SBI Opens Affordable Housing Loan Cell

By | March 30, 2011

State Bank of India has opened its first ”affordable housing loan” cell in Mumbai, which will provide a platform for its customers to interact with the bank. The bank has initiated this project in association with a few builders operating in the affordable housing segment.

The first facility has been set up in Nalla Sopara where the bank has its branch. The bank representatives said that the facility will be set up near localities where affordable housing projects are undertaken. The cell is a discrete delivery structure, which has been designed to offer a simple model for appraisal / sanction methodology suited to the affordable housing segment.

Inadequate supply of houses as well as absence of credible builders in this field has left this segment untapped until recently.

Initially, the focus would be on housing loan in the range of Rs 8-15-lakh. The bank would also provide ATM facility and Internet kiosks at the places where such cells would be opened.

Customers of the bank would have the facility of making cash payments even after business hours through a customer service point of a banking correspondent at a nearby location. The distribution of loan would be done through the bank branches only.

All information including news articles and blogs published on this website are strictly for general information purpose only. BankBazaar does not provide any warranty about the authenticity and accuracy of such information. BankBazaar will not be held responsible for any loss and/or damage that arises or is incurred by use of such information. Rates and offers as may be applicable at the time of applying for a product may vary from that mentioned above. Please visit www.bankbazaar.com for the latest rates/offers.
Category: Articles Glossary Tags: , ,

About Pradeep Yuvaraj

Pradeep Yuvaraj is a Co-Founder and Director at Finerva Financial Solutions Private Limited, a financial education company focused on personal finance education. He has penned over 250 articles relating to Personal Finance and clocked over 500 hours of educating individuals on managing personal finance. He is a serial entrepreneur and has been associated with 7 Start-ups. His entrepreneurial experience spans industries as varied as Education, Gas Engineering, Automobile Design, Software development and more recently a Pure play presentation design company. Prior to turning entrepreneur in 2005, he has worked for 3 of the top ten companies of the world - Shell, ExxonMobil and Total SA. This experience included handling Branch Operations, Channel Sales and Business Development across 5 states over a period of 8 years. He holds an MBA from Symbiosis and an Electronics Engineering Degree from the University of Pune.

Leave a Reply

Your email address will not be published. Required fields are marked *