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SBI Allies with Builders to Promote Home Loan Segment

Add comment   |   July 23, 2009    12:59pm   |Contributed by Indian Realty News

Country’ largest lender, State Bank of India has been disbursing home loans via non-conventional channels. Recently, the bank organized a three days ‘SBI Home Fair 2009′ at Mayor Ramanathan Chettiar Centre in Chennai. The bank has also entered into alliance with 12 builders to promote the home loan segment. On the occasion, J. Chandrasekaran, Chief General Manager, State Bank of India, Chennai Circle, said that the bank is planning to create special processing channels to extend speedy service to home loan customers.

Explaining the home loan market is conducive, he said, “As builders say the prices have softened, the home loan disbursement is expected to improve.” The bank aimed to promote its recent home loan scheme – SBI Easy Home Loan and SBI Advantage Home Loan at the exhibition. At the exhibition, the bank also offered spot in-principle sanction letters to prospective borrowers. The growth in home loan growth was than more than Rs. 1,000 crore in 2008-09 for the Chennai circle. The bank has extended 1,800 home loans, amounting Rs. 240 crore during the first quarter of this fiscal in Chennai region, of which nearly 90 percent were less than Rs.30 lakh.

Chandrasekaran stated that the applicable interest rate on home loans approved at the fair would is set to be 0.25 percent less than the normal rate from the fourth year of repayment. He also added that there would be no processing fees on loans. As many as twenty-four builders and property developers participated in the fair.

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