The State Bank of India is offering up to 100% waiver on processing fees on home loans. This is a special monsoon offer and is valid for a limited period.
The SBI posted on social media X, “Monsoon Magic is here! Unlock your dream home with up to 100% waiver on processing fees. Offer valid for a limited period. Grab it now! T&C apply.”
Monsoon Magic is here! Unlock your dream home with up to 100% waiver on processing fees.
— State Bank of India (@TheOfficialSBI) August 20, 2024
Offer valid for a limited period. Grab it now!
T&C apply.#SBI #TheBankerToEveryIndian #HomeLoan pic.twitter.com/zgNSBwMLMo
When will this monsoon offer ends?
This offer is valid up to September 30, 2024.
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What is the processing fee for home loan?
According to the Bank of Baroda website, “Banks and lending institutions levy a onetime charge on the different types of Home Loan products. This charge, known as the Home Loan processing fee. It is generally not deductible from the loan amount, and the borrower pays it separately. This is a fee to cover the loan processing cost incurred by the lender or the bank. Some banks may waive such processing charges for a Home Loan as part of special offers.”
What is the regular processing fee charged?
• For home loans including Regular, NRI, Realty, Maxgain, CRE, Flexi-pay, Nonsalaried, PAL, Trible Plus, Apon GharLoan above 15 lacs, the processing chare is a minimum of Rs. 2,000 plus applicable GST and a maximum of Rs. 10,000 plus applicable GST, or 0.35% of the loan amount
• Personal Loan against Property (P-LAP): There will be 1% of loan amount plus applicable Tax, maximum Rs. 50,000/ plus applicable taxes.
• YONO Insta Home Top-Up Loan (Digital Product): 2000+GST
• Reverse Mortgage Loan: The fee will be 0.50%, minimum Rs 2000 and maximum Rs 10000 Plus GST.
• There is no processing fee for Suraksha Loan, Privilege & Shaurya Home Loans, Apon Ghar (HL upto Rs 15 lacs), Kerala Govt Employees Home loans scheme
Also Read : Home loans: This is what you need to shell out now to buy a house as banks raise their interest rates
SBI home loan interest rate
SBI EBLR
SBI external benchmark lending rates (EBLR) remain unchanged at 9.15%+CRP+BSP . All home loans are linked to external benchmark lending rates. SBI home loan interest rates vary between 8.50% to 9.65% and vary depending on the CIBIL Score.
Latest SBI MCLR loan interest rates August 2024
The MCLR-based rates have been adjusted to fall within the range of 8.20% to 9.1%. The overnight MCLR has been increased to 8.20%, while the rates for the one-month and three-month tenures are now at 8.45% and 8.5%, respectively. The six-month MCLR has been set at 8.85%. The one-year MCLR has been revised to 8.95% from 8.55%. The two-year MCLR is at 9.05% and the three-year MCLR is at 9.1%.
SBI base rate
SBI base rate is at 10.40% effective from June 15, 2024.
SBI BPLR
Benchmark Prime Lending Rate (BPLR) revised as 15.15% per annum with effect from June 15, 2024.
