The processing cost for SBI home loans is being waived by State Bank of India (SBI) to the tune of 50%. With a minimum waiver of Rs 2,000 and a maximum waiver of Rs 5,000 plus any applicable GST, this waiver is available for all types of house loans and top-up loans.
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 processing charge for home loans is being waived by the State Bank of India (SBI) to the tune of 50%. With a minimum waiver of Rs 2,000 and a maximum waiver of Rs 5,000 plus any applicable GST, this waiver is available for all types of house loans and top-up loans. Takeovers, resales, and properties that are ready to move into are all exempt from the processing charge to a full extent. For Insta Home Top Up, Reverse Mortgage, or EMD, there is no waiver of the processing cost, nevertheless.
What’s Processing Fee That Banks ChargeThe 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.
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.