Several state-owned banks waive processing fees on home loans to attract business
home loans to spur demand for their primary retail product during the festive season.
Banks, including Central Bank of India, Canara Bank, Indian Overseas Bank, Bank of Baroda and Punjab National Bank, have fully waived processing fee for the period ranging from December 2024 till March 2025, according to information on their websites.
Indian Overseas Bank, which waived the processing fee for home loans, saw a 19% quarter-on-quarter increase in disbursals to Rs 1,849.67 crore in the second quarter of this financial year.
«Purchasing new things, especially a house, is considered most auspicious during the festive season. We announced a waiver of the processing fee for home loans. This is a big attraction to acquire more business from existing customers and attract new clients,» said Ajay Srivastava, managing director and CEO, Indian Overseas Bank.
Unlike public sector banks, private sector banks have not announced any such waiver so far. Public sector banks usually offer more attractive home loan rates, making them the preferred institutions for borrowers.
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