SBI mortgage rate: processing fees are waived! These YONO app users may also benefit from an easing of interest rates; check calculator

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SBI mortgage rate: The State Bank of India (SBI) has announced a series of festive offers for its clients, including a 100% waiver of processing fees for SBI home loan applicants. India’s largest commercial bank also announced an easing of interest rates on SBI home loans by 10 basis points for clients with better credit ratings. Apart from this, if an SBI client applies for the home loan through the YONO SBI app, there is an additional 5 basis point easing in the SBI home loan rate announced by SBI.

The SBI informed of the decision in a statement. He said: “The SBI has announced special holiday mortgage offers for home buyers. There would be a full exemption from processing fees on home loans for home buyers in approved projects. The bank also offers special concessions of up to 10bp on the interest rate for customers based on their credit score and the amount of their loan. Additionally, homebuyers can benefit from a 5bp interest reduction if they apply for a home loan through the YONO SBI app (ONLY ONE APPLICATION IS NEEDED).

For the reader’s information, SBI has nearly 34 percent market share in home loans and nearly 33 percent in the auto loan segment.

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Welcoming the festive offerings of SBI Home Loan, Mani Rangarajan, Group COO at Housing.com said, “Banks typically charge 0.5-1% processing fees on home loans. As the State Bank of India is one of the largest for home loan providers, the waiver of application fees bodes well for consumers. As the holiday season approaches, the move would encourage clients to opt for a dream home, especially given the stability of real estate prices and interest rates, which are in their favor. lowest level in 15 years. SBI being the market leader, other banks and financial institutions could follow suit.

SBI mortgage calculator

Thus, if someone opts for a home loan of Rs 30 lakh from SBI, the buyer’s instant savings could reach Rs 30,000. According to the official SBI website – onlinesbi.com, as of July 1, 2020, the interest rate for the SBI mortgage is 6.95%. So, if a home loan applicant has a better credit score and is a user of the YONO SBI app, there will be an interest rate easing of 0.15%, which means the interest rate applicable to the mortgage will be 6.80%. According to the SBI Home Loan EMI calculator, at 6.95%, the monthly EMI of the mortgage for 20 years will be Rs 23,169, while the monthly EMI will become Rs 2,900 when the interest rate drops to 6. 80%. Thus, in 20 years, the SBI mortgage applicant will be able to save Rs 64,560 during the mortgage repayment period.

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