State Bank of India (SBI) plans to build home-loan business worth ₹7 lakh crore by FY2024.
The bank crossed the ₹5 lakh-crore mark on Wednesday.
“The real estate and housing business unit of the SBI has grown five times in the last 10 years with AUM (assets under management) of ₹89,000 crore in 2011 to ₹5 trillion in 2021,” SBI said.
Despite a massive setback to the real estate sector triggered by pandemic-induced lockdown, this vertical registered unparalleled growth in the home-loan business, it added.
“We feel that combining technology with personalised service is the key in the current scenario,” said Dinesh Khara, chairman.
“We are working on various digital initiatives to improve the efficiencies in home-loan delivery, including an unique, integrated platform Retail Loan Management System (RLMS), which will provide an end-to-end digital solution.”
“We are also happy to express that SBI has become the market leader in home loans by adopting a focused approach and acknowledging it as a national priority,” he added.
He said SBI is making a continuous effort to make affordable housing conveniently accessible to customers.
Going forward, SBI is also looking at implementing AI, Cloud, Blockchain and machine learning which can play a crucial role in propelling not only the home-loan business but also other businesses.
The bank is also gearing up to initiate a co-lending model for home loans that would help boost the public sector lender’s footprint in the unorganised sector.