State Bank of India (SBI) on February 10 said it has crossed the Rs 5 lakh crore mark in its home loan business. The real estate and housing business (REHBU) unit of the bank has grown five times in the last 10 years with an asset under management (AUM) of Rs 89,000 crore in 2011 to Rs 5 trillion in 2021.
"This extraordinary feat is a testament to customers' continuous trust in the bank. We feel that combining technology with personalised service is the key in the current scenario," the bank's chairman Dinesh Khara said.
The bank is also working on various digital initiatives to improve the efficiencies in home loan delivery, including a unique integrated platform Retail Loan Management System (RLMS) which will provide an end-to-end digital solution, he added.
The bank is looking at achieving a home loan AUM of Rs 7 trillion by FY 2024. In the home loan market, the country's largest lender share is 34 percent.
The lender forayed into the home loan business in 2004 with a total portfolio of Rs 17,000 crore. A separate REHBU came into being in 2012 with a total portfolio of Rs 1 lakh crore.