SBI achieves Rs 5 lakh crore in home loan business
Feb 10, 2021
Mumbai (Maharashtra) [India], February 10 : Maintaining its leadership in the home loan segment intact, State Bank of India (SBI) has crossed the Rs 5 lakh crore mark.
The bank has set its sight on achieving a home loan AUM (assets under management) of Rs 7 lakh crore by FY 2024.
The real estate and housing business unit (REBHU) of SBI has grown five times in the last 10 years with an AUM of Rs 89,000 crore in 2011 to Rs 5 lakh crore 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 good growth in December 2020 with the highest sourcing, sanctions, disbursements and growth it had ever registered. The lender also launched a new facility for new home loan customers who can get all information on home loans by giving a missed call on 72089 33140
"We feel that combining technology with personalised service is the key in current scenario," said Chairman Dinesh Khara.
"The bank is working on various digital initiatives to improve efficiencies in home loan delivery including a unique integrated platform Retail Loan Management System (RLMS) which will provide an end-to-end digital solution," he said in a statement.
SBI is also the only bank designated by Ministry of Housing and Urban Development as the central nodal agency for processing Pradhan Mantri Awas Yojana (PMAY) subsidy.
To support the government's flagship programme of 'Housing for all by 2022,' SBI has been continuously extending home loans under PMAY. It sanctioned 1.94 lakh home loans as of December 2020.
With interest starting as low as 6.8 per cent per annum, SBI commands a market share of 34 per cent in the home loan segment. On an average, the bank onboards about 1,000 home loan customers per day.
