SBI, Shapoorji Pallonji sign MoU to offer faster home loan approvals

State Bank of India (SBI) and Shapoorji Pallonji Real Estate on Thursday signed a Memorandum of Understanding (MoU) to enable an improved and more seamless experience for homebuyers across India. 

As part of the agreement, customers of SBI and Shapoorji Pallonji Real Estate will be able to avail the benefits of faster processing of home loans and approvals along with other unique value add schemes.

“This collaboration with Shapoorji Pallonji Real Estate will create win-win business opportunities for all stakeholders. We sanction home loan in five days in all our approved projects, which is the key benefit for the customers apart from complete waiver of legal and valuation charges," said Shreekant, head and chief general manager of real estate and housing business unit (REHBU) vertical of SBI.

"The Bank will roll out retail loan management system (RLMS), a technological platform providing an end-to-end solution for home loans, as early as March 2021 that will further streamline the home loan acquiring and processing by significantly reducing turnaround time,” he said.  

“We are delighted to partner with SBI to offer specially designed products to the customers serviced by both the companies. For our customers, it would mean more choice to avail innovative offerings, including attractive home loan rates and faster approvals while buying homes. The new tie-up will cover our new and existing housing projects across key markets,” said Venkatesh Gopalkrishnan, CEO, Shapoorji Pallonji Real Estate.

With the total home loan customers of 4.2 million, State Bank of India accounts for 22 per cent market share in the home loan business. The real estate portfolio of the bank has surpassed Rs 5 trillion recently, which is the largest in the industry. SBI offers home loans at 6.80 per cent per annum.