India's largest bank is beginning with mortgages for landlords, best known as buy-to-let mortgages, with amounts ranging from £ 50,000 to £15 lakh, and loan to value of ratios of up to 60%.
The bank said in a statement, 'SBI"s target market is all UK property investors, not only the Indian community,”
SBI will roll out residential mortgages next year (2012), by which time it plans to add intermediaries such as IFAs and mortgage brokers to its distribution network.
The bank launched the expansion of its consumer banking business in the UK last year (2010), headed by Deepak Ahuja, the former head of NRI Banking for Europe. In the early days the bank had focused on Britain's Indian community, but this time round its target appears more mass market.
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