SBI & CREDAI Come Together for Affordable Housing..!
Come Together for Sustainable Development & Affordable
Housing
- Sign a 3-year MoU for the overall development and
progression of the sector
An article from Our Building
& Construction / May 2017
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 up to 0.35% eligible builders for construction finance.
For the consumers,
SBI has launched an exclusive
tailor made scheme for Affordable Housing, “SBI
Hamara Ghar” (https://www.sbi.co.in/portal/web/personal-banking/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 all by 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.”
Mr. Jaxay Shah –
President, CREDAI,
added, “Our Association with SBI brings us one step closer to fulfil our
promise of providing a home to the masses, elevate their quality of life and
reduce the repercussions of not having a permanent home or / not being able to
afford one. Our members have taken a lead in the Housing for All mission which
showcases our commitment to this cause. We believe that this
movement will only gain momentum in coming months which will not only provide a
robust support to our economy but will also expedite employment generation
substantially. Rebate on construction finance
by SBI will be instrumental in facilitating a more affordable ecosystem which
will lower the construction costs and enable the developers to pass on the
benefits to the consumers.”
SBI and CREDAI have
also tied up for Green Construction projects. SBI will be providing an interest
concession for the construction of green projects and also a processing fee
waiver for Home Loans under SBI Green Home Loans.
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