MUMBAI:
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 upto Rs. 2.50 crores in seven Indian cities initially. Under this product, all reputed builders fulfilling the prescribed criteria by the bank can avail loan between Rs. 50 crores to Rs. 400 crores. Criteria includes Star rating and CIBIL score.
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.”
Launched with a tag line “Sapna Aapka Bharosa SBI Ka”, Residential Builder Finance with Buyer Guarantee will offer home buyers to choose their dream home from SBI approved projects in 7 cities with complete trust and transparency.
