The State Bank of India (SBI) has reached another landmark by crossing the Rs 5 trillion (5 Lakh crore) mark in its home loan business. The bank has set its sight on achieving a target of Rs 7 trillion by FY 2024.

The real estate and housing business unit of the SBI has grown five times in the last TEN years with an asset under management (AUM) of Rs 89,000 crore in 2011 to Rs 5 trillion in 2021. With interest starting as low as 6.80% per annum, SBI commands a market share of 34% in the home loan segment, it added.

''This extraordinary feat is a testament to customers' continuous trust in the bank. We feel that combining technology with personalised service is the key in the current scenario,'' the bank's chairman Dinesh  Khara said.

"We are also happy to express that SBI has become the market leader in home loans by adopting a focused approach and acknowledging it as a national priority. We have always treated home loans as a growth driver for the nation and not just as mere transactions. We, at SBI, will continue focusing on enhancing customer delight that will in-turn enable the bank to scale newer heights,? he said.

The bank is also working on various digital initiatives to improve the efficiencies in home loan delivery, including a unique integrated platform Retail Loan Management System which will provide an end-to-end digital solution, he added.

The bank is looking at achieving a home loan AUM of Rs 7 trillion by FY 2024. In the home loan market, the country's largest lender share is 34 percent.

Shares of State Bank of India on Wednesday touched an intraday high and low of Rs. 397.90 and Rs.388  per unit, respectively on the National Stock Exchange.

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