SBI offers home loans at 6.7%, zero processing fee in a limited period offer
- SBI also said that the processing fee waiver and interest concession in the loan amount are subject to the CIBIL score of the loan applicant.
The State Bank of India (SBI) in a limited period offer on home loans has announced interest concession of up to 70 basis points (bps) with interest rates starting from 6.7% along with a 100% waiver on loan processing charges till March 31. SBI also said that the processing fee waiver and interest concession in the loan amount are subject to the CIBIL score of the loan applicant.
The home loan interest rates for loans up to ₹75 lakh start at 6.7% and 6.75% for loans above ₹75 lakh, the country’s largest lender said. The bank said in a release said it believes that customers who have a good credit score and better repayment history should get accessed to better rates. For those who want to avail the home loan, they can apply for the home loan from the bank’s YONO app. Customers can also go to the bank’s website to apply for home loans.
The announcement from the largest mortgage lender in the country comes after it had signed a Memorandum of Understanding (MoU) with Shapoorji Pallonji Real Estate on Thursday to enable the processing of home loans, approvals and to provide other benefits at a faster pace. Hence, people buying houses under approved projects of Shapoorji Pallonji Real Estate will get the home loans processed slightly faster, according to a PTI report.
‘We sanction home loans in five days in all our approved projects, which is the key benefit for the customers apart from complete waiver of legal and valuation charges,” Shreekant, SBI’s head and chief general manager of the real estate and housing business unit said while outlining that the collaboration between the two will ‘create win-win business opportunities for all stakeholders.’
SBI chairman Dinesh Khara said that the bank will look forward to more builder tie-ups to reduce the turnaround time of home loans. He said that the bank is targeting to reduce the turnaround time for approving home loans to five days as against 12 days.
Along with regular home loans for buyers, it also hosts SBI Privilege Home Loan for employees from the government sector, SBI Shaurya Home Loan for army personnel and defence officials, SBI MaxGain Home Loan, SBI Smart Home, Top-up Loan for existing customers of the SBI, SBI NRI Home Loan, SBI FlexiPay Home Loan for loans of higher amounts and SBI HerGhar Home Loan for women.