Central Bank of India is eyeing total business of Rs 10,000 crore from home loan segment this year. The bank has been aggressively targeting prospective home buyers through its various initiatives.
“As on September 30, 2012, our home loan business touched Rs 6,800 crore and by March 2013, we are targeting to add business of Rs 4,000 crore. Hence, we can achieve the target of Rs 10,000 crore by end of this fiscal,” said Mohan Tanksale, CMD of the bank.
After the success of “Swapna Sankul - 2012”, the first realty exhibition by the bank in Mumbai recently, the bank will take this initiative forward in 100 cities of the country by March 2013.
The bank would also focus on auto loans. Home loan consumers will get a concession on rate of interest for auto loan.
Tanksale said, “Looking at the success of Swapna Sankul-2012, we will hold similar expos and trade exhibitions in association with industry partners in the auto loan segment also. Home loan business would remain our prime focus.”
In the two-day expo, about 40 projects from various developers were showcased and received very good response from the visitors. About 10,000 Mumbaikars visited the expo and the bank sanctioned 525 loan applications on the spot, worth a value of Rs 174.24 crore.
Central Bank of India is present in 77 cities of India through its branch network, and the process of home loan approvals sanctions will be expedited, he said.
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The bank has a pan India presence through a wide network of more than 4,100 branches and more than 1,900 ATMs with a state-of-the-art technological platform. With a business over Rs 3,57,000 crore, the bank offers a bouquet of products both in bulk and retail segments of advances and deposits.
With a retail lending portfolio of Rs 18,964 crore, as on September 30, 2012, Central Bank of India has posted a robust growth of 34% on y-o-y basis. The bank envisages to become a major player in the retail lending segment in the years ahead.