SBI Home Loan Interest Rate: Home loan customers will have to pay a minimum of Rs 2000 and a maximum of Rs 5000 in the name of processing fee. Apart from this, GST will be payable separately on this amount.
State Bank of India: If you are buying a house, then this scheme of State Bank of India (SBI) will make you happy. Yes, SBI is giving 50% to 100% relief on home loan processing fees. This discount given by the bank is being given to regular home loans, flexipay, NRI etc.
For this, the bank has also fixed some conditions. The exemption in processing fees on home loans will continue till 31 August 2023. However, bank sources also claim that this exemption can be extended further.
There will be benefit of up to 55 basis points
According to the SBI home loan website, customers can avail up to 55 basis points over the original card rate on the home loan. Home loan customers will have to pay a minimum of Rs 2000 and a maximum of Rs 5000 in the name of processing fee. Apart from this, GST will be payable separately on this amount. Apart from this, 100% discount is being given on resale homes and ready-to-move-in properties.
Processing fee of home loan
A processing fee of 0.35% of the home loan amount and GST is charged by the bank without giving any concession. If the amount of home loan is less then this amount is minimum Rs 2,000 and maximum Rs 10,000. Along with this, GST is also given on it. But the customer will get exemption in processing fee on the basis of CIBIL score.
CIBIL Score 750-800
The home loan interest rate without concession is 9.15% for those with a CIBIL score of 750-800 or more, but under the offer home loan is being given at 8.70% interest rate. Apart from this, customers with CIBIL score of 700-749 will be given a concession of 55 bps from the bank. The normal interest rate of the bank is 9.35% but they will be given home loan at the rate of 8.80%.
Apart from this, if your CIBIL score is between 650 to 699, then such customers will not get any kind of concession. Such customers will get home loan at an interest rate of 9.45%. Similarly, if someone’s CIBIL is between 550 to 649, then they will get a loan at an interest rate of 9.65%.
