Personal Finance

SBI’s Monsoon Dhamaka Offer: No Processing Fees on Home Loans till 31 August 2021

State Bank of India (SBI) announced its latest Monsoon Dhamaka offer, giving a 100% waiver on processing fees for home loans. It is reduced from the existing processing fee of 0.40%. This waiver is a limited period offer ending on 31 August 2021. 

The current interest rates start at a record low of 6.70%, which is not expected to change. Furthermore, to revive customer sentiments, the bank has also provided special concessions for SBI’s YONO app users and female borrowers of 0.05%, five basis points. 

The offer is an effort to improve SBI’s home loan portfolio. According to the portfolio outstanding (PoS), in the third quarter of the financial year 2021, there has been a growth of 9.6% in the home loan segment, and amongst all scheduled commercial banks, SBI is the market leader with a 34.51% market share.

The largest lender’s home loan portfolio has surpassed Rs. 5 lakh crore, accounting for a 23% share of all of SBI’s assets. The growth has been partly due to the younger generation aspiring to own a home at a younger age because of increased earnings, switching to nuclear family settings and increased purchases in tier-2 and tier-3 cities.

For any clarifications/feedback on the topic, please contact the writer at jyotsna.singh@cleartax.in

Share

Recent Posts

Mutual Funds: SIP Inflows Breach Rs 19,000-Crore Mark for the First Time in February ’24

The systematic investment plan (SIP) contribution in February 2024 has crossed a new milestone. The monthly contribution tipped at Rs…

2 months ago

Income-Tax Return: A Brief Note on Annual Information Statement (AIS)

The Income-Tax (I-T) Department has directed taxpayers to access the Annual Information Statement (AIS) via the e-filing official portal and…

2 months ago

Mutual Funds: All About SIP and Market Fluctuations

Considering the vagaries of the stock market, investors often ponder over reevaluating their strategies. Whether to continue to remain invested…

2 months ago

Income-Tax Saving Through Strategic Life Insurance Planning

Financial planning is beyond just investing wisely to save on taxes; it's also related to protecting oneself and one's loved…

2 months ago

Income-Tax Return: Here’s a Note on Tax-Saving Avenues

A salaried individual earning up to Rs 5-15 lakh as net salary on an annual basis must first take stock…

2 months ago

A Quick Take on Equity-Linked Savings Scheme

Equity-linked savings schemes (ELSS), also referred to as tax-saving schemes, are equity funds that invest a significant portion of their…

2 months ago