SBI & CREDAI come together for sustainable development
Taking forward Government of India’s dream of “Housing for All”, SBI and CREDAI have signed an MOU to collaborate and work towards the development of the Real Estate Sector, specifically through the affordable housing and green housing projects. The duration of the agreement is for a period of 3 years.
Recently, CREDAI has launched 373 Affordable Housing projects through its member developers across the country for providing 2.33 Lacs housing units. The investment in these projects is pegged at over Rs. 70,000 crores. These projects were launched by Mr. Venkaiah Naidu, Honorable Union Minister of Urban Development, Housing and Urban Poverty Alleviation.
Underlying this partnership, SBI, the county’s largest bank and mortgage lender will support CREDAI as their national banking partner. Bringing cheer to more and more homebuyers, it will provide easy construction finance to CREDAI member developers for eligible affordable housing projects at concessional interest rate.
The MoU will facilitate bi directional incentives for the customers and the developers of these projects. For CREDAI member developers, SBI will provide an interest concession upto35bps to eligible builders for construction finance. For the consumers, SBI has launched an exclusive tailor made scheme for Affordable Housing, “SBI Hamara Ghar” which will ease the process and enable maximum number of consumers to avail home loan for these projects.
On the Occasion, Mr. Rajnish Kumar – MD (NBG), SBI, said, “SBI is the largest affordable housing financer in the country. It’s a special moment for us to partner with CREDAI for affordable housing aimed at achieving National mission of Home for allby 2022. This initiative will help millions of home buyers fulfill their dream of owning a home. In the long run, it will give a boost to the real estate industry and economy as a whole, elevating the citizens from aspirants to actual home owners.”