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SBI and Credai Sign MoU to provide affordable housing

SBI and Credai Sign MoU

State Bank of India and realtors body Confederation of Real Estate Developers’ Association of India (Credai) have signed a memorandum of understanding to offer loans to the customers and builders for affordable housing projects. The agreement aims to provide a concessional rate of interest to the customers and builders so as to develop real estate sector and also ensure affordable housing for all. The agreement has been signed for a period of three years.

State Bank of India (SBI) will be offering a concession of 10 basis points to the home buyers while Credai’s developer members will be given a rebate of 10-35 basis points. As a matter of fact, SBI is one of the leading public sector banks in the country and holds a great share in the home loan segment. Recently, members of Credai had launched 373 affordable housing projects. More than Rs 70,000 crore was invested to provide 2.33 lakh housing units in the country.

SBI will be supporting Credai in the future endeavors as its national banking partner and offer loans at concessional rate of interest to builders. It is assumed that the low-interest rate offered to the builders will bring the cost of the buildings or apartments down, and the customers will get benefited from the same. State Bank of India has already launched an affordable housing scheme for its customers, named as ‘SBI Hamara Ghar’.

The initiative is bound to benefit many people who will be able to buy their own house. This will give a much-needed boost and support to our real estate sector in the longer run and also allow home aspirants to turn into actual home owners.  Both SBI and Credai have also collaborated to develop green real estate projects in India. SBI will give a rebate on the interest rate for constructing and developing the green projects. The processing fee will be waived off for home loans under its SBI Green Home Loans.

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Personal Loan Interest Rates January 2020
Bajaj Finserv10.99% - 16.00%
Fullerton India14.00% - 33.00%
HDFC Bank10.75% - 21.45%
ICICI Bank10.99% - 18.40%
IndusInd Bank10.99% - 16.00%
Kotak Bank10.99% - 20.99%
RBL13.00% - 18.00%
Standard Chartered Bank11.50% - 18.00%
Tata Capital10.99% - 18.00%

Home Loan Interest Rates January 2020
State Bank of India/SBI7.90% - 8.55%
HDFC8.00% - 8.95%
LIC Housing8.10% - 8.95%
PNB Housing Finance9.25% - 12.00%
Piramal Capital & Housing Finance9.00% - 9.10%
Tata Capital9.20% - 9.35%
ICICI Bank8.25% - 9.35%
Bank of Baroda8.40% - 9.40%
Axis Bank8.90% - 9.15%
Citibank9.00% - 9.85%
Indiabulls Housing Finance Limited8.80% - 11.05%
Kotak Bank8.90% - 8.75%
DHFL9.05% - 9.95%
Reliance Home Finance8.75% - 14.00%