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SBI home loan book crosses Rs 6 trillion-mark; launches festival discounts


MUMBAI, OCT 12, 2022

The nation’s largest lender State Bank on Wednesday said its home loan book has surpassed the Rs 6-lakh-crore-mark, making it the largest in the industry.

To mark the occasion, the bank also announced a festive offer for home loan buyers, offering up to 25 bps discount on interest rate starting at 8.40 per cent and also the waiver of the processing fee till January 31, 2023. The lower interest will also be applicable to balance transfers.

The bank had crossed the Rs 5 lakh crore mark in January 2021, the bank said in a statement, adding it is the first lender to achieve the Rs 6 lakh crore milestone in the residential home category.

As a part of the festive offer, SBI will offer a concession 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. Bank has further sweetened the deal, by waiving off the processing fees on home loans up to 31st January 2023. The offers are specially curated keeping in mind the diverse needs of buyers across segments. SBI is consistently striving to make affordable housing conveniently accessible to customers who dream of owning a home.

Commenting on the milestone of Rs. 6 Trillion AUM, 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 Rs. 6 Trillion mark. We are committed to being partners in Nation Building and are striving to realize the dream of our Hon’ble Prime Minister towards – Housing for All.”

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.” 

SBI, for the first time, has launched a series of unique offerings across the home loan segment. The interest rate for buyers of New Home Loans as well as Takeovers starts at 8.40 per cent and Top-up loans for furnishings/renovation/home makeover start at 8.80 per cent.  

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