In a good news for new borrowers, the State Bank of India (SBI) on Saturday said it will waive processing fees for home loans taken till August 31.
The country's largest lender currently charges 0.40 per cent processing fees for home loans.
The limited period offer -- Monsoon Dhamaka Offer -- will help revive consumer sentiments as customers can gain substantially from it, the bank said in a release.
"There could not be a better time to buy a house, considering SBI home loan interest rates start at just 6.70 per cent," the release said, adding that the Monsoon Dhamaka Offer will end on August 31.
"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. We strive to be a banker to every Indian and thereby, be partners in nation building," SBI MD (Retail and Digital Banking) C S Setty was quoted as saying in the release.
The bank will also offer a concession of 5 basis points (bps) for home loans application through its one stop YONO App. Besides, women borrowers will be eligible for an additional concession of 5 bps on loan rate.
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