State Bank of India Waives Off Processing Fee On Home Loans Till This Date

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.

“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. S-NDTV

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