SBI has currently launched a new home loan – Residential Builder Finance with Buyer Guarantee. This has generated a lot of curiosity in minds of borrowers. In this post we inform you salient points of this home loan and if you ought to opt for this.
As the identify suggests “Residential Builder Finance with Buyer Guarantee” domestic loan comes with a guarantee in case the project is not executed on time by way of the builder.
The guarantee is that SBI would refund the entire borrowed principal amount in case the project is delayed by way of extra than 6 months (called grace period) than what is referred to on the RERA website.
The guaranteed refund scheme will be valid till the builders gets the occupation certificates (OC) for the project.
There is no additional value for this guarantee to the home-buyers.
The other terms and prerequisites of the loan continue to be identical as its normal home loan.
As of today, SBI offers home loan at lowest interest rate at 7.95% (7.9% for women).
From October 1, 2019 the floating home loan interest rate is linked to RBI repo rate.
Buyers can take maximum loan of Rs 2.5 crore under this scheme.
The assurance beneath this loan is relevant to solely selected pre-approved initiatives the place SBI is sole lender – with robust developer savings rating.
At present, the bank has roped in Mumbai-based Sunteck Developers for three tasks being developed in the Mumbai Metropolitan Region.
The scheme would be launched in 6 essential cities beginning with Mumbai and might also later extend relying on response.