State Bank of India has reduced its home loan growth target for the financial year.
The country largest lender’s announcements come a day after it sharply cut interest rates on home loans.
“Our growth target at the beginning of this year for home loans was 25 per cent but now we would be looking to achieve 15-20 per cent growth in our home loan portfolio,” said Atanu Sen, deputy managing director of SBI.
The revision is due to the economic slowdown, senior officials of the bank said on Thursday. SBI has a home loan portfolio of Rs 1.05 lakh crore, with a market share of 17 per cent in the individual home loan segment.