The Country’s largest public sector bank, State Bank of India has announced ‘residential builder finance with buyer guarantee’ (RBBG) scheme. It aims at giving a push to residential sales and improves homebuyers’ confidence. Under this scheme, 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 RBBG, the guarantee would be given by the bank until the project gets the occupation certificate (OC). The guarantee will be available for RERA registered projects and a project will be considered stuck after it crosses the RERA deadline.
About the Real Estate (Regulation and Development) Act, 2016
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