SBI surpasses Rs 6 trillion AUM in residential home loans

Mumbai (Maharashtra) [India], October 12 : India's largest lender State Bank of India (SBI) on Wednesday said it has become the first financial institution in the country to surpass Rs 6 trillion in assets under management (AUM) in residential home loans segment.
SBI crossed Rs 5 trillion AUM mark in January 2021. SBI said in a statement that it aims to make home loans affordable for all prospective buyers amidst the ongoing festive season.
As a part of the festive bonanza, SBI will offer a concession of up to 0.25 per cent on home loans, 0.15 per cent on top-up loans, and 0.30 per cent on loan against property. Bank has further sweetened the deal, by waiving off the processing fees on home loans up to 31st January 2023.
The offers are specially curated keeping in mind the diverse needs of buyers across segments. SBI is consistently striving to make affordable housing conveniently accessible to customers who dream of owning a home, SBI said.
"SBI being the leader in home finance, takes ownership to enable the housing dream of every Indian. We are extremely grateful to our customers comprising more than 28+ lakh families, who have trusted us and chosen us, to be their partner in the home-ownership journey," SBI Chairman Dinesh Khara said in a statement.
A series of process and digital initiatives undertaken over the past few years played a crucial role in our journey to the Rs. 6 Trillion mark. We are committed to being partners in Nation Building and are striving to realise the dream of our Prime Minister towards - 'Housing for All', Khara said.
SBI, for the first time, has launched a series of unique offerings across the home loan segment. The interest rate for buyers of new home loans as well as takeovers starts at 8.40 per cent and top-up loans for furnishings/renovation/home makeover start at 8.80 per cent.
Commenting on the festive bonanza, Alok Kumar Choudhary, Managing Director, Retail Banking & Operations, SBI, said, "SBI has always been at the forefront in boosting consumer sentiments by launching various offers consistently. As we enter the festive season after a long period of muted celebrations due to COVID restrictions, our offers this festive season are aimed to provide much-needed support for prospective home buyers as they embark on their journey for home ownership."
"Looking at strong interest for home loans across the country, we are happy to announce a concessional rate of interest and waiver in processing fees for a limited period," Choudhary said.