The State Bank of India (SBI), India’s largest house loan provider, continues to lead the Home Loan category and has topped 6 trillion in Assets Under Management (AUM). SBI has introduced the Festive Bonanza for its home loan buyers to commemorate this milestone and welcome the festivities. In January 2021, the bank passed the $5 trillion threshold.
Commenting on the milestone Dinesh Khara, Chairman, said, “SBI being the leader in home finance, takes ownership to enable the housing dream of every Indian. We are extremely grateful to our customers comprising more than 28+ lakh families, who have trusted us and chosen us, to be their partner in the home-ownership journey. A series of process and digital initiatives undertaken over the past few years played a crucial role in our journey to the ₹6 trillion mark. We are committed to being partners in Nation Building and are striving to realize the dream of our Prime Minister towards – Housing for All.”
During the current holiday season, SBI hopes to make house loans more affordable for all prospective purchasers. SBI will give a discount of up to 0.25 per cent on Home Loans, 0.15 per cent on Top Up Loans, and 0.30 per cent on Loan Against Property as part of the Festive Bonanza. The bank has sweetened the bargain even further by removing processing fees on house loans until January 31, 2023. The offers are particularly chosen with the various needs of shoppers across sectors in mind. SBI is constantly working to make affordable housing more accessible to consumers who want to own a house.
Commenting on the Festive Bonanza, Alok Kumar Choudhary, Managing Director, Retail Banking & Operations, said, “SBI has always been at the forefront in boosting consumer sentiments by launching various offers consistently. As we enter the festive season after a long period of muted celebrations due to COVID restrictions, our offers this festive season are aimed to provide much-needed support for prospective home buyers as they embark on their journey for home ownership. Looking at strong interest for home loans across the country, we are happy to announce a concessional rate of interest and waiver in processing fees for a limited period.”
For the first time, SBI has introduced a number of novel home loan products. The interest rate on new home loans and takeovers begins at 8.40 per cent, while top-up loans for furnishings/renovation/home makeover begin at 8.80 per cent.