Keeping its leadership in the home loan segment intact, 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. The bank has set its sight on achieving a target of Rs 7 trillion by FY 2024.
The Real Estate and Housing Business unit of SBI has grown 5 times in the last 10 years with assets under management of Rs 89,000 crore in 2011 to Rs 5 trillion in 2021, the bank said in a release.
With interest starting as low as 6.80% per annum, SBI commands a market share of 34% in the home loan segment, it added.
“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," Dinesh Khara, Chairman, SBI, said.
"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,” he added.
The SBI noted that despite a massive setback to the real estate sector triggered by pandemic, the real estate housing business unit 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.
The Bank has also launched a new facility for new home loan customers who can get all information on home loans by giving a missed call on 7208933140.
The country's largest lender said that it will continue to make efforts to make affordable housing conveniently accessible to people with dreams of owning their desired home.
SBI is also the only bank designated by Ministry of Housing and Urban Development as the Central Nodal Agency (CNA) for processing Pradhan Mantri Awas Yojana (PMAY) subsidy. To support government's flagship program of ‘Housing for all by 2022’, SBI said that it is has been continuously extending home loans under PMAY and has sanctioned 1,94,582 home loans as of December 2020.