SBI Offer on Home Loans - Processing Fees (Waiver & Other Changes)

Internet Desk: The leading public sector bank State Bank of India (SBI) has announced an offer for those who wish to take home loans. It said that a 50-100 per cent discount is being given on the processing fee of Homein. This offer will be available till 31st August.

Normally 0.35 per cent processing fee is charged while taking ACI Homen. While the minimum amount is Rs.2000, the maximum processing fee is taken up to Rs.10,000. GST is added to this. In this background, a discount of up to 50 per cent has been announced for regular home loans and top-up loans. That means the minimum processing fee is Rs.2 thousand and the maximum is Rs.5 thousand. GST is added to this. SBI has said that it will give a 100 per cent discount for the same takeover, resale and ready-to-move properties. This discount is not applicable for Insta Hoptop, Reverse Mortgage, or EMD.

Also, SBI is giving discounts on Homen interest rates. This discount is applicable depending on the CIBIL score. Those with a CIBIL score of 750+ will get loans at an interest rate of 8.70 per cent. The State Bank of India has said that they are giving a maximum 45 basis points concession. It said that those with the same 700-749 points will be given loans at 8.80 per cent interest with a concession of 55 basis points. The bank said that this discount is applicable only for home loans sanctioned before August 31. On the other hand, SBI has increased the funds-based interest rate (MCLR) by 5 basis points. The new rates are effective from July 15. The new interest rates will be between 8% to 8.75% depending on the tenure.