SBI alert! State Bank of India crosses Rs 5 lakh cr business in home loan segment; unveils this service for home loan applicants
Maintaining its leadership in the home loan segment, the State Bank of India (SBI) has reached another landmark by crossing the Rs 5 trillion (5 Lakh crore) mark in its home loan business.
Maintaining its leadership in the home loan segment, the State Bank of India (SBI) has reached another landmark by crossing the Rs 5 trillion (5 Lakh crore) mark in its home loan business. To mark this occasion, the largest Indian bank launched a new facility for new home loan customers who can get all information on home loans by giving a missed call on 7208933140. SBI has set its sights on achieving a home loan AUM of Rs 7 trillion by FY 2024.
Speaking on this occasion, Dinesh Khara, Chairman, SBI said, “It is a momentous achievement for State Bank of India. This extraordinary feat is a testament to customers’ continuous trust in the bank. We feel that combining technology with personalized service is the key in the current scenario. The bank is also working on various digital initiatives to improve the efficiencies in home loan delivery including a unique integrated platform Retail Loan Management System (RLMS) which will provide an end-to-end digital solution. We are also happy to express that SBI has become the market leader in home loans by adopting a focused approach and acknowledging it as a national priority. We have always treated home loans as a growth driver for the nation and not just as mere transactions. We, at SBI, will continue focusing on enhancing customer delight that will in-turn enable the bank to scale newer heights.”
SBI Home Loan Decadal Business Growth
The Real Estate and Housing Business unit of SBI has grown 5 times in the last 10 years with an AUM of Rs 89,000 crore in 2011 to Rs 5 trillion in 2021. Despite a massive setback to the real estate sector triggered by pandemic-induced lockdown, the REHBU vertical registered unparalleled growth in the home loan business. SBI witnessed spectacular growth in Home loans in December 2020 with the highest sourcing, sanctions, disbursements, and growth that the bank had ever registered.
SBI is making a continuous effort to make affordable housing conveniently accessible to customers with dreams of owning their desired home. The bank offers home loan customized to suit the requirement of individuals with home loans such as Regular Home Loan, SBI Privilege Home Loan for government employees, SBI Shaurya Home Loan for army and defense personnel, SBI MaxGain Home Loan, SBI Smart Home, Top-up Loan for existing customers, SBI NRI Home Loan, SBI FlexiPay Home Loan for a loan of the higher amount and SBI HerGhar Home Loan for women.
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SBI is also the only bank designated by MoHUA (Ministry of Housing and Urban Development) as the Central Nodal Agency (CNA) for processing Pradhan Mantri Awas Yojana (PMAY) subsidy. To support Govt’s flagship program of ‘Housing for all by 2022’, SBI has been continuously extending home loans under PMAY and has sanctioned 1,94,582 home loans as of December 2020.
With interest starting as low as 6.80% per annum, SBI commands a market share of 34% in the home loan segment. On average, the bank onboards around 1000 home loan customers per day that signifies SBI’s commitment towards affordable housing. SBI has also completely waived the processing fee till March 2021for customers availing home loans in SBI approved projects. The Bank is also working on themes like focused development of the Home Loan business, refined analytics for boosting growth, easing home loan journey for customers, and post disbursal engagement with home loan customers.
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