SBI to extend Rs 500 cr worth home loans in Odisha

Country's largest public sector lender State Bank of India (SBI) has set a target to advance Rs 500 crore home loans in 2015-16 in Odisha, said a senior bank official.

"As on November end, the bank has already extended Rs 280 crore home loans. We expect to close the year with Rs 500 crore advances to the sector", BVG Reddy, Chief general manager, SBI (Bhubaneswar circle) told media persons.

The public sector lender had advanced home loans worth Rs 400 crore in 2014-15. The NPA (non-performing asset) rate for the sector in the state hovers around one to two per cent. SBI has extended finance to the tune of Rs 3325 crore under home loan portfolio as on date.

SBI is organizing a property expo 'Utsav -2015' at Bhubaneswar from December 11-13.

About 40 developers and builders affiliated to Confederation of Real Estate Developers Associations of India (Credai), Real Estate Developers Association of Odisha, Association For Odisha Real Estate Developers, National Real Estate Development Council (NAREDCO) are likely to participate in the event.

As many as 200 housing units were booked in last year's expo and loans to the tune of Rs 30-40 crore were sanctioned.

SBI which operates with more than 800 branches in the state has an NPA rate of more than six per cent with maximum slippages in the MSME (micro, small & medium enterprises) sector, agriculture sector, education loans, among others.

News source: Business Standard