SBI home Loan: If you are looking for a cheap home loan, then you can get a better deal in SBI. Actually, State Bank of India (SBI) is offering home loans to new customers at an initial interest rate of 6.8 percent. SBI said that in projects approved by the bank, customers can take loans till March 2021 at an initial rate of 6.8 percent without any processing fees. The bank has issued a number 7208933140, by giving a missed call, new customers can take complete information related to the home loan.
According to the SBI, despite the lockdown implemented nationwide due to the Corona epidemic, the home loan business grew, while the real estate sector suffered a major setback due to the lockdown. If you look at the figures of December 2020, this month SBI has sanctioned and disbursed the maximum loan and growth was the highest.
Home loan business crosses 5 lakh crore
SBI said that its market share in the home loan segment is 34 percent. Whereas, on an average, about 1000 customers are getting SBI loan every day. SBI continues to have a top position in the home loan segment. The bank’s home loan business has gone beyond Rs 5 lakh crore. Whereas, by FY 2024, this figure can reach 7 lakh crore. The bank said that SBI’s real estate and housing business has grown five-fold in the last 10 years. The business was Rs 89,000 crore in 2011, which has reached 5 lakh crore in 2021.
SBI’s focus on affordable housing!
SBI is focusing on the affordable housing segment i.e. customers looking for a cheap home. Under this, the bank is offering customized home loans to the customers as a regular home loan according to the needs of the people. Such as preferential home loan for government employees, SBI Shaurya Home Loan for Army and Security Forces, SBI MaxGen Home Loan, SBISmart Home, Topup Loan for Existing Customers, SBI NRI Home Loan, SBI FlexiPay Home Loan for more amount loan and SBI Harghar Home Loan etc. for women. The bank’s consistent focus is on providing easy loans at competitive rates to customers and attracting more and more.
PMAY getting boost
Under the Prime Minister Housing Scheme (PMAY), SBI is sanctioning more and more loans. By December 2020, 1,94,582 home loans were sanctioned under PMAY. SBI is the only bank designed by the Ministry of Urban Housing Development (MoHUA) as a central nodal agency to receive PMAY subsidy. The focus of SBI is also to adopt new technology. The bank is looking at the possibility of applying technology like AI, cloud, blockchain, machine learning not only to the home loan business but also to other businesses.