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Updated: 30/08/2021 12:25 PM
Internet Desk: State Bank of India (SBI), India’s largest bank, announced last month that it was canceling processing fees on home loans by the end of August. However, the fight will end tomorrow.
Last month, the bank announced that it was 100 per cent canceling processing charges on home loans for a limited period under the Monsoon Dhamaka offer. This has reduced the burden of processing fees, which is currently 0.40 per cent, on consumers. However, as this offer is only valid till 31st August, it will expire tomorrow.
SBI also offers an additional interest rate of 5 basis points (0.05 per cent) under the offer to those who apply for a home loan through the Yono app. Announced another 5 basis points discount in addition to women. SBI Homes currently has an initial interest rate of 6.70%.
SBI is the largest commercial bank in the country in terms of assets, deposits, branches, customers and employees. About 30 lakh Indian families have so far availed home loans through the bank. The bank’s home portfolio has crossed the Rs 5 lakh crore milestone. SBI had a market share of 34.77 per cent in the home loan segment and 31.11 per cent in the auto loan segment.
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