you waiting for?” SBI’s official Twitter handle informed.

In the meantime, CS Setty, MD (R&DB), SBI said, “We are pleased to announce the Monsoon Dhamaka offer for our prospective home loan customers. 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.”

The SBI in a statement said that there will be a concession of 0.05% on home loans for buyers applying through SBI’s YONO app. It also added that women borrowers will also be able to vail 0.05% concession on the loan rate.

When people go for any home loan, they have to pay a processing fee at the time of taking the loan. However, at present, 0.40% of home loan is deposited as the processing fee in several banks.

In a statement, the SBI said that there could not be a better time to purchase a house, considering that the bank’s interest rates for home loan start at just 6.70%.

Earlier, the State Bank of India (SBI) used to charge 0.40% per cent of the home loan as processing fees. However, the customers won’t have to pay any processing fees now for loans taken on or before August 31.

It must be noted that other banks such as HDFC Bank, ICICI Bank and LIC HFL, among other lenders, charge processing fee anywhere between 0.5% to 1.25%.




By Shivam Urkude || Earth Indian

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