SBI ‘Monsoon Dhamaka’ offer: Get home loans at 0% processing fee, check last date

New Delhi: In good news for homebuyers, the State Bank of India (SBI) has launched a ‘Monsoon Dhamaka’ offer, wearing the country's largest lender has announced a 100 per cent waiver on process fees on home loans. SBI is already offering one of the lowest interest rates on its home loans. 

In a statement, the state-owned lender said that the ‘Monsoon Dhamaka’ offer is valid on home loans that will be processed till August 31, 2021. 

Previously, the State Bank of India (SBI) used to charge 0.40% per cent of the home loan as processing fees. However, customers now won’t have to pay any processing fees for loans taken on or before August 31. 

SBI said that a home loan customer stands to gain substantially through this limited period offer. “There could not be a better time to buy a house, considering SBI Home Loan interest rates start at just 6.70 percent," the lender said in a statement. 

Meanwhile, C.S. Setty, MD (R&DB), SBI said "We are pleased to announce the Monsoon Dhamaka offer for our prospective home loan customers. We believe this offer of processing fee waiver will facilitate and encourage home buyers to take decision with ease, as interest rate is at its historic low." Also Read: Apple iPhone 14 Pro could sport a titanium body, launch in 2022

At present, HDFC Bank, ICICI Bank and LIC HFL, among other lenders, charge anywhere between 0.5% to 1.25% as processing fees. Also Read: Banned! Google Play Store bans THESE 'Sugar Daddy' apps for sexual content