State Bank of India to launch residential mortgages in August

State Bank of India has confirmed that it will launch a range of residential mortgages in the UK in August.

Money Marketing’s sister title Mortgage Strategy revealed in September 2011 that India’s largest bank was looking at entering the residential sector in 2012, after launching a number of buy-to-let deals through its branches.

A spokeswoman for the bank says it is too early to confirm what its product offering will be but she says it is exploring offering the mortgages via brokers.

SBI, which is 59.41 per cent owned by the Indian government, is the 50th largest bank in the world.