SBI Home Loans, the largest mortgage lender in India, has waived the processing fee on home loans until 31 March 2021 to make affordable housing available. SBI is offering an interest rate starting as low as 6.80% per annum.
In the home loan segment, the bank controls a market share of 34%. On average, the bank onboards around 1,000 home loan customers per day, the bank said. The bank also offers special interest concessions up to 30 bps. There is also a special discount for those who apply for a home loan through the SBI home loan website or the YONO app.
In the last 10 years, SBI's real estate and housing business unit has risen five times, from an AUM of 89,000 crores in 2011 to 5 lakh crore in 2021, listed by the bank.
Under Pradhan Mantri Awas Yojana (PMAY), SBI issued nearly two lakh home loans until December 2020.
"To support Govt's flagship program of 'Housing for all by 2022', SBI has been continuously extending home loans under PMAY and has sanctioned 1,94,582 home loans as of December 2020," the bank said in a statement.
It is also seeking to launch a home loan co-lending model to further its existence in the unorganized sector. SBI has hit Rs. 5 trillion marks in the home loan business with the use of cutting-edge technology, a vast network of branches dedicated to Central Processing Centers (CPCs) in 215 centers, the digital and lifestyle platform of the bank, YONO, and other enablers, the bank said.
The Bank has now opened a new service for new home loan clients who can access all home loan details by calling 7208933140.0 for a missed call.
As the deal expires in March 2021, interested home loan buyers can hurry up and use the offer to reap the gain.
Shares of SBI were seen trading at Rs 394.60, up 0.65% on the BSE at 9.49 am IST.