State Bank of India (or SBI) is India’s largest public sector bank, and a Fortune 500 company. It has now branched into various financial services, and is a government-owned corporation headquartered out of Mumbai. As of 2014-15, SBI had assets worth Rs. 20,480 billion and was ranked 232rd on the Fortune Global 500 list of the world’s biggest corporations as of 2016.
SBI traces its roots back to 1806, making it the oldest commercial bank in the Indian subcontinent. The State Bank of India as it is today has been in existence since 1956. As on date, it has a market share of over a whopping 20 percent in deposits and loans among Indian commercial banks.
SBI offers a range of banking products and services through its extensive branch network, which includes products targeted at resident Indians as well as non-resident Indians (or NRIs).
In addition to its five associate banks, the SBI also operates in the non-banking sphere which includes credit cards, life and general insurance, funds management and capital markets among others.
What sets them apart from competition is the sheer reach that SBI offers, reaching out to potential home owners in semi-urban and rural areas in addition to metropolitan cities. Further, in keeping with the rapid technological development in the banking and financial services (BFSI) sector, the SBI has expanded its reach by offering services at the click of a button.
SBI has a wide reach that is not spread only domestically but as well as in the overseas market. There are 14 regional hubs and over 57 zonal offices located in India. The number of bank branches has crossed 18,354 in India itself, and as of 2014-15, the Bank had 191 offices spread across 36 countries worldwide. It also operates several foreign subsidies or affiliates.
When it comes to home loans, SBI offers various products, and all of these product offerings can be categorised as under:
In addition the SBI also caters to the NRI audience with a selection of housing loan product offerings.
In keeping with the tradition of employing the latest technological advances, you can apply for a housing loan both at a SBI branch and online as well. SBI also has digital branches known as SBI InTouch, which offer an instant loan facility for home loans, among other products and services.
Existing loan account holders can access their loan accounts online for ease of tracking and account maintenance.
SBI has shown a year-on-year growth when it comes to home loan disbursals, with a steady increase in disbursement numbers, as indicated below:
|Period||Disbursement (Rs. Crore)|
Rewarding individuals for availing of a home loan, SBI has an attractive rewards programme called the State Bank Rewardz, which offers reward points as part of its Group Loyalty Programme. These points can then be redeemed upon accrual for various products and services, both offline as well as online.