SBI Announces Festive Bonanza For Home Loan Buyers, No Processing Fee Till Jan 31, 2023

SBI is offering a concession of up to 0.25 per cent with loans now starting 8.40 per cent. It has also waived off processing fee on home loans till January 31, 2023

Outlook Money Team

Updated on: 13 October 2022 7:39 pm

India’s largest lender, the State Bank of India (SBI), has launched a festive bonanza for its home loan buyers. SBI said in a press release that it aims to make home loans affordable for all prospective buyers during the ongoing festive season. As part of the festive bonanza, SBI will offer a concession of up to 0.25 per cent on home loans, 0.15 per cent on top-up loans, and 0.30 per cent on loans against property. The bank has further waived off the processing fees on home loans till January 31, 2023.

Additionally, SBI has surpassed Rs. 6 trillion in assets under management (AUM) in the home loan segment. SBI crossed the Rs. 5 trillion mark in January 2021.

Dinesh Khara, chairman, SBI , says: “Being the leader in home finance, SBI takes ownership to enable the housing dream of every Indian. We are extremely grateful to our customers comprising more than 2.8 million-plus families, who have trusted us and chosen us, to be their partner in the home-ownership journey.”

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Moreover, SBI has said that the offers have been specifically curated keeping in mind the diverse needs of buyers across segments.

“A series of process and digital initiatives undertaken over the past few years played a crucial role in our journey to the Rs. 6 trillion mark. We are committed to being partners in nation building and are striving to realise the dream of our Hon’ble Prime Minister towards ‘Housing for All’,” adds Khara.

Alok Kumar Choudhary, managing director, retail banking and operations, SBI, says, “As we enter the festive season after a long period of muted celebrations due to COVID restrictions, our offer this festive season is aimed at providing the much-needed support for prospective homebuyers, as they embark on their journey for home ownership. Looking at strong interest for home loans across the country, we are happy to announce a concessional rate of interest and waiver in processing fees for a limited period.”

Kumar said that the interest rate for buyers of new home loans as well as takeovers starts at 8.40 per cent, while top-up loans for furnishings, renovation, and home makeovers start at 8.80 per cent.