SBI, CREDAI team up to execute affordable housing mission

Recently, CREDAI had launched 373 Affordable Housing projects through its member developers across the country for providing 2.33 lakh housing units. The investment in these projects is pegged at over Rs. 70,000 crore. These projects were launched by Venkaiah Naidu, Union Minister of Urban Development, Housing and Urban Poverty Alleviation. 

SBI, the county’s largest bank and mortgage lender will support CREDAI as their national banking partner. Bringing cheer to more home-buyers, 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. 

Rajnish Kumar - MD (NBG), SBI, said, “This initiative will help millions of home buyers fulfil their dream of owning a home. In the long run, it will give a boost to the real estate industry and economy as a whole – elevating the citizens from aspirants to actual home owners.” 

Jaxay Shah, President, CREDAI, said, “Rebate on construction finance by SBI will be instrumental in facilitating a more affordable ecosystem which will lower the construction costs and enable the developers to pass on the benefits to the consumers.” 

SBI and CREDAI have also tied up for Green Construction projects. SBI will be providing an interest concession for the construction of green projects and a processing fee waiver for Home Loans under SBI Green Home Loans.

XS Real Properties on Monday launched its affordable housing project called En Veedu, here. The firm said it is the first Pradhan Mantri Awas Yojana (PMAY) compliant project in TN, and is set to come up in the developing GST belt near Guduvancherry. N Shankar, CEO, XS Real, said, “We are contributing our bit to the Government’s task of ensuring ‘Housing for All by 2022’. This project will benefit people in the lower income segment. Guduvancherry has social infrastructure elements like schools, colleges, hospitals, commercial, rail link and central bus terminus. The apartments are priced competitively, in the bracket of Rs 4 to Rs 9.99 lakh and the government subsidy can also be availed of. About 475 units of compact, single and double bedrooms have been planned as part of this project.”