SBI Offers Home Loans at 6.8%, Maintaining Leadership in the Home Loan Segment Intact

By – Ashwathy Nair

The bank is working on themes like focused development of the Home Loan business.
Nearly, two lakh home loans under PMAY has been issued by the SBI.
SBI will continue to focus on enhancing customer delight.

The largest bank of India, SBI is offering home loans at an interest rate that is as low as starting at 6.80 per cent per annum. The State Bank of India (SBI) has reached another landmark by crossing the ₹5 trillion (5 Lakh crore) mark in its home loan segment by maintaining its leadership in the home loan segment intact.

Additionally, State Bank of India has completely waived the processing fee for customers availing home loans in SBI approved projects till March 2021. The bank stated that it is also functioning on themes such as focused development of the Home Loan business, which is refined analytics for boosting up progression, easing home loan journey for customers, and posting disbursal engagement with the customers of home loan.

On Wednesday, the lender stated that it commands a market share of 34% in the segment of home loan. The bank, on an average, on boards around a thousand home loan customers per day.

PMAY Loans
Till December 2020, nearly two lakh home loans have been issued by the State Bank of India under PMAY. The State Bank of India is also known as the only bank that is designated by the Ministry of Housing and Urban Development (MoHUA) as the Central Nodal Agency for processing (PMAY) Pradhan Mantri Awas Yojana subsidy.

The public sector bank in a statement stated that in order to support the flagship program of Government – ‘Housing for all by 2022’, State Bank of India has been continuously extending home loans under Pradhan Mantri Awas Yojana and as of December 2020, it has sanctioned 1,94,582 home loans.

SBI is paving the way to initiate a co-lending model for home loans, which will be helping to boost State Bank of India’s footprints in the unorganized sector. SBI has hit ₹5 trillion marks in the home loan market with the use of cutting-edge technology, a large network of branches dedicated to Central Processing Centers (CPCs) in 215 centres, the digital and lifestyle portal of the bank, YONO, and other enablers.

Chairman of The State Bank of India – Dinesh Khara stated that “For the State Bank of India, this is a massive accomplishment. This remarkable feat is a testament to the continued confidence of customers in the bank. We feel that the trick in the current scenario is to combine technology with personalised service. The bank is also working on numerous digital initiatives in order to increase home loan delivery efficiencies, including a specific Retail Loan Management System (RLMS) integrated platform that will be including an end-to-end digital solution.”

“We are also pleased to state that, by taking a concentrated strategy and identifying it as a national priority, the State Bank of India has become the industry leader in home loans. As a growth engine for the country, we have always viewed home loans and not just as mere transactions. At SBI, we will continue to concentrate on improving customer pleasure, helping the bank to reach new heights in turn.”