State Bank of India to partner with intermediaries on BTL

The Bank relaunched its buy-to-let range last year but said it had no plans to lend through brokers at the time.
 

The State Bank of India, with a history of 200 years, is the largest commercial bank in India. The group is made up of SBI, five associate banks and a number of banking and non- banking subsidiaries and joint ventures. As of 31st of March 2013, the group had assets worth USD 377 billion, deposits of USD 290 billion and capital & reserves in excess of USD 23.73 billion. The group commands over 22% share of the domestic Indian banking market.

Landlords can currently borrow between £100,000 and £1.5 million up to 70% LTV, with mortgage terms ranging from 5 to 25 years.

SBI offers a three year tracker rate from 2.89% up to 60% LTV, and a 5 year fixed rate up to 60% LTV at 3.69%
 
An SBI UK spokesperson said:

"SBI UK rolled out its new BTL offer last year, originally to be distributed through its network of UK branches.  Since December 2014 however, we have been in negotiations to partner with a selection of hand-picked brokers and intermediaries.”