Money & Banking

SBI's ‘affordable housing' initiative

| | Updated on: Mar 29, 2011

State Bank of India has started a pilot ‘affordable housing' initiative in Mumbai in association with few builders operating in the segment. The facility was inaugurated by Mr Diwakar Gupta, Deputy Managing Director and Group Executive (National Banking). To begin with, the focus would be on loans of Rs 8-15 lakh. The composition of the affordable housing clientele is partly salaried employees and a significant proportion belong to the informal sector, said a press release issued by the bank. The bank is creating a distinct delivery structure and has designed a simple model for appraisal and sanction methodology suited to the segment, the release added. —

Published on March 29, 2011

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