SBI alert! State Bank of India Crosses Rs 5 lakh Cr in Home Loan Segment; unveils this service for mortgage applicants
By maintaining its leadership in the home loan segment, the State Bank of India (SBI) has taken a new step by crossing the threshold of Rs 5,000 billion (5 Lakh crore) in its home loan business. To mark the occasion, India’s largest bank has launched a new facility for new mortgage customers who can get full mortgage information by making a missed call to 7208933140. Fiscal year 2024.
Speaking on the occasion, Dinesh Khara, Chairman of the SBI, said: “This is a momentous achievement for the State Bank of India. This extraordinary achievement is a testament to the customers’ continued confidence in the bank. We believe combining technology with personalized service is key in today’s scenario. The bank is also working on various digital initiatives to improve the efficiency of home loan delivery, including a single integrated Retail Loan Management System (RLMS) platform that will provide an end-to-end digital solution. We are also pleased to express that SBI has become the market leader in home mortgage lending by taking a focused approach and recognizing it as a national priority. We have always treated home loans as an engine of growth for the nation and not just as simple transactions. At SBI, we will continue to focus on improving customer enjoyment, which in turn will take the bank to new heights. “
SBI Home Loan Ten-year business growth
SBI’s real estate and housing business unit has grown 5 times over the past 10 years with assets under management of Rs 89,000 crore in 2011 to Rs 5,000 billion in 2021. Despite a massive decline in the sector real estate triggered by the foreclosure induced by the pandemic, the REHBU vertical recorded unprecedented growth in mortgage lending activity. SBI saw spectacular mortgage lending growth in December 2020 with the highest sourcing, sanctions, disbursements and growth the bank has ever seen.
SBI makes an ongoing effort to make affordable housing readily available to clients who dream of owning the home of their choice. The bank offers personalized home loans to meet the needs of individuals with home loans such as regular home loan, SBI Privilege home loan for government employees, SBI Shaurya home loan for military and military personnel. defense, SBI MaxGain home loan, SBI Smart Home, Top-up Loan for existing clients, SBI NRI Home Loan, SBI FlexiPay Home Loan for highest amount loan 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 Nodal Central Agency (CNA) for processing the Pradhan Mantri Awas Yojana (PMAY) grant. To support the government’s flagship program “Housing for All by 2022”, SBI has continuously extended housing loans under PMAY and sanctioned 1,945,82 housing loans in December 2020.
With interest rates starting at 6.80% per annum, SBI has a 34% market share in the mortgage segment. On average, the bank receives around 1,000 home loan clients per day, demonstrating SBI’s commitment to affordable housing. SBI has also completely waived processing fees until March 2021 for clients receiving mortgage loans in projects approved by SBI. The Bank is also working on themes such as the targeted development of the mortgage lending activity, refined analyzes to stimulate growth, facilitate the mortgage loan journey for clients and post-disbursement engagement with mortgage lending clients.