SBI Bangalore Circle home loan sanctions up 20% in FY14

The Bangalore Circle of State Bank of India (SBI), has crossed Rs 14,800 crore in home loans for 2013-14, showing a growth of 20% in sanctions during the year. For the year, the Bank has sanctioned Rs 4,800 crore in home loans as against Rs 4,000 crore in the previous fiscal.

Of the total housing loan portfolio of Rs 1.40 lakh crore held by the Bank across the country, the Bangalore Circle contributes 10.57%, said Ashwini Mehra, chief general manager, SBI.

Bangalore Metro, in particular, has contributed Rs 10,865 crore. In Karnataka, the Bank has 8 dedicated centralized loan processing cells for handling home loan applications, of which four are in Bangalore.

In an effort to increase its home loan portfolio further in FY15, the SBI in association with Confederation of Real Estate Developers? Associations of India (CREDAI) is organizing a two-day realty expo from April 26 in Bangalore. More than 100 builders from all over Karnataka, who are members of CREDAI are participating in the expo, Mehra said.

During the expo, the State Bank of India will provide on the spot in-principle approval to the prospective buyers. The Bank charges the lowest rate of interest at 10.10% for home loan borrowers and women customers will get a discount of five basis points, he said.