SBI waives processing fees on home loans for this period

Effective June 15, 2022, the bank’s EBLR is 7.55%+CRP, as per the SBI website. RLLR is 7.15%+CRP. However, depending on the credit score, a risk premium will be charged.

State Bank of India has announced a 50-100% waiver on processing fees on home loans. This offer is valid from August 1, 2022- September 30, 2022.

According to the SBI website, for home & home related loans (other than takeovers), the bank has waived 50% in basic processing fee. For home loan takeover and top up associated with it, the bank has waived 100% in basic processing fee.

There is no change in Advocate and Valuer Fee- Actual expenses, which will be collected from the customer and realised separately.

According to the SBI card rate page on its website, its basic processing fee is 0.35% of the loan amount plus applicable GST, minimum Rs 2,000 plus applicable GST and maximum of Rs. 10,000/- plus applicable GST.

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There are other fees and charges that apply when you avail home loan. These fees will differ between lenders. Additionally, some lenders may charge fees separately while others may group fees from different lenders together. While some fees are tied as a fixed percentage of the house loan balance, others are not.

Other charges include log in fee, technical assessment fee, legal fee, franking fee, pre-EMI charge, statutory or regulatory charges, re-appraisal fee, insurance premium, notary fee, and adjudication fee.

Latest SBI home loan interest rates
SBI External benchmark linked lending rate: Effective June 15, 2022, the bank’s EBLR is 7.55%+CRP, as per the SBI website. RLLR is 7.15%+CRP. However, depending on the credit score, a risk premium will be charged.

SBI Marginal cost of fund-based lending rates: SBI has raised the marginal cost of fund-based lending rates (MCLR) by up to 0.10 percent with effect from July 15, 2022.

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