SBI Disburses Rs. 1.12 Lakh Crore Home Loans Until January FY22

SBI (State Bank Of India): The Bank has disbursed 1.12 Lakh Crore loans until January before the FY22 ends. The bank records the highest number of loans in this financial year and crosses pre-COVID records as the demand for housing in the hinterland surged. This is a 20% growth over the corresponding period in FY21. 

A spokesperson from the SBI said, “Our bank has released Rs. 1.12 lakh crore for home loans as of January during FY22”. He further added that SBI confirms the development, saying the growth was geographical broad-based. 

The reports suggested that about 40% of the borrowers came from tier-1 cities, and the rest are from cities and towns. The average size of the loan is said to be 34 lakh. Cities like Mumbai, Hyderabad, Kolkata, Chennai, Ahmedabad, Bangalore, and Pune have a fair share of disbursement. 

According to the spokesperson, the majority of the disbursements took place in the month of July. 

The bank is aiming to provide more and more loans to customers with an attractive ROI of 6.7%. This is the minimum rate of interest that may rise up to 20 basis points depending on the individual’s credit score provided by CIBIL. 

Customers can save between 3,500 and 10,000 on a loan application, depending on the ticket size. It is pegged at 0.35% of the loan value. 

SBI has around 220 dedicated Retail Asset Central Processing Centre (RACPC) across the country through which it sanctioned home loan applicants.

The bank has reduced the home loan processing time to just five days with the aim to provide immediate home loans to the customers with zero-hassle. 

“Of late, SBI is encouraging loan applications from small towns (three-III cities). People are now more concerned about owning homes aftermath of the pandemic”, said another SBI executive. 


Leave a Reply