SBI posted on social media: “The magic of monsoons is here! Unlock your dream home with up to 100% waiver on processing fees. Offer valid for a limited period. Avail now! Terms and conditions apply.”
When will this monsoon offer end?
This offer is valid until September 30, 2024.
What is it? Processing fee for a mortgage loan?
According to the Bank of Baroda website, “Banks and lending institutions charge a one-time fee on different types of mortgage loan products. This fee, known as a mortgage loan processing fee, is typically not deducted from the loan amount and is paid separately by the borrower. This is a fee to cover the cost of processing the loan incurred by the lender or bank. Some banks may waive this fee. processing charges for a mortgage loan as part of special offers.”
What is the regular processing fee charged?
• For home loans including Regular, NRI, Realty, Maxgain, CRE, Flexi-pay, Nonsalaried, PAL, Trible Plus, Apon GharLoan above 15 lacs, the processing charge is a minimum of Rs. 2,000 plus applicable GST and a maximum of Rs. 10,000 plus applicable GST, or 0.35% of the loan amount.
• Personal Loan against Property (P-LAP): There will be 1% of the loan amount plus applicable tax, maximum Rs. 50,000/- plus applicable tax.
• YONO Insta Home Top-Up Loan (Digital Product): 2000 + GST
• Reverse Mortgage Loan: Fee will be 0.50%, minimum Rs 2,000 and maximum Rs 10,000 plus GST.
• There is no processing fee for Suraksha Loans, Privilege and Shaurya Home Loans, Apon Ghar (HL up to Rs 15 lacs), Kerala Government Employees Housing Loan Scheme
SBI Home Loan interest rate
SBI EBLR
SBI External Benchmark Interest Rates (EBLR) remain unchanged at 9.15% + CRP + BSP. All home loans are linked to the external benchmark interest rates. SBI home loan interest rates range between 8.50% to 9.65% and vary based on CIBIL score.
Latest SBI MCLR Loan Interest Rates August 2024
The MCLR-based rates have been adjusted to fall within the range of 8.20% to 9.1%. The overnight MCLR has been increased to 8.20%, while the rates for the one-month and three-month tenors now stand at 8.45% and 8.5%, respectively. The six-month MCLR has been fixed at 8.85%. The one-year MCLR has been revised to 8.95% from 8.55%. The two-year MCLR stands at 9.05% and the three-year MCLR at 9.1%.
SBI Base Rate
SBI base rate is 10.40% from June 15, 2024.
SBI BPLR
Benchmark Prime Lending Rate (BPLR) revised to 15.15% per annum effective from June 15, 2024.
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