SBI aims for a paperless home loan process
Hyderabad: More than 90% of State Bank of India’s home loan customers are first-time home buyers, the bank’s managing director (R&DB) Challa Sreenivasulu Setty said at the opening of the SBI Mega Property Show on Saturday. at the Hitex Exhibition Hall.
“The Mega Property Show is not only a platform for the bank to attract home buyers, but to bring together three important stakeholders – the buyer, the builder and the bank. For faster approvals, we aim to see a paperless home loan process,” he said. .
The SBI plans to digitize around 100% using the bank’s Yono platform, with the only formality being the mortgage loan process. It also plans to introduce a state-of-the-art uniform layout of processing centers to streamline the processing of home loans across India.
“We will digitize the entire documentation process through ‘Document Management Solutions’. We have digitized the procurement process through Retail Loan Management System (RLMS), a platform to improve lead time of execution in the processing of home loans,” he added.
Sreenivasulu has hailed SBI Hyderabad Circle as the fastest growing property portfolio among all of its 17 circles. “It will come as no surprise if Hyderabad Circle is the number one home lender in the country by the end of the next fiscal year,” he predicted.
The CEO also stressed that the bank must penetrate and capture at least 40% of the business generation in connection projects. The bank has onboarded 335 projects with reputable builders in Hyderabad to increase client confidence and project branding.
Amit Jhingran, CGM, Hyderabad Circle explained how Hyderabad real estate has boomed in the state. “Hyderabad Circle is very likely to become the next property capital of the country. It comes first with property growth of Rs 5,009 crore in the current financial year,” he said.
The event also saw the participation of representatives of real estate organizations such as Credai, Treda and TBF. They enjoyed their association with SBI. However, they also expressed that the bank’s standards are strict when it comes to builder financing.
The bank’s chief executive, referring to their concerns, said: “There is an inherent view that the approval systems are very strict. However, SBI’s direct interest has always been its customers. It is proud to have the reputation that the projects approved by the SBI are reliable without any doubt.
He added: “Being the largest property lender in the country, our primary focus is always lending to individuals with a property portfolio of Rs 5.44 lakh crore across India and Hyderabad Circle with Rs 44,580 crore from here. January 2022. The bank has taken steps to also provide finance to builders.”
Jogesh Chandra Sahu, Managing Director (NW-1) Hyderabad Circle, appreciated the efforts of the team in organizing the gala event and also acknowledged the comments and suggestions from the builders and senior bank dignitaries during the event.