New Delhi: State Bank of India (SBI) has launched a special offer, the Azadi Ka Amrit Mahotsav campaign, for homebuyers on the occasion of the 75th Independence Day. The largest state-owned bank announced that it was offering home loans with no processing fees, providing a golden opportunity for its customers to stop paying monthly rent.
Announcing the attractive offer for SBI clients on Twitter, SBI said: “On Independence Day, step into your dream home, with ZERO * processing fees on home loans.”
SBI already offers its home loans at one of the lowest interest rates in the industry. At present, one can avail of an SBI home loan at a low interest of only 6.70 percent. The interest rate is applicable on home loans with a value of up to Rs 30 lakhs.
SBI clients can get home loans at even cheaper rates using the SBI YONO app. The bank said customers can benefit from an interest reduction of 5 basis points on home loans by using the YONO service.
In addition, SBI offers an interest rate of 6.95% on home loans valued at Rs 30 lakhs to 75 lakhs. The interest rate on mortgage loans over 75 lakhs is currently around 7.05%.
Currently, the only lender that offers cheaper home loans than SBI is LIC Housing Finance Limited (LIC HFL). The public lender offers home loans from around 6.66%.
How to take out SBI real estate loans without administrative fees?
As part of the Azadi Ka Amrit Mahotsav campaign, home loan applicants can apply for home loans with 0% processing fee on August 15. You can apply for a home loan using SBI’s YONO service. Also read: Fixed deposit alert! Axis Bank revises FD interest rates – new rates here
You can also make a missed call to 7208933140 for 0% processing fee home loans. SBI also said that the sanction of the loan depends on many factors, such as income, items to be pledged, current loan, and credit history, among others. Also Read: Home Diesel Delivery: BPCL Launches Home Fuel Delivery On 75th Independence Day