SBI aggressively pushes RBFBG scheme to Bengaluru builders

State Bank of India (SBI) aggressively pushed its ‘Residential Builder Finance with Buyer Guarantee Scheme (RBFBG) to Bengaluru-based builders.

The Scheme guarantees a refund of the entire principal amount (maximum home price of Rs 2.5 crore) if the developer fails to deliver the project within the assured timeline. Coinciding with the Scheme launch, SBI organised a three-day property fair with the tille - Double Assurance Realty Expo where in over 25 CREDAI affiliated builders displayed more than 100 residential projects that are being executed in Bengaluru.

Chief General Manager Abhijit Majumder said, “At the show, we are selling our most popular products include - SBI Max Gain: The loan is sanctioned as an Overdraft with added flexibility to operate the Home Loan Account like Savings Bank or Current Account. SBI Privilege & Shaurya: Privilege offers an innovative Home Loan product that is tailor made to the requirements of employees of Central / State Governments while Shaurya is for Defence Personnel belonging to Army, Navy and Airforce. Top Up Loan: Up to two Home Equity Loans are allowed to exist together and there is no prepayment/pre-closure penalty.”

S Muralidharan General Manager Network -II, SBI, highlighting the collaboration with CREDAI, said, "SBI offers the lowest interest rates and has zero processing fee exclusively for the expo in respect of all its quality projects.”

Speaking on the real estate market in Bengaluru and the initiatives taken by CREDAI, R Nagaraj Reddy, Vice– President CREDAI National said, “CREDAI has proposed to the government to reduce stamp duty for housing for a certain period and 50 per cent reduction in the stamp duty. We have also requested that the registration charges and stamp duty which is now 5.5 per cent and one per cent respectively to be reduced to one per cent registration charges and one per cent stamp duty for affordable houses.”

Kishore Jain, President, CREDAI Bengaluru said that the three days expo will provide great opportunity for the home buyers to invest in projects as the prices and offers are very attractive. "Apart from the lowest interest rate and other benefits from SBI, buyers can also find variety of RERA approved projects,” he said.