SBI, Shapoorji Pallonji Real Estate Sign MoU
A customer uses an automated teller machine (ATM) at a State Bank of India Ltd. (SBI) branch at night in Bengaluru, India. (Photographer: Karen Dias/Bloomberg)

SBI, Shapoorji Pallonji Real Estate Sign MoU

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State Bank of India and Shapoorji Pallonji Real Estate on Thursday signed a Memorandum of Understanding to enable faster processing of home loans, approvals and to provide other benefits.

The lender's head and chief general manager (Real Estate & Housing Business Unit) Shreekant said the collaboration will create win-win business opportunities for all stakeholders.

"We sanction home loans in five days in all our approved projects, which is the key benefit for the customers apart from complete waiver of legal and valuation charges,” he said in a release.

Shapoorji Pallonji Real Estate CEO, Venkatesh Gopalkrishnan, said the tie-up will cover the new and existing housing projects across key markets.

Earlier this month, SBI Chairman Dinesh Khara had said the bank is looking at more builder tie-ups so as to reduce the turnaround time for approving home loans to five days as against 12 days.

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