The season is ripe for people who are looking to buy new homes. Home loans are already at an all-time low because of liquidity infused by RBI. On top of that if the banks are letting go of their own processing fees, then isn’t it a cheery on the cake? Yes, the largest bank in the country has announced that they have decided to let go of their own processing fees, to boost the demand for home loans. Along with that, the largest lender in the country has announced several other concessions as well.
Monsoon Dhamaka Offer
State Bank of India (SBI) has recently announced Monsoon Dhamaka Offer with a 100 percent waiver on processing fees on home loans.
As per SBI, this is a significant reduction from the existing processing fees of 0.40 percent. A home loan customer will gain substantially through this limited period offer. The Monsoon Dhamaka Offer is for a limited period, which will end on August 31.
At present, the SBI Home Loan interest rates start at just 6.70 percent.
Along with waiver of processing fees the company has announced series of announcements for YONO users and Women borrowers as well. According to SBI, there will be a 5 bps concession for a home loan applied through YONO App while women borrowers are eligible for a 5 bps concession.
Burgeoning Home Loan Portfolio
The home loan portfolio of SBI has crossed the milestone of Rs. 5 lakh crore. As on March 31, 2021, the bank has a deposit base of nearly Rs. 37 lakh crore with CASA ratio of over 46% and advances of more than Rs. 25 lakh crore.
YONO, the integrated digital and lifestyle platform by SBI – has over 37 million registered users, which witnesses 9 million logins per day. Forwarding its digital agenda, 2 million accounts have been opened through YONO in the quarter ended March 2021. The bank is also making strides, in terms of digital lending. The bank disbursed personal loans of more than Rs. 5300 crore through the YONO mobile app in the same quarter.
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