File photo of visitors at the real estate expo. SBI has organized Home Loan Utsav in Bengaluru which will end on January 22, 2023. Photo credits: K. Murali Kumar
Karnataka is the fastest growing market for home loans across the country for State Bank of India (SBI), and Bengaluru accounts for a major chunk of this business.
SBI General Manager, SBI informed that SBI’s home loan portfolio in Karnataka is ₹69,000 crore in the current financial year, of which Bengaluru accounts for ₹50,000 crore. Hindu On 21 January.
“Our home loan business is growing at 14%. We are expecting that the growth rate will reach our target of 17 per cent.
According to general manager Sandeep Bhatnagar, the bank is offering home loans worth ₹2,000 crore every month in Karnataka. In the first three quarters of the financial year, the home loan portfolio of the bank has grown by ₹7,300 crore, and by the end of the financial year, it is expected to cross ₹10,000 crore.
He said the luxury segment is growing at 100 per cent and the ultra-luxury segment at 113 per cent.
“Post-Covid, there is a growing trend that families want to live together, or live in the vicinity. Hence, many people who can afford are looking at bigger apartments or villas,” he said.
SBI is currently organizing Home Loan Fest at its Regional Head Office at St. Marks Road in Bengaluru. Around 40 builders are showcasing their home and villa options at the fair, where the bank is offering interest rate concession and 100% waiver on processing fee for spot bookings.
“We are confident that this edition of our home loan festival will give a boost to the home loan market in Bengaluru. It is also the right time to invest in a home,” Nand Kishore, chief general manager, Bengaluru circle, told media persons.
The two-day SBI home loan festival will end on January 22.