MUMBAI: State Bank of India and Confederation of Real Estate Developers’ Association of India (CREDAI) on Monday signed an MoU to develop the real estate sector, especially affordable housing and green housing projects. The duration of the agreement is for a period of 3 years, said a press release.
Recently, CREDAI launched 373 affordable Housing projects through its member developers across the country for providing 2.33 lakh housing units. CREDAI said the investment in these projects is pegged at over Rs 70,000 crore.
SBI, the county’s largest bank and mortgage lender, said it will support CREDAI as their national banking partner. 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,” said the press release.
Source : http://timesofindia.indiatimes.com/business/india-business/sbi-credai-sign-mou-to-develop-real-estate-sector/articleshow/58347430.cms