Continuing as the leading mortgage company of the country State Bank of India now milks the marketing sector to sell the home loans. As an effective marketing effort, SBI has also determined to offer 35 basis points dispensation to the builders especially for the affordable housing development. This is another remarkable move by the nation’s biggest bank in fostering the affordable housing sector.
Currently basis point is 0.01 percentage point which is (1/100th of a percent) or 0.0001 in decimal form. Most of the cases, basis point refers to the changes in bond yields and interest rates. It is also used in the measurement of the change in percentage of an asset such as a stock. Thus, it’s a familiar term in the stock market too.
“Market will witness more positive investment coming from the genuine pockets of the Industry. With the reduced EMI, central government announced incentives and tax redemption, affordable housing sector is likely to transform as a key source of revenue for the realty industry. By far, there are element names of construction companies that are stepping in the development of the low budget flats in Kolkata, as the city is yet to meet the deadline of ‘Housing for All” within 2022,”- said Mr. Mahesh Somani, West Bengal RERA expert.
In the inauguration event in Kolkata SBI chief general manager (Kolkata circle) Mr. Partha Pratim Sengupta announced that SBI is tying up with several construction companies and offering them construction finance on relaxed terms for the development of low budget flats in Kolkata.
As per the last update SBI declared a reduction in home loan interest, according to which women homebuyers will get home loan at 8.35% for up to 30 lacs and other salaried borrowers avail loans at 8.40% interest per annum. Other competitor banks like ICICI and HDFC have started following footprint as they are all trying to gain profit from the central government’s initiative of pushing up the sale volume of real estate and recover the market through affordable housing sector.
_LNN(Liyans News Network)