SBI’s home loan segement growing after rate cut
State Bank of India (SBI) is witnessing a significant growth in its home loan segment since it cut rates in the beginning of August.
Officials of the country’s largest lender revealed that number of home loan applications being received per day has now doubled to 800 from 400.
However, the officials stated that since there is a time gap between screening of a home loan application and actual disbursal of loan, one will have to wait to know the home loan numbers.
SBI cut home loan rates by 0.50-0.85 per cent in August. The bank’s cut in home loan rates has been welcomed by the real estate industry as the number of unsold homes have been rising in the country. Currently, the bank is charging 10.25 per cent on home loans up to Rs 30 lakh and 10.4 per cent for loans above Rs 30 lakh.
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SBI home loans offer very competitive pricing at present in the market. But it is a truth that the time taken by them in the sanction of the home loan is a bit large. So, many people avoid going for them.