Realtor’s authority CREDAI and State-owned SBI have signed a MoU for a period three years to provide home loans at a concessional rate of interest to both builders and buyers for affordable housing projects. Henceforth, these two organizations will work together towards the development of the real estate sector, through low-budget residential units and green housing projects.
Confirming the agreement SBI declared that they will be providing 10 basis points concession to the consumers and 10-35 basis points concession to the CREDAI developers. Being unparallel in housing loan sector SBI currently owns 25 per cent market share. Initiating this move CREDAI had already announced earlier this month, that the member developers of CREDAI are launching 373 affordable housing projects comprising 2.33 lakh units with an investment of over Rs. 70,000 crore.
Now on CREDAI will find country’s largest bank and mortgage lender SBI as their official national banking partner, which will provide loans at concessional interest rates towards associate developers. “This reduced interest rate will cut down costs of real estate projects, expectedly the developers will free up this advantage to the consumers.”- opined Mahesh Somani, the MD of Somani Realtors, Kolkata.
“We are receiving a massive volume of requirement from the sector of low budget flats in Kolkata , which we consider as an outcome of the revision in PMAY plan and reduced interest rate provision from the individual financial organizations’’- confirmed Mr. Somani.
SBI has launched exclusive tailor made scheme for affordable housing, ‘SBI Hamara Ghar which will relax the home-buying process and bring forth maximum number of real estate buyers to avail home loan for these projects. This initiative will fulfill dreams of million home buyers and industry will find more individual property owners in future.
SBI and CREDAI have also tied up for advancing green real estate projects. The bank will also provide an interest allowance for the construction of green projects and also dealing out fee waiver for home loans under SBI Green Home Loans.
- Somani Realtors News Network