Bhubaneswar, Jan 18:
The country’s leading banker SBI has entered into builder tie-ups in 142 projects in the state and has disbursed home loans worth over Rs 200 crores in 972 home loan accounts in the third quarter ending December this fiscal, CGM Bhubaneswar Circle Krishna Mohan Trivedi said at the third edition of its property expo unveiled in the city on Saturday.
“We are in the process of adding more projects to our existing home-loan portfolio in Odisha,” Trivedi said.
The PSU banking major has a gross home-loan portfolio of around Rs 1.30,000 crore in India with Odisha accounting for Rs 2,776 crore as on 31st December 2013.
Out of the total 142 projects approved by SBI for the state, 130 are in Bhubaneswar itself. This year, the bank has accorded approval to 43 projects in the capital, the CGM revealed to media persons here.
“The builder tie-up arrangement has been made for faster approval of home loans at the bank’s end as the legal due diligence of the projects is done upfront,” he added.
The largest lender by volume in terms of advance in the home loan sector has created a specialized department called Retail Asset Central Processing Centres (RACPC), to hasten the sanction of loans to the prospective borrowers. “Tie-up proposals under approved projects are generally sanctioned within 3 days in a special ‘Lean Work Cell’,” Trivedi said.
A dedicated ‘Home Loan Sales Team’, headed by a senior management official at its main branch located at Rajmahal square in the capital, has been created by the bank to facilitate home loan proposals and builder tie-up, the CGM said.
Besides, the government owned bank has also launched a ‘Gruha Gamya’ project in Cuttack, Berhampur, Sambalpur and Rourkela to facilitate visual displays of housing projects in Bhubaneswar, the CGM said adding, “Initiatives are in the offing to cover all the districts of Odisha under the project before the end of this month.”
SBI, which provides home loan @10.15% interest for a loan of up to Rs 75 lacs and @10.30% above Rs 75 lacs, has a competitive advantage over its peers in the public sector as well as in the private sector. “A special rebate of @0.05% on interest is provided on home loans for women borrowers,” Trivedi informed.
“As the bank is charging a minimal processing fee @0.25% of the loan amount with minimum of Rs 1,000 to maximum of Rs 10,000, the customers can transfer their home loan accounts lying with other banks/housing finance companies (HFCs) to SBI to save on EMIs in case their loans are higher priced,” he said.
“To augment its financial inclusion (FI) drive, the bank is all set to add 36 new branches in the state on Republic Day this year,” Trivedi informed. It already has 740 branches in the state.
SBI is the lead banker in 19 districts of Odisha. The bank already has 1435 ATMs in the state and plans to add 350 more this fiscal.
The bank has promoted Internet and Mobile banking in the state in a big way providing about 3500 service delivery point networks in Odisha.