If you have ever taken a home loan or any loan for that matter, you must know that the processing fee for home loans is the most significant fee. But do you know why we pay this fee? It is paid to banks or NBFCs to handle your home loan application. It is a one-time fee that is typically paid upfront, so instead of having it taken out of our loan, we must pay it to the bank or NBFC out of our own pocket. A few banks might call it a regulatory charge. In most cases, the processing fee will not be billed until after your application has been accepted. But there are banks that provide home loan zero processing fee. I will tell you which banks they are.
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Here are some banks that have no processing fee or offer a waiver of processing fees for home loans:
SBI Privilege Loan and SBI Shaurya Loan
Syndicated Kuteer scheme
Saraswat Bank Vastu Siddhi Home Loan of less than Rs.28 lakh
Nainital Bank Apna Ashiana
But on their home loan programs, the majority of banks charge a processing fee. However, as a special offer, some banks and financial institutions either do not charge a processing fee at all or waive it. For salaried individuals, self-employed professionals (SEP) and self-employed non-professionals (SENP), some banks may charge separately. So, now that I have already told you about the banks that provide home loans without processing fees, I will tell you about the banks that provide home loans at low processing fees.
The table underneath provides you with a complete rundown of the relative multitude of banks in India and the handling expense charged by them, from the most reduced to the most elevated:
| Banks | Processing Fee (Min. in %) | Processing Fee Amount (Min) |
SBI Home Loan |
0.4% |
Rs.10,000 |
HDFC Home Loan |
0.5% |
Rs.3,000 |
Axis Home Loan |
1% |
Rs.10,000 |
LIC Home Loan |
- |
Rs.10,000 |
IDBI Home Loan |
0.5% |
Rs.2,500 |
Yes Bank Home Loan |
2% |
Rs.10,000 |
Bank of India Home Loan |
0.25% |
Rs.1,500 |
Bank of Baroda Home Loan |
0.25% |
Rs.8,500 |
UCO Bank Home Loan |
0.5% |
Rs.1,500 |
PNB Home Loan |
0.35% |
Rs.2,500 |
IDFC First Home Loan |
- |
Rs.10,000 |
Standard Chartered Home Loan |
0.5% |
- |
HSBC Home Loan |
1% |
Rs.10,000 |
DBS Home Loan |
- |
Rs.10,000 |
Canara Bank |
0.5% |
Rs.1,500 |
Central Bank of India Home Loan |
0.5% |
Rs.20,000 |
Bandhan Bank Home Loan |
0.25% |
- |
This is my answer on banks that provide home loan zero processing fee.
Read More: How To Calculate Processing Fee For Home Loan? What is the processing fee for LIC housing loan?
Which Bank Has No Processing Fee?
Farheen
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1 Year
2023-04-17T11:07:24+00:00 2023-04-17T11:20:55+00:00Comment
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