State Bank of India (SBI), India’s largest mortgage lender, and Shapoorji Pallonji Real Estate, one of India’s marquee builders, today signed a Memorandum of Understanding (MoU) to enable an improved and more seamless experience for homebuyers across India. As part of the agreement, which includes various co-promotional activities and outreach initiatives, customers of SBI and Shapoorji Pallonji Real Estate will be able to avail the benefits of faster processing of home loans and approvals along with other unique value add schemes.
The MoU was signed by Shreekant, head and Chief General Manager of Real Estate & Housing Business Unit (REHBU) vertical of State Bank of India, and Venkatesh Gopalkrishnan (CEO, Shapoorji Pallonji Real Estate).
Shreekant, CGM, REHBU, SBI said, “This collaboration with Shapoorji Pallonji Real Estate will create win-win business opportunities for all stakeholders. We sanction Home Loan 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. Our tailor-made Home Loan products, dedicated Home Loan processing centers, door-step banking services, robust feet on the street, strong networks, usages of cutting-edge technology among others, have made us the preferred choice amongst Home Loan customers. Bank 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”.
Venkatesh Gopalkrishnan, CEO, Shapoorji Pallonji Real Estate, said, “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.”
The Real Estate portfolio of the State bank Of India has surpassed Rs 5 trillion recently, which is the largest in the industry. The bank has a total Home Loan customers of a staggering 42 lakh. On average, SBI onboards more than 1000 Home Loan customers per day. The bank that commands a market share of 22% in the Home Loan business, offers Home Loan starting at as low as 6.80% p.a. which is one of the lowest in the market.
Dedicated Central Processing Centres have been set up by the bank across the top 215 centers of the country that cater to the ever-rising demand of the customers besides expeditiously sanctioning Home Loans. SBI has the distinction of being the only bank, designated by MoHUA as the Central Nodal Agency (CNA) for processing PMAY subsidy. To support Govt’s flagship program of “Housing for all by 2022”, the Bank has been aggressively lending Home Loans under PMAY. The Bank has so far sanctioned 1,94,582 Home Loans under PMAY as on end of Dec 2020.