OPINION

Home Loan Opportunities in Jammu & Kashmir and Ladakh

The mission of housing for all will now be a truly inclusive mission considering the housing opportunities available in the region. SBI is ready to take the challenge to cater to the ongoing/future needs of home loan buyers of both the union territories.

Since August 5, 2019, the demography of Jammu and Kashmir has changed into two separate union territories, namely Union Territory of Jammu & Kashmir and Union Territory of Ladakh. Article 35A that allowed only the permanent residents to acquire land in the state has been revoked. It is expected to have a positive impact on Jammu & Kashmir’s overall real estate market. The market will improve over a period of time as and when people see for themselves that normalcy is present in the region. The move is also expected to boost hospitality/tourism industry and will provide an impetus to the growing economic growth of the largest democracy and fetch better employment opportunities contributing to the nation’s GDP growth. Gradually one may see investments coming into organized infrastructure development such as schools, colleges, hospitals, hospitality, tourism sectors and eventually retail and entertainment.

 

It has also generated opportunities for the builder community: The government has made concrete efforts for economic development of the region through the Investment Summit. RERA in the region shall play an instrumental role in development of the housing sector in the region. Easy land availability and transparent rules shall help the builder community to launch new projects in the region. We see new opportunities in builder tie-ups once new projects get launched in the region.

 

SBI has played a pivotal role in the real estate industry through more than 5,000 builder tie-ups across the country and built a loan book of 􀀅10,257 crore in the builder finance segment. We have actively participated to bring the desired liquidity in the housing sector. Partners in Skill Development: More than 6 lakh candidates have been trained by SBI-RSETIs over a period of seven years of which 67 per cent have been successfully settled in gainful employment. SBI has RSETI centres at Samba, Kathua, Udhampur, Doda, Kishtwar, Reasi, Ramban, Kargil and Leh in the Union Territory of Jammu and Kashmir and Leh imparting comprehensive quality residential training programme in personality and skill development areas to rural youth and facilitating them in settlement in vocations. The Pradhan Mantri Awas Yojana (PMAY) mission of housing for all will now be a truly inclusive mission considering the housing opportunities available in the region. SBI being one of the largest home loan providers of the country with 34 per cent market share amongst all scheduled commercial banks, is ready to take the challenge to cater to the ongoing/ future needs of home loan buyers of both the union territories.

 

SBI has two processing centres in the region, i.e. RASMEC Jammu & RASMEC Srinagar and dedicated home loan sales team. SBI has sanctioned home loans worth 􀀅120.36 crore in the region and we are targeting 20 per cent growth in our sanctions.

 

SBI’s Products

 SBI has a unique range of home loan products catering to different customer segments for their housing needs. The salient features of SBI home loans are as under:

 

  • Dedicated relationship managers at various locations.
  • Over 1,000 HL processing centres spread across length and breadth of the country.
  • Convenient digital ways to apply for a home loan:
  • YONO Mobile App.
  • www.homeloans.sbi
  • Call on 1800 11 2018
  • Apply through https://www.psbloansin59minutes. Com

 

  • SMS “HOME” to 567676
  • EMI for SBI Home Loans start at 􀀅744 per lakh
  • Interest concession for women borrowers.
  • Quick processing of PMAY subsidy by SBI.
  • Straight Through Processing (STP) of instant top-up loan for existing HL customers.
  • Trust of more than 40 lakh happy families who have chosen SBI as their preferred home loan provider.
  • One in every three home buyer opts for SBI
  • Lower interest rates starting at 8.15 per cent
  • Complete transparency in fees
  • Pre-approved home loans SBI’s FlexiPay home loan and Shaurya home loan would be important products for home loan needs of the people in the region. Brief product features are as under:

FlexiPay Home Loan

 Most of the home seekers cannot buy their dream home as their current income does not make them eligible for getting the required loan amount for buying the home of their choice. SBI FlexiPay evaluates loan eligibility based

on your future earnings, therefore enabling the customer to buy his dream home today. The product has a facility of step up EMIs during the later years of loan tenure thus providing more loan to the customer (flexible EMIs linked with salary). 

 

Shaurya Home Loan

 SBI Shaurya home loan scheme is dedicated to the army and defence personnel of the nation. The SBI Shaurya home loans have value added benefits which will only be provided to the defence employee applicants like no processing fees, ease of repayment options and longer repayment period of the loaned amount.