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    SBI-Credai building Rs.12,500-cr units

    SBI-Credai
    In a major development in the country’s real estate sector, SBI and realty developers’ apex body, the Confederation of Real Estate Developers Association of India (CREDAI)) have entered into a pact for financing affordable housing projects. Under arrangement, which is for a period of three years, SBI is expected to extend construction finance to the tune of Rs.12,500 crore to developers. In addition to this, the bank estimates housing loans for homebuyers in these projects to be nearly Rs.25,000 crore over the next 2-3 years. Recently, CREDAI launched 373 affordable housing projects through its member developers across the country with an aim to provide 2.33 lakh housing units. The investment in these projects is pegged at over Rs.70,000 crore. These projects were launched by Venkaiah Naidu, Union Minister of Urban Development, Housing and Urban Poverty Alleviation. Through this partnership, SBI, the county’s largest bank and mortgage lender will support CREDAI as their national banking partner. It will also provide easy construction finance to CREDAI member developers for eligible affordable housing projects at concessional interest rate.
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