State Bank of India (SBI) is offering a 50% waiver on the processing fee for home loans. This waiver is applicable to all variants of home loans and top-up loans, with a minimum waiver of Rs 2,000 and a maximum of Rs 5,000 plus applicable GST.
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New Delhi: In a major relief for those who are planning to take home loan from the State Bank of India, the largest public sector bank is offering a 50% to 100% waiver on processing fees for home loans. This concession is applicable to all types of home loans, including regular home loans, flexipay loans, NRI loans, non-salaried loans, privilege loans, and Apon Ghar loans. The offer is valid until August 31, 2023, the Economic Times reported.
Upto Rs 5,000 Waivers Available
The State Bank of India (SBI) is offering a 50% waiver on the processing fee for home loans. This waiver is applicable to all variants of home loans and top-up loans, with a minimum waiver of Rs 2,000 and a maximum of Rs 5,000 plus applicable GST. There is a 100% waiver on the processing fee for takeovers, resales, and ready-to-move-in properties. However, there is no processing fee waiver for Insta Home Top Up, Reverse Mortgage, or EMD.
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What’s Processing Fee That Banks Charge
The processing fee is a one-time charge that is paid to the bank when you take out a home loan. It covers the costs associated with processing your loan application, such as documentation, appraisal, and legal fees. The amount of the processing fee varies depending on the bank and the type of loan you are taking out, the report said.
The SBI’s processing fee waiver is a good opportunity to save money on your home loan. If you are considering taking out a home loan, I recommend that you contact your local SBI branch to learn more about this offer.
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Important Points To Note About SBI Home Loan Concession:
- For home loan takeovers, resales, and ready-to-move-in properties, there is an additional 20 basis points (bps) concession over the previously suggested rates for CIBIL scores of 700 and above.
- There is a 5 bps reduction from the previously specified recommended rates for projects including builder tie-ups.
- There is an additional 10 bps concession over the previously indicated suggested rates for Shaurya and Shaurya Flexi products.
- The campaign rates indicated above also include a 5 bps discount for female borrowers and a 5 bps discount for those who have Privilege and Apon Ghar salary accounts.
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