SBI announces home loan at 0% processing fees till August 31

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Home Loan by SBI (Image: Pixabay)
Home Loan by SBI (Image: Pixabay)

Mumbai : To attract home buyers, State Bank of India has announced home loans with zero percent processing fees till August 31. SBI is the bank which is already offering home loans at the minimum interest rates.

“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 buyers applying loan through SBI Yono app will also get additional discount of 0.05% on home loans. A statement from SBI also added that women borrowers will also be able to vail 0.05% concession on the loan rate.

The SBI mentioned that it can be the best time to get a home loan as the interest rates are as low as 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%.