Dinesh Khara, chairman, State Bank of India (SBI) has clarified that SBI has crossed the Rs 5-lakh crore mark in the home loan business and now is planning to double its mortgage loan portfolio to Rs 10 lakh crore in the next five years.
“Going forward, home loans will continue to be a major focus area for us. The home loan book is now the single-largest portfolio in the asset base of SBI. We aim to grow it to around Rs 7 lakh crore in three years and Rs 10 lakh crore in the next five,” Khara said.
He further added, “The bank is also working on various digital initiatives to improve efficiencies in home loan delivery, including a unique integrated platform Retail Loan Management System (RLMS) which will provide an end-to-end digital solution.”
At present, SBI has a market share of 34 per cent in the home loan segment amongst scheduled commercial banks, and has the most competitive rates starting at 6.9 per cent.
Accounting for 23 per cent as of December 2020, home loans are the biggest portfolio in SBI’s asset book. it has witnessed significant growth in home loans in December, with the highest sourcing, sanctions and disbursements it has ever registered.