SBI – State Bank of India offers to refund the full amount of the home loan if builder delays project
SBI will return the full amount of the home loan if the customer does not get the house on time.
The State Bank of India (SBI), India’s largest nationalized bank, offering a guarantee scheme of completion of a residential project within a deadline. The largest public lender has giving big relief to the home buyers and launched a special scheme for the real estate sector.
If builders fail to finish a project within the deadline, SBI will refund the full amount of the home loan to the home loan borrowers. The special scheme is expected to boost the real estate sector in the country. So they do it but before the project gets stuck, getting the allotment certificate (OC).
SBI – State Bank of India has launched ‘Residential Builder Finance with Buyer Guarantee Scheme’ for home buyers. Under this special scheme, if the home loan borrower does not get possession of the house at the scheduled time, then the SBi bank will return the full amount to the home buyer. This special scheme will be applicable to the projects sanctioned in 10 cities of India.
At the same time, under this special scheme of SBI, customers can get a home loan for a house worth a maximum of Rs 2.5 crore. State Bank of India has tied up with Mumbai-based Sunteck Realty Ltd for three projects.
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Rajneesh Kumar, SBI Chairman said that apart from the change in Goods and Services Tax (GST) and Real Estate Regulatory Authority (RERA), rules, this is a great way to save their money from getting stuck.