SBI Home Finance (SBIHF), an SBI-affiliate, was formed in 1987 to cater to the housing needs of the eastern and north-eastern region. It has extended its operations in the tribal states which were till now a forbidden land for housing finance activities because of the cumbersome land tenure system. Though initially taken up as a housing finance institution for the eastern and north-eastern region only, SBIHF has graduated into a premier national housing finance company with seven regional and ten branch offices all over the country. SBIHF went public in Feb.'93 with its maiden issue to augment its long-term resources and to meet its working capital needs as well as to enhance its net owned funds. SBIHF proposes to extend its activities to other areas such as lease financing and bill clearance. In 1997-98, the company was awared the from MAA to MA+ rating by ICRA for its Fixed Deposit programme. The new rating indicate Adequate Safety and adequate prospects of timely servicing of interest and principle. The company opened a branch office at Pune. During 1997-98, the company opened a regional office in Bangalore and branch offices at Berhampore (Ganjam), Chennai, Chandigarh, Silvassa, Cochine & Ahmedabad. A couple of Camp offices were also opened during the year under review. The company has assigned TCS for developing an Integrated Software Package covering loan,Finance and Deposits.This project is under implementation and is expected to be online shortly.