Home loan processing fee waiver to help trigger home buyers’ sentiment in the festive season

The home loan processing fee waiver announced by SBI may well pave the way for  providing a boost to home sales in the festive season.

The country’s biggest public sector bank- SBI apart from providing processing fee waiver, is offering a cut in interest rate. It has announced a 10 bps interest rate concession for customers with good credit profile. This interest rate cut will also depend on the loan amount. Considering that banks’ home loan processing fee varies between 0.5% to 1%, the home buyers stand to gain interest rate cut up to 1.10%.To provide further relief on EMIs, developers have tied up with banks to offer interest subvention schemes. Additionally, some developers are offering  EMI payment  for a year.

 Says  Mr. Pradeep Aggarwal, Founder & Chairman, Signature Global Group and Chairman, Assocham National Council on Real Estate, Housing & Urban Development, ” The home loan processing fee waiver offered by SBI ahead of festive season will boost home buyers’ sentiment. One hopes other banks will  also offer a similar waiver. Together with this , attractive payment plans offered by developers in association with banks, will help reduce EMI burden. Festive offers by developers like stamp duty , maintenance, car parking & club fee relief will act as further trigger to push home sales.

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