The State Bank of India has announced ‘residential builder finance with buyer guarantee’ (RBBG) scheme. The aim of the scheme is to giving a push to residential sales and improve homebuyers’ confidence. The SBI will issue a guarantee for completion of select residential projects to customers who have availed home loans from it.
The scheme will focus on affordable housing projects priced up to 2.50 crore rupees in 10 cities initially. Under this scheme, the guarantee would be given by the bank until the project gets the occupation certificate (OC).
Important takeaways for all competitive exams:
- Chairperson of SBI: Rajnish Kumar; Headquarters: Mumbai; Founded: 1 July 1955.