SBI home loan interest rate at record high, no processing fees until end of March. Know the details
The State Bank of India waived home loan processing fees until March 31, 2021. The country’s largest lender offers home loans at interest rates starting as low as 6.80% per annum. SBI offers a host of home loans for clients – regular home loan plans, SBI Privilege home loan for government employees, SBI Shaurya home loan for military and defense personnel, SBI MaxGain home loan, SBI Smart Home, top-up loan for clients, SBI NRI Home Loan, SBI FlexiPay Home Loan for highest amount loan and SBI HerGhar Home Loan for women. New customers can get all the information on home loans by making a missed call to 7208933140, the bank said.
“Even though this is only a small portion of the loan liability, ancillary costs such as processing fees are added to the final price of the loan. A waiver on this, along with the reduced interest rate would certainly encourage more buyers to invest in real estate at a time when property values are at an all time high and stamp duty reductions. and circular rates have taken housing affordability to an all-time high in India, ”said Mani Rangarajan, group chief operating officer, Housing.com, Makaan.com and Proptiger.com.
Last week, SBI signed a memorandum of understanding with Shapoorji Pallonji Real Estate. Clients of SBI and Shapoorji Pallonji Real Estate will now be able to enjoy the benefits of faster processing of home loans and approvals as well as other unique value-added programs.
With a historically low mortgage interest rate, the bank has a 34% market share in the mortgage segment. “The SBI experienced spectacular mortgage lending growth in December 2020 with the highest levels of sourcing, sanctions, disbursements and growth the bank has ever seen,” the lender said earlier.
The State Bank of India recently reached a milestone by crossing the ??5 lakh croremark in its mortgage lending business. The bank has set itself the objective of achieving an outstanding mortgage loan of ??7 lakh crore by fiscal year 2024.
The main lender has granted nearly two lakhs of real estate loans under Pradhan Mantri Awas Yojana (PMAY) until December 2020. The lender is also the only bank designated by the Ministry of Housing and Urban Development as the agency central node for processing PMAY grants.
“To support the government’s flagship program of ‘Housing for All by 2022’, SBI has continuously extended housing loans under PMAY and sanctioned 1,94582 housing loans in December 2020,” the bank said in a statement.
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