MUMBAI, FEB 25, 2021
India’s largest mortgage lender State Bank of India (SBI) and Shapoorji Pallonji Real Estate, one of India’s marquee builders, on Thursday signed a Memorandum of Understanding (MoU) to enable faster processing of home loans, approvals and to provide other benefits.
The MoU was signed by Shreekant, Head and Chief General Manager of Real Estate & Housing Business Unit (REHBU) vertical of SBI, and Venkatesh Gopalkrishnan, CEO, Shapoorji Pallonji Real Estate.
Speaking on the occasion, Shreekant said the collaboration will create win-win business opportunities for all stakeholders.
“We sanction home loans in five days in all our approved projects, which is the key benefit for the customers apart from complete waiver of legal and valuation charges,” he said.
SBI will roll out Retail Loan Management System (RLMS), a technological platform providing an end-to-end solution for Home Loans, as early as March 2021 that will further streamline the Home Loan acquiring and processing by significantly reducing turnaround time, he added.
Shapoorji Pallonji Real Estate CEO Gopalkrishnan said the tie-up will cover the new and existing housing projects across key markets.
“We are delighted to partner with State Bank of India to offer specially designed products to the customers serviced by both the companies. For our customers, it would mean more choice to avail innovative offerings, including attractive home loan rates and faster approvals while buying homes. The new tie-up will cover our new and existing housing projects across key markets,” said Gopalkrishnan.
Earlier this month, SBI Chairman Dinesh Khara had said the bank is looking at more builder tie-ups so as to reduce the turnaround time for approving home loans to five days as against 12 days.