Reported by: banking|Updated: February 15, 2021
State Bank of India said it has crossed the Rs 5 trillion mark in the home loan business. The bank now targets to have a home loan AUM of Rs 7 trillion by FY 2024. Dinesh Khara, Chairman of the bank, said combining technology with personalized service is the key in the current scenario and the bank is also working on various digital initiatives to improve the efficiencies in home loan delivery including a unique integrated platform – Retail Loan Management System (RLMS) – which will provide an end-to-end digital solution. The bank is making a continuous effort to help customers access affordable housing conveniently and it offers home loans customized to suit the requirement of individuals. The bank said its Real Estate and Housing Business unit has grown 5 times in the last 10 years to touch Rs 5 trillion in 2021. With interest starting as low as 6.80% per annum, the bank has a market share of 34% in the home loan segment. On average, the bank onboards around 1000 home loan customers per day.