SBI Assures All Support to Real Estate Industry

State Bank of India-Hyderabad circle Chief General Manager O.P. Mishra has assured the real estate industry and the builders’ fraternity of all possible support to address various issues concerning them. The bank would continue to strive for being the “banker of first choice to builders”, he said. He said the pain points arising out of the COVID-19 pandemic had been addressed to a large extent through relief measures like moratorium on EMIs, charging of simple interest during moratorium period and extending emergency line of credit to builders. Real estate segment is the main focus area for the bank and this portfolio is the major contributor to its loan book. Only 60% of the builders availed the COVID Line of Credit from the bank in Telangana while the turnaround time for home loan sanctions from projects approved under the bank tie-up was five days. SBI is extending quick, prompt and hassle-free services in sanction of housing loans which had been acknowledged by many customers. Bank had recently opened a new RACPC (retail assets central processing centre) at Kompally to provide easy reach/access to customers, taking the total number of these centres in the city to nine. The bank is also promoting use of digital platform for retail loans and offering concession of 0.05% interest rate in addition to waiver of processing fee for loan applications through YONO.