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SBI targets paperless home loan process
Challa Sreenivasulu Setty, MD (R&DB) SBI, inaugurates 2-day mega property exhibition at Hitex on Saturday
Hyderabad: More than 90 per cent of State Bank of India's home loan customers are first-time home buyers, said Challa Sreenivasulu Setty, Managing Director (R&DB) of the bank, while inaugurating SBI Mega Property Show at Hitex Exhibition Hall on Saturday.
"The Mega Property Show is not just a platform for the bank to attract the home buyers, but to bring three important stakeholders together – buyer, builder and the bank. For faster approvals, we aim to see paperless home loan process," he said.
The SBI plans to bring about 100 per cent digitisation using the bank's Yono platform, the only formality being the mortgage process. It also envisages putting across a state-of-the-art uniform layout of processing centers to streamline the home loan processing across India.
"We are going to digitise entire documentation process through 'Document Management Solutions'. We have digitised the sourcing process through Retail Loan Management System (RLMS), a platform to improve the turnaround time in home loan processing," he added.
Sreenivasulu lauded SBI Hyderabad Circle as the fastest growing real estate portfolio among all its 17 circles. "It will not be surprising that Hyderabad Circle will be the top real estate lender across the country by the end of next financial year," he predicted.
The MD also stressed that the bank has to penetrate and capture at least 40 per cent of business generation under tie-up projects. The bank has on-boarded 335 projects with reputed builders in Hyderabad to increase the customer confidence and brand image of the project.
Amit Jhingran, CGM, Hyderabad Circle, spoke of how Hyderabad realty has shot up in the State. "Hyderabad Circle is very likely to become the next real estate capital of the country. It comes first with real estate growth of Rs 5,009 crore during the current financial year," he said.
The event also witnessed the participation of the representatives of real estate bodies such as Credai, Treda and TBF. They appreciated their association with SBI. However, they have also expressed that the bank's norms are stringent in case of builder finance.
The bank's MD referring to their concerns said, "There is an inherent opinion that the approval systems are very stringent. However, the SBI's vested interest has always been its customers. It takes pride to have a reputation that SBI approved projects are reliable beyond doubt."
He further said, "Being the country's largest home loan lender, our main focus is always on retail loans having the real estate portfolio of Rs 5.44 lakh crore across India, and Hyderabad Circle with Rs 44,580 crore by January 2022. The bank initiated steps to provide builder finance also."
Jogesh Chandra Sahu, General Manager (NW-1) Hyderabad Circle, appreciated the efforts of the team in organising the gala event and also acknowledged the feedback and suggestions of the builders and senior dignitaries of the bank during the event.
