State Bank of India-Hyderabad circle Chief General Manager O.P. Mishra has assured the real estate industry and the builders’ fraternity of all possible support to address various issues concerning them. The bank would continue to strive for being the “banker of the first choice to builders”, he said.
He was speaking at a meeting with the CREDAI-Hyderabad to strengthen the relationship between the bank and developers and to discuss issues relating to home loan sanctions, project tie-ups, and project funding. He said the pain points arising out of the COVID-19 pandemic had been addressed to a large extent through relief measures like a moratorium on EMIs, charging of simple interest during the moratorium period, and extending an emergency line of credit to builders.
Loan book contribution
The real estate segment was the main focus area for the bank and this portfolio was the major contributor to its loan book. Only 60% of the builders availed of the COVID Line of Credit from the bank in Telangana while the turnaround time for home loan sanctions from projects approved under the bank tie-up was five days. The SBI was extending quick, prompt, and hassle-free services in sanction of housing loans which had been acknowledged by many customers.
The bank had recently opened a new RACPC (retail assets central processing centre) at Kompally to provide easy reach/access to customers, taking the total number of these centres in the city to nine. The bank was promoting the use of a digital platform for retail loans and offering a concession of 0.05% interest rate in addition to waiver of processing fees for loan applications through YONO.
He favoured meeting with builders and the industry at frequent intervals so that various aspects concerning them could be discussed and action initiated. He assured that other issues which required the intervention of the corporate centre would be taken up.
CREDAI-Hyderabad president P. Ramakrishna Rao and general secretary V. Rajasekhar Reddy represented the organisation.
