Currently, the processing fee on home loans is 0.40 percent.

SBI said it is the bank's limited period 'Monsoon Dhamaka Offer', through which a home loan customer can gain substantially. The state-owned lender said the offer will help revive the consumer sentiments.

''There could not be a better time to buy a house, considering SBI home loan interest rates start at just 6.70 percent,'' SBI said in a release. The Monsoon Dhamaka Offer is for a limited period ending on 31st August 2021, SBI said.

''We believe this offer of processing fee waiver will facilitate and encourage home buyers to take decision with ease, as the interest rate is at its historic low. We strive to be a banker to every Indian and thereby, be partners in nation-building,'' C S Setty, MD (Retail & Digital Banking), SBI said.

There will be a concession of 5 bps (0.05 percentage) for home loans applied through the bank's one-stop YONO App. Women borrowers will be eligible for concession of 0.05 percentage (5 basis points/bps) on the loan rate.