SBI Home Loan Utsav begins

The State Bank of India (SBI) is offering a 0.15% concession on the interest rate and has waived processing charges to housing loan borrowers during the two-day home loan expo that began on Saturday.

The bank is holding ‘Home Loan Utsav’ at its local head office on St Mark’s Road. The Utsav was inaugurated by Bengaluru Circle Chief General Manager Abhijit Majumder and General Managers Vincent M Devassy, Muralidharan S and Manju S Bolakani.

The bank has also waived legal/valuation fee in respect of all proposals sourced during the expo, the bank said.

The SBI’s home loan portfolio is the largest in the country with a 34.51% share among all scheduled commercial banks (SCBs). In a major policy shift, the SBI has started offering home loans linked to the repo rate to ensure transparency in monetary transmission to home loan clients.

Existing borrowers will have the option to change their rates with a switchover fee of 0.25% of the loan outstanding.

The SBI also caters to the Pradhan Mantri Awas Yojana (PMAY) with most of its popular products being SBI Max Gain, which sanctions loan as an overdraft with added flexibility to operate the home loan account; SBI Privilege & Shaurya, with Privilege offering a tailor-made home loan product and Shaurya being offered to defence personnel.

Top-up Loan allows up to two home equity loans to co-exist without any prepayment penalty.