Good news for people who dream of buying their dream house. They can now take a home loan to buy their dream home without paying the processing fees, that too at very low interest rates. In fact, the country’s largest bank, State Bank of India (SBI), has completely waived the processing fee by March 31, 2021 for customers taking home loans. Let us tell you that banks charge a processing fee of about 0.25% of the total loan amount on a home loan. With this, SBI is providing the cheapest home loan to customers.
SBI is offering home loans to new customers at an initial interest rate of 6.8 per cent. In Approved Projects from the bank, customers can apply for a home loan by 31 March 2021 without any processing fees. Due to exemption in processing fees, customers will get benefit of up to Rs 5000 for taking a loan to buy a house of 20 lakh.
You can apply by giving missed call
SBI has issued mobile number 72089-33140 to apply for home loan. By giving a missed call to this number, new customers can join the process of applying for a home loan. Customers giving missed calls will get a call from SBI and they will be asked some important questions such as property address, authority map, price etc. If satisfied, SBI will proceed with your home loan process.
SBI’s 35% stake in home loan market
SBI has set a new record in the home loan segment. On an average 1000 customers are taking home loans from SBI Bank every day. With this, the bank’s home loan business has crossed Rs 5 lakh crore. The bank has expected this figure to reach 7 lakh crore by the year 2024. SBI said that the real estate and housing business of the bank has grown 5 times in the last 10 years. Its business in the year 2011 was Rs 89,000 crore, which has increased to 5 lakh crore in the year 2021. It is the largest portfolio of the last 10 years. SBI Chairman Dinesh Khara said that SBI has 35% share in the home loan market of the country.