The State Bank of India (SBI) on Saturday announced a Monsoon Dhamaka Offer with a 100 per cent waiver on processing fees on home loans. This is a significant reduction from the existing processing fees of 0.4 per cent.
The Monsoon Dhamaka Offer is for a limited period ending August 31. A home loan customer stands to gain substantially through this limited-period offer. The state-owned lender said the offer will help revive consumer sentiments.
SBI also announced a 5 bps (0.05 per cent) concession for home loans applied through YONO App under the offer. Moreover, women borrowers will be eligible for a concession of 0.05 percentage (5 basis points/bps) on the loan rate.
"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 interest rate is at its historic low. We strive to be a banker to every Indian and thereby, be partners in nation building," C S Setty, MD (Retail &Digital Banking), SBI said.
SBI has always been at the forefront by bringing out various offers from time to time. It is the largest commercial bank in terms of assets, deposits, branches, customers, and employees, and is also the largest mortgage lender in the country.
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