Shapoorji Pallonji signs MoU with SBI

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Real Estate portfolio of State bank Of India has surpassed INR 5 trillion recently, which is the largest in the industry.

Shapoorji Pallonji Real Estate and State Bank of India (SBI) have signed a Memorandum of Understanding (MoU) to enable an improved and more seamless experience for homebuyers across India. As part of the agreement customers of Shapoorji Pallonji Real Estate and SBI will be able to avail the benefits of faster home loan processing and approvals, and other unique value add schemes.

The MoU was signed by Venkatesh Gopalkrishnan (CEO, Shapoorji Pallonji Real Estate) and Shreekant, Head and Chief General Manager of Real Estate & Housing Business Unit (REHBU) vertical of State Bank of India.

Venkatesh Gopalkrishnan, CEO, Shapoorji Pallonji Real Estate said “We are delighted to partner with State Bank of India to offer specially designed products to the customers serviced by both the companies. For homebuyers it would mean more choice to avail innovative offerings, including faster approvals while buying homes with us. The new tie-up will cover our existing housing projects across key markets.”

Shreekant of State Bank of India said “This collaboration with Shapoorji Pallonji Real Estate will create win-win business opportunities for all stakeholders. We sanction Home Loan in five days in all our approved projects, which is the key benefit for the customers apart from completely waiver of legal and valuation charges. Our tailor-made Home Loan products, dedicated Home Loan processing centres, door-step banking services, robust feet on street, strong networks, usages of cutting-edge technology, among others, have made us preferred choice amongst Home Loan customers. Bank will roll out Retail Loan Management System (RLMS), a technological platform providing end-to-end solution for Home Loans, as early as March 21 that will further streamline the Home Loan acquiring and processing by significantly reducing turnaround time.”

Real Estate portfolio of State bank Of India has surpassed INR 5 trillion recently, which is the largest in the industry. The bank has a total Home Loan customers of a staggering 42 lakh. On an average, the bank onboards around 1000 Home Loan customers per day. The bank commands a market share of 22 % in Home Loan business. State Bank of India offers Home Loan starting at 6.80% p.a. which is one of the lowest in the market.