State Bank of India (SBI) on Saturday announced a special "Monsoon Dhamaka" offer for its customers under which homebuyers will be able to avail loans without any processing fee till August 31. "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.
Additionally, there will be a concession of 0.05% on home loans for buyers applying through SBI's YONO app. Women borrowers, too, will be eligible for 0.05% concession on the loan rate.
Processing fee is the loan fee which has to be paid at the time of taking the loan. At present, 0.40% of home loan is deposited as the processing fee.
In a statement, the country's largest lender described its offer as one through which a home loan customer can gain "substantially," adding that it would "help revive the consumer sentiments." The statement also noted 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%.
{{/usCountry}}In a statement, the country's largest lender described its offer as one through which a home loan customer can gain "substantially," adding that it would "help revive the consumer sentiments." The statement also noted 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%.
{{/usCountry}}CS Setty, SBI's Managing Director (Retail and Digital Banking) pointed that the interest rate is at its "historic low." Setty said, "We believe that this waiver will facilitate and encourage homebuyers to take decisions with ease. We strive to be a banker for every Indian, and, thus, be partners in nation building."
More details can be accessed through sbiyono.sbi.
(With PTI inputs)