Govt announces setting up of alternative investment fund to boost sector. December 2019
State Bank of India (SBI) announced Residential Builder Finance with Buyer Guarantee (RBBG) to safeguard home buyers financially by issuing guarantee for completion of projects to customers availing SBI Home Loans. Now, customers will be able to secure their investment in the ongoing home projects financed by the bank itself. RBBG will focus on affordable housing segment with home price of up to Rs 25 million in seven Indian geographies initially. Under this product, all reputed builders fulfilling the prescribed criteria by the bank can avail loan between Rs 500 million to Rs 4 billion. Criteria include Star rating and CIBIL score.
SBI and Sunteck Realty (SRL) also entered into a MoU, which is the first step towards boosting the residential housing sector under the Bank’s “Sapna Aapka – Bharosa SBI Ka” scheme with Bank Guarantee to Home Buyers under the Builder Finance scheme.
Rajnish Kumar, Chairman, SBI, said, “We believe that RBBG will build confidence among home buyers by securing their hard-earned money and at the same time will boost under-stress real estate sector. This product is yet another effort by SBI to make affordable housing conveniently accessible to the individuals with dreams of owning their desired home. Based on the response from both builders and customers, we may consider extending this product to other parts of the country.”
Commenting on this prestigious collaboration Kamal Khetan, Chairman & Managing Director, Sunteck Realty, said, “We are humbled to be the first partner of the biggest bank of India. This is an endorsement of our strong brand and product offerings, our track record of timely delivery, our pristine balance sheet and adherence to compliance. This MoU is a win-win for our customers who would get the best value proposition for the best quality homes.”
Launched with a tagline “Sapna AapkaBharosa SBI Ka”, Residential Builder Finance with Buyer Guarantee will offer home buyers to choose their dream home from SBI approved projects in 10 cities with complete trust and transparency.
SBI is the largest commercial bank in terms of assets, deposits, branches, customers and employees. It is also the largest mortgage lender in the country. As on September 30, 2019, the bank has a deposit base of over Rs. 30 lakh crore with CASA ratio of little more than 45 per cent and advances of nearly Rs 22.5 trillion. SBI commands 25 per cent market share each in home loans and auto loans. The Bank has the largest network of nearly 22,000 branches in India with an ATM / Automated Deposit Cum Withdrawal Machine (ADWM) network of over 58,500. The number of customers using internet banking facility are 66 million and mobile banking services stand more than 15 million. Downloads for YONO - an integrated digital and lifestyle platform by SBI - are over 28 million, with more than 4 million logins per day. On social media platforms, SBI has the highest number of followers on Facebook, YouTube, LinkedIn and Pinterest. The Bank tops the list of followers on Facebook and YouTube across all banks worldwide.
Sunteck Realty (SRL) is one of the fastest growing Mumbai-based luxury real estate development company. The company focuses on a city centric development portfolio of about 30 million sq ft spread across 25 projects. The Company has been a trendsetter in creating iconic destinations – The flagship project Signature Island at BKC in Mumbai is home to some of the head honchos of leading global conglomerates.
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