Sign a 3-year MoU for the overall development and progression of the sector
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 35bps 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 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.
Established in 1999, The Confederation of Real Estate Developers’ Association of India, better known as CREDAI, is the apex body for private real estate developers in India, representing over 11,500 developers through 23 states and 163 city chapters across the country. CREDAI has organized the industry and is accepted as trusted partner with Government representatives, policy makers, investors, finance companies and consumers.
State Bank of India (SBI) is the largest commercial bank in India in terms of assets, deposits, branches, customers and employees. The bank has well entrenched Domestic, International and Treasury Operations. As on April 01, 2017, the bank has an extensive network, with over 24 thousand branches in India and 199 offices in 37 other countries across the world in all time zones. It has a strong network of more than 59 thousand group ATMs and caters to a customer base of more than 50 crore.
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