SBI has been, is and will be largest home loan lender, says chairman Dinesh Khara

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home loan market, reported news agency PTI. On being asked about his views on the mortgage market following the exit of HDFC from the market after its merger with HDFC Bank on 1 July, Khara even said that SBI's mortgage book is worth over ₹6.52 lakh crore as of the June quarter, clipping on-year at close to 14 percent. Ahead of the merger, HDFC Bank has not been active on the home loan front as it used to sell a home loan account to its parent HDFC for a fee after sourcing.

When it merged thewith parent, the bank only had a small home loan book. ALSO READ: SBI latest fixed deposit rates 2023: SBI Wecare vs SBI Amrit Kalash. Check FD rates here As per analysts, the combined mortgage book of HDFC Bank has been pegged at ₹7.3 lakh crore as of 31 March, 2023.

Despite this, the bank did not reveal the numbers in the June quarter earnings, though the merger was effective from July 1 and HDFC shares got extinguished on July 13. Then SBI's book was only ₹6.4 lakh crore. In February 2021, SBI overtook the traditional market leader HDFC in home loan assets, when its book crossed the ₹5 lakh crore mark.

At that time, SBI enjoyed a market share of 23.5 percent of the home loan market as against HDFC's 17 percent. After the earnings announcement, Khara told PTI, “We have been the largest, we are and we will continue to have the largest home loan book." SBI reported its highest-ever profits of ₹16,884 crore for the quarter. Khara said that SBI home loan book grew 13.47 per cent to ₹6,52,548 crore in Q1FY24, compared to ₹6,40,680 crore in Q4FY23 and from ₹5,75,075 lakh crore in Q1FY23.