India's leading public sector bank, State Bank of India (SBI) has announced a new offer for its customers. In its latest announcement, bank stated that it will waive off processing fee on home loans till 31 August 2021.
The processing fee waiver comes as a part of SBI's 'Monsoon Dhamaka' offer. According to SBI, the offer will help revive the consumer sentiments, reported PTI.
Processing fee is the amount which the customers have to pay when they avail the home loan. Currently, SBI charges a processing fee of 0.40 percent on home loans.
The bank further added that "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 will additionally give further concession of 5 bps/basis points (0.05 percent) if the customers apply for home loans through bank's digital banking platform YONO app. Moreover, women borrowers will also be eligible for 5 basis points (0.05 percent) concession on the loan rate, reported PTI.
C S Setty, MD (Retail & Digital Banking), SBI, said that as the interest rate is at its historic low, this processing fee waiver offer will facilitate and encourage home buyers to take decision with ease. "We strive to be a banker to every Indian and thereby, be partners in nation building," he added.