State-based branches of SBI and realtors body CREDAI have signed a treaty to grant loans at an ostensible rate to the builders as well as buyers for affordable housing projects. SBI and CREDAI have signed a MoU to go partners and work jointly towards the growth of the real estate sector, specifically through the low-budget properties and green residential projects.
SBI has signed this MoU with CREDAI for a period of three years which will allow homebuyers a concession rate of 10 basis points and 10-35 basis points to the CREDAI develop members. Currently SBI holds 25% market share in home loan segment of the country. Earlier CREDAI had declared that its member developers are launching 373 affordable residential development comprising 2.33 lac units with revenue over 70000 crore.
Being the largest bank and mortgage lender SBI will back CREDAI as their national banking partner and provide loans at competitive rate of interest towards development finance. The lower cost of interest to builders will further deduct the cost of apartments which might go along with consumer’s favor.
For homebuyers, SBI has introduced a special tailor made scheme for affordable housing ‘SBI Hamara Ghar’, which will relieve the process and empower maximum number of consumers to avail home loan for investing in these economical projects.
“This initiative will attract more buyers towards real estate sector.”- says Mahesh Somani, the MD of Somani Realtors Kolkata. “Real estate sale will upsurge along with the sale volume comes from affordable housing sector in India’’- added Somani.
Discount on construction finance by SBI will be influential will cut down construction costs and transform home-seekers to individual property owner. For Green real estate development too CREDAI and SBI have tied-up with; under SBI Green Home Loans the bank will provide an interest concession along with a processing fee waiver.
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