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SBI Offering Home Loans at 6.8%; No Processing Fee Till March 2021

Representative Image. (Reuters)

Representative Image. (Reuters)

Being the only bank designated by the Ministry of Housing and Urban Development as Central Nodal Agency for processing Pradhan Mantri Awas Yojana (PMAY) subsidy, till December 2020, the State Bank of India has sanctioned 1,94,582 home loans under PMAY.

Story: The State Bank of India (SBI) on Wednesday, February 10, decided to offer home loans at interest rates starting as low as 6.80 percent per annum to make housing affordable. For the customers availing home loans in SBI-approved projects, the bank has also completely waived the processing fee till March 2021. In the home loan segment, the largest lender of the country is commanding a market share of 34 percent and per day the bank onboards around 1,000 home loan customers on an average.

The bank also informed that it is working on various other themes to make loans easily accessible to the customers. The themes include the development of the Home Loan business, refined analytics for boosting growth, easing home loan journeys for customers, and post disbursal engagement with home loan customers.

Being the only bank designated by the Ministry of Housing and Urban Development as Central Nodal Agency for processing Pradhan Mantri Awas Yojana (PMAY) subsidy, till December 2020, the State Bank of India has sanctioned 1,94,582 home loans under PMAY.SBI in a statement on February 10 said that it has been continuously extending home loans under PMAY to support the Government’s flagship program of ‘Housing for all by 2022’.

The lender is also planning to implement AI, Cloud, Blockchain, machine learning which can play a pivotal role in propelling the home loan business and other businesses of the bank.

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The bank further said that it is gearing up to initiate a co-lending model for home loans which will help boost SBI’s footprints in the unorganized sector. In the home loan business, SBI has hit Rs 5 trillion mark with the use of cutting-edge technology, a vast network of branches, dedicated to Central Processing Centers (CPCs) in 215 centres, bank’s digital and lifestyle platform, YONO, and other enablers.

SBI Chairman Dinesh Khara, commenting on the achievement said that it is a momentous achievement and this extraordinary feat is a testament to customers’ continuous trust in the bank.

He further added that the bank is 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.