Godrej Properties has entered into a tie-up with Central Bank of India for tapping the latter’s retail customer base to sell homes in the mid-to-affordable segment. Under the tie-up, customers of the public sector bank, which has 4,400 branches across the country, will get loans 25-50 basis points cheaper than the market lending rate if they buy homes from Godrej Properties.
Godrej has such tie-ups with five other banks.
This tie-up would allow us to tap the bank’s large customer base across our projects in Nagpur, Kolkata, Mumbai and NCR. For customers, it would mean more choice to avail themselves of preferential lending rates for home loans from an array of six banks instead of five earlier, which have a tie-up with Godrej, said Girish Shah, vice-president (Marketing & Sales), Godrej Properties.
The new tie-up will cover new and existing housing projects of Godrej Properties in the Rs 30-Rs 35 lakh range in various markets across the country. He added that the company already have a tie-up with SBI and this was a natural extension.
Given the sops announced for housing loans in the latest Budget, it would be focussing more on tie-ups with banks. According to the company, 35-40 per cent of its customers are those who go in for home loans and with this latest partnership, the developer hopes to garner an additional customer base of 15-20 per cent.
Currently, the company has housing projects in Mumbai, Ahmedabad, NCR, Kolkata, Nagpur, Chennai and Bangalore.