An MoU (Memorandum of Understanding) has been signed today on 25 February between Shapoorji Pallonji Real Estate, one of the country’s largest mortgages, State Bank of India (SBI) and well-known builders. Under this, home buyers across the country will get a great experience. As per the agreement, SBI and Shapoorji Pallonji real estate customers will get the facility to complete and approve the processing of the home loan at the earliest. Apart from this, home buyers will also get the benefit of unique value add schemes.
The MoU was signed by Srikanth, chief and chief general manager of SBI’s Real Estate and Housing Business Unit, and Venkatesh Gopalakrishnan, CEO of Shapoorji Pallonji Real Estate.
All new and old housing projects of real estate firm cover
According to Shrikant, this MoU is beneficial for all. SBI conducts home loan samples within five days for approved projects, which is a major benefit for home buyers. Apart from this, they will also get complete relief from legal and resolution charges. Srikanth said that it will bring a technological platform retail loan management system on which end-to-end solutions related to home loans will be provided. It will be started by March 2021.
Venkatesh Gopalakrishnan expressed happiness over signing of MoU with SBI, saying that SBI offers many attractive offers for home loans which will also be available to their customers. Shapoorji Pallon Real Estate customers will get attractive home loan rates and faster approvals for buying a house. This new tie-up will cover all new and existing housing projects of Shapoorji Pallon Real Estate.
SBI’s 22% stake in home loan business
SBI’s real estate portfolio has recently crossed the Rs 5 lakh crore level, which is the highest in the industry. The bank has about 42 lakh home loan customers in it and every day about 1 thousand home loan customers are being added. SBI has a 22 percent stake in the home loan business and is providing home loans at a minimum rate of 6.8 percent. Under the central government’s ambitious scheme “Housing for all by 2022”, SBI has done more than 1.94 lakh home loan samples so far.