SBI disburses Rs 1.12 lakh cr home loans in FY22
ECONOMY & POLICY

SBI disburses Rs 1.12 lakh cr home loans in FY22

State Bank of India (SBI) has disbursed a record Rs 1.12 lakh crore of loans to individual homebuyers until January end in financial year (FY) 2022.

As property demand in the suburbs increased, it helped leapfrog specialist lenders in the mortgage market.

It is a 20% growth over the corresponding period in FY 2021.

According to the sources, home loan distributions have now surpassed pre-Covid levels.

Around 40% of such disbursements came from tier-1 cities. Meanwhile, the rest came up from other towns and cities.The average size of these loans is nearly Rs 34 lakh.

Chennai, Ahmedabad, Bangalore, Mumbai, Hyderabad, Kolkata, and Pune have a reasonable share of the disbursements.

This year's majority record disbursements occurred in July, and now the infection of the virus has been decreasing gradually.

Until March 31, the bank has waived the processing fees this year as the lender is seeking to acquire more customers with a 6.7% rate.

This minimum rate may increase to 20 basis points depending on the individual's credit score.

Depending on the ticket size, a customer can save between Rs 3,500 and Rs 10,000 on loan applications, and it is pegged at 0.35% of the loan value.

During the period, the bank approved nearly Rs 1.26 lakh crore home loans and sourced approximately Rs 1.74 lakh crore, a sum of home loan applications where the appraisal procedure is undergoing.

The market share of the bank in home loans is at 35.62%. It noted an 11% year-on-year (YOY) growth in the outstanding home loans at Rs 5.38 lakh crore.

Housing Development Finance Corporation Ltd (HDFC), the largest private-sector mortgage lender, extended loans to individuals by 16%, which is faster than the 12% growth the company reported on its total assets under management at Rs 6.18 lakh crore.

On December 31 2021, the individual home loans stood Rs 4.08 lakh crore (adjusted for sell-downs).

SBI has about 220 dedicated Retail Asset Central Processing Centre (RACPC) across the country by which it appraises home loan applicants.

It has also reduced the loan processing time to just five days, where the projects are already approved by the bank.

Image Source

Also read: SBI acquires minority stake in JSW Cement at Rs 100 crore

State Bank of India (SBI) has disbursed a record Rs 1.12 lakh crore of loans to individual homebuyers until January end in financial year (FY) 2022. As property demand in the suburbs increased, it helped leapfrog specialist lenders in the mortgage market. It is a 20% growth over the corresponding period in FY 2021. According to the sources, home loan distributions have now surpassed pre-Covid levels. Around 40% of such disbursements came from tier-1 cities. Meanwhile, the rest came up from other towns and cities.The average size of these loans is nearly Rs 34 lakh. Chennai, Ahmedabad, Bangalore, Mumbai, Hyderabad, Kolkata, and Pune have a reasonable share of the disbursements. This year's majority record disbursements occurred in July, and now the infection of the virus has been decreasing gradually. Until March 31, the bank has waived the processing fees this year as the lender is seeking to acquire more customers with a 6.7% rate. This minimum rate may increase to 20 basis points depending on the individual's credit score. Depending on the ticket size, a customer can save between Rs 3,500 and Rs 10,000 on loan applications, and it is pegged at 0.35% of the loan value. During the period, the bank approved nearly Rs 1.26 lakh crore home loans and sourced approximately Rs 1.74 lakh crore, a sum of home loan applications where the appraisal procedure is undergoing. The market share of the bank in home loans is at 35.62%. It noted an 11% year-on-year (YOY) growth in the outstanding home loans at Rs 5.38 lakh crore. Housing Development Finance Corporation Ltd (HDFC), the largest private-sector mortgage lender, extended loans to individuals by 16%, which is faster than the 12% growth the company reported on its total assets under management at Rs 6.18 lakh crore. On December 31 2021, the individual home loans stood Rs 4.08 lakh crore (adjusted for sell-downs). SBI has about 220 dedicated Retail Asset Central Processing Centre (RACPC) across the country by which it appraises home loan applicants. It has also reduced the loan processing time to just five days, where the projects are already approved by the bank. Image Source Also read: SBI acquires minority stake in JSW Cement at Rs 100 crore

Next Story
Infrastructure Transport

NHAI to Upgrade Tamil Nadu Highways

To reduce congestion on key national highways in Tamil Nadu, the National Highways Authority of India (NHAI) has planned capacity upgrades for at least eight highway stretches. The improvements will include bypasses, flyovers, and four-laning in Salem, Coimbatore, Tiruppur, Nilgiris, and Cuddalore. NHAI has invited tenders to appoint consultants for preparing detailed project reports (DPRs) on these expansions. The affected highways include NH-181, NH-81, NH-532, NH-85, and NH-136. Proposed Upgrades Across Highways - NH-181 (Coimbatore-Gundlupet Route): This stretch will see four bypasses an..

Next Story
Infrastructure Transport

Ludhiana-Bathinda Highway Revived as NHAI Invites Bids

The Ludhiana-Bathinda highway project, initially stalled due to land acquisition issues, has been revived as the National Highways Authority of India (NHAI) invites fresh bids to resume construction. The project, part of the Ludhiana-Ajmer Economic Corridor, is estimated to cost Rs 24.61 billion and will be executed in two phases. Package 1, covering 30.03 km, has a budget of Rs 9.06 billion, while Package 2, spanning 45.25 km, is set to cost Rs 15.55 billion. The NHAI had previously withdrawn the project due to unavailability of land. However, intervention from Union Minister for Road Trans..

Next Story
Infrastructure Urban

Dilip Buildcon Wins Rs 460M Arbitration

Infrastructure major Dilip Buildcon has secured an arbitration award of Rs 460 million against the National Highways Authority of India (NHAI) over delays and breaches during the execution of a highway project in Karnataka. The dispute pertains to the Rehabilitation and Upgradation of the Kerala Border to Kollegala Section of NH 212, awarded to Dilip Buildcon under an Engineering, Procurement, and Construction (EPC) agreement dated June 6, 2014. The project involved two-lane expansion with paved shoulders and four-lane development under the National Highways Development Project (NHDP) Phase IV..

Advertisement

Advertisement

Subscribe to Our Newsletter

Get daily newsletters around different themes from Construction world.

STAY CONNECTED

Advertisement

Advertisement

Advertisement

Advertisement

Talk to us?