Disbursement of ‘New happy home loan scheme’ peaked to Rs1500 cr by SBI

{ Posted on Jun 30 2009 by }

home-loans

The ‘New happy home loan scheme’ launched by SBI turned out to be hugely successful.Initially SBI was giving 11,00 crore disbursement for home loan in the first two months. Now, SBI has added  400 crore to it, increasing the loan amount to Rs 1500 crore.“Till March we had done Rs 2,348 crore. Subsequently we are sanctioning Rs 1,500 crore every month,” P. Nandakumaran, Chief General Manger, Personal Banking, SBI, told Business Line.

SbI had announced home loan in the first week of february at 8 percent, the minimum percent declared by any bank till now. SBI, which claims to have the highest growth in its home loan portfolio last fiscal, saw its advances swell to Rs 54,063 crore. This is a 21-per cent increase from Rs 44,626 crore in the previous fiscal. During the same period, the bank’s market share grew to 19.74 per cent from 17.48 per cent.

In a period of recession and job losses, SBI launch of new home loan scheme at such a lower rate has attracted home makers and take care about commission advance.

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