SBI and Shapoorji Pallonji Real Estate sign MoU to offer seamless home buying experience
SBI and Shapoorji Pallonji Real Estate sign MoU to offer seamless home buying experience
Mumbai, February 25, 2021: 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 Mr. Shreekant, head and Chief General Manager of Real Estate & Housing Business Unit (REHBU) vertical of State Bank of India, and Mr. Venkatesh Gopalkrishnan (CEO, Shapoorji Pallonji Real Estate).
Mr. 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”.
Mr. 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.
About State Bank of India:
State Bank of India is the largest commercial bank in terms of assets, deposits, branches, customers, and employees. It is also the largest mortgage lender in the country. The home loan portfolio of the bank has crossed the milestone of Rs. 5 lakh crore. As on December 31, 2020, the bank has a deposit base of over Rs. 35 lakh crore and advances of more than Rs. 26 lakh crore with CASA ratio of about 45%. SBI commands over 34% market share in home loans and around 33% in the auto loans segment. The Bank has largest network of more than 22,000 branches in India with an ATM / CDM network of nearly 58,000 and total BC outlets of over 71,000. The number of customers using internet banking and mobile banking stand at 85 million and 19 million respectively. The integrated digital and lifestyle platform by SBI - YONO has crossed 74 million downloads mark. YONO which has over 34.5 million registered users, witnesses 9 million logins per day. Accelerating the digital agenda, SBI has opened over 1.5 million accounts through YONO in the quarter ended December 2020 with nearly 91% of YONO eligible savings bank customers migrated on YONO. In terms of digital lending, bank disbursed pre-approved personal loan (PAPL) worth Rs. 5300 crore via YONO in the same quarter. YONO is also a global name having tasted its success in international markets as well. On social media platforms, SBI has the highest number of followers on Facebook and Twitter amongst all banks worldwide.
