SBI chairman presses for change in affordable home definition as loan ticket size rises

This report covers key India-focused updates related to loans, EMI, interest rates and banking. State Bank of India’s average home loan ticket size has jumped to Rs 51 lakh from Rs 35-40 lakh a couple of years ago, prompting its chairman CS Setty to call for a review of the definition of affordable housing. Since home prices have seen a sharp rise in prices across the country, there is a need to revisit the concept of what qualifies as an affordable home. "...the definition of affordable homes is required to be changed. This is what we have been telling the government of India," Setty told reporters in a post-earnings interaction after the country’s largest lender announced its fourth-quarter results. Pointing out that the bank’s average home loan size has risen to Rs 51 lakh crore from Rs 35-40 lakh crore two years ago, Setty said Friday the cost of housing is going up and there is a need to change the concept of affordable homes.