State Bank of India (SBI) has canceled the Home Loan processing fee. The bank said waiver would apply to borrowers till August 31. The bank is currently charging a processing fee of up to 0.40 per cent of the total loan amount. It is announced that the fee will be waived for a limited time under the name ‘Monsoon Dhamaka Offer’.
At present, SBI home interest rates are 6.70 per cent, which is a good opportunity for those looking to buy a house. SBI Managing Director (Retail, Digital Banking) CS Shetty said the waiver of processing fees would ease some of the burden on borrowers. The officials said bank is offering an interest rebate of 0.05 per cent for those who applied for home loan through the Yono app.