Yes, from January 1, 2015 individuals who are availing home loans should pay processing fee. Untill now, processing fee was waived on all Home Loan proposals including both takeover and new proposals as a three month promotional exercise.
For loans applied recently, the branches should complete documents and sanction process within 31 days of closure of offer period i.e. latest by 31 st January, 2015.
There are additional charges also applicable other than processing fee, such as:
- Advocate's fee for property search and the title investigation report.
- Valuer's fee for valuation report.
- Stamp duty payable for Loan agreement & mortgage.
- Property insurance premium.
- Processing fee recovered.
However, there is no pre-payment or pre-closure charges applicable.
Interest rates for home loan for women borrowers is 10.10 pe cent, for others it is 10.15 per cent per annum. Home loan rates for women are applicable on all borrowings where she is the sole applicant or the first co-applicant and also the sole or the first co-owner of the property.
Hurry!! If you have applied for home loan from SBI or planning to apply, then finish your documentation and sanction process from bank early.