SBI Home Loans: Guaranteed! State Bank has this big gift for homebuyers! All you need to know

It's a massive gift from India's largest lender State Bank of India. SBI has come up with a scheme to safeguard homebuyers financially. The scheme is applicable and focussed on affordable housing of up to Rs 2.50 crores. The product by SBI safeguards customers financially against non-completion of projects.

SBI's RBBG scheme

SBI has announced Residential Builder Finance with Buyer Guarantee (RBBG) to safeguard home buyers financially by issuing a guarantee for completion of projects to customers availing SBI Home Loans.

How SBI Home Loan customers will benefit?

- 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.

-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) 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," SBI said.

#SBI launched ‘Sapna Aapka Bharosa SBI Ka’ - Residential Builder Finance with Buyer Guarantee, to protect home buyers & boost the real estate sector. A MOU was signed by #SBI & Sunteck Realty Ltd., in Mumbai, followed by a press conference by Shri Rajnish Kumar, Chairman SBI. pic.twitter.com/SjRhG0b86C

— State Bank of India (@TheOfficialSBI) January 9, 2020

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, 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.”