SBI has announced not to charge processing fees on home loans till August 31.
SBI waives processing fee : The country’s largest bank SBI (State Bank of India) has said that it will not charge any processing fee for sanctioning home loans till 31 August 2021. At present, the bank charges 0.40 per cent processing fee on the home loan. The bank has said that it has given this discount to customers under the ‘Monsoon Dhamaka Offer’ for a limited time. The bank has said that if the home loan is applied through its YONO app, then a discount of 5 basis points i.e. 0.05 percent will be given in the interest rate. This will benefit more and more home loan customers. Along with this, the sentiment of the real estate market will also improve.
Home loan rates at the lowest level at present
The bank has said that this may be a better time to buy a home as its home loan rates are starting from 6.70 per cent, which is very low. Along with this, the processing fee of home loan under ‘Monsoon Dhamaka Offer’ is also not being charged till August 31, 2021. This will encourage customers to buy homes. Currently, home loan rates are at their lowest level.
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Will other banks also announce relaxation in processing fees?
Home loan rates in the country are very low at present. Most banks are charging an interest of six to seven per cent on home loans. To increase the pace of the real estate sector in the country, banks are giving discounts in home loan rates. Apart from this, home loan is a very profitable deal for banks. It is a secured loan and banks earn interest on it for 20 to 25 years. Therefore, there is a lot of competition among banks in the home loan market. After giving relaxation in processing fee by SBI, other banks can also make such announcement soon. Along with this, the government is also giving incentives to keep home loan rates low. Real estate is the largest employing sector. If the pace of construction of houses increases, then employment also increases.
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