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 geographies 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.
State Bank of India (SBI) and Sunteck Realty Limited (SRL) have today entered into a Memorandum of Understanding 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 Mr. Kamal Khetan, CMD, Sunteck Realty Ltd. 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 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 10 cities with complete trust and transparency.
Shares of STATE BANK OF INDIA was last trading in BSE at Rs.319.85 as compared to the previous close of Rs. 318.25. The total number of shares traded during the day was 1603305 in over 16221 trades.
The stock hit an intraday high of Rs. 321.4 and intraday low of 311. The net turnover during the day was Rs. 506931955.