SBI, Shapoorji sign MoU for faster home loan processing
State Bank of India (SBI) and Shapoorji Pallonji Real Estate signed a Memorandum of Understanding (MoU) to enable faster processing of home loans, approvals and to provide other benefits.
The MoU was signed by Venkatesh Gopalkrishnan, CEO, Shapoorji Pallonji Real Estate and Shreekant, head and Chief General Manager of Real Estate and Housing Business Unit (REHBU) segment of State Bank of India.
As part of the agreement, SBI customers and Shapoorji Pallonji Real Estate will be able to avail the benefits of faster processing of home loans and approvals along with other unique value added schemes.
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SBI will roll out a retail loan management system (RLMS), a technological platform providing an end-to-end solution for home loans, as early as March 2021 to ease the loan process and reduce the turnaround time.
Shapoorji Pallonji Real Estate said the tie-up would cover the new and existing housing projects across key markets.
Earlier, SBI had said it is looking at more builder tie-ups to reduce the turnaround time for approving home loans to five days as against 12 days.
SBI is the only bank, designated by the Ministry of housing and urban affairs (MoHUA) as the Central Nodal Agency (CNA) for processing Pradhan Mantri Awaas Yojana (PMAY) subsidy. To support the government's flagship programme of Housing for all. The bank has been lending home loans under PMAY and has so far sanctioned 194,582 home loans under the scheme, as of December 2020.