No processing fee on home loans by SBI till 31 August

Aug 1: State Bank of India (SBI) on 31 July said the lender has waived the processing fees on home loans till August 31. There will be a 5 bps (0.05 percentage) concession for a home loan applied through YONO App, the lender said, adding, women borrowers are eligible for a 5 bps concession. One bps is one hundredth of a percentage point. Normally, SBI charges 0.4% as processing fee from home loan consumers.

SBI said it is the bank’s limited period ‘Monsoon Dhamaka Offer’, through which a home loan customer can gain substantially. The state-owned lender said the offer will help revive the consumer sentiments. “There could not be a better time to buy a house, considering SBI home loan interest rates start at just 6.70 per cent,” SBI said in a release. The Monsoon Dhamaka Offer is for a limited period ending on 31st August 2021, SBI said.