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Highlights
Processing fee on home loans is back.
Processing fee along with GST.
New Delhi: Country s largest lender State Bank of India (SBI) has hiked its home loan by 25 basis points (bps) effective from April 1, 2021.
After the latest revision, the lowest rate of 6.70 percent regime for limited period ended in March 31. SBI has now revised its home loan rates from 6.70 percent to 6.95 percent.
During the limited period that ended in March, SBI had offered home loan starting from 6.70 percent for loans up to Rs 75 lakh and 6.75 per cent for loans in the range of Rs 75 lakh-Rs 5 crore.
The State Bank of India will also levy a consolidated processing fee on home loans. This will be 0.40 percent of the loan amount and goods and services tax (GST) subject to a minimum of Rs 10,000 and maximum of Rs 30,000 plus GST. Last month, SBI had in waived off home loan processing fees till March 31.
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Fivefold increase in 10 years! SBI home loan portfolio crosses Rs 5 trillion-mark
Keeping its leadership in the home loan segment intact, the State Bank of India (SBI) has reached another landmark by crossing the Rs 5 trillion (5 Lakh crore) mark in its home loan business. The bank has set its sight on achieving a target of Rs 7 trillion by FY 2024.
The Real Estate and Housing Business unit of SBI has grown 5 times in the last 10 years with assets under management of Rs 89,000 crore in 2011 to Rs 5 trillion in 2021, the bank said in a release.
With interest starting as low as 6.80% per annum, SBI commands a market share of 34% in the home loan segment, it added.