SBI inks JV for Dharavi redevelopment

    State Bank of India (SBI)
    The State Bank of India (SBI) is all set to ink MoU with the Maharashtra government-owned body Shivshahi Purnarvasan Prakalp (SPPL) for financing affordable housing under the State’s slum rehabilitation schemes. The SBI will make available funds for the construction of affordable housing tenements under the slum rehabilitation schemes, including the Dharavi Redevelopment Project, of the Maharashtra government. The MoU is expected to promote private sector participation in construction of affordable housing under the slum rehabilitation schemes in Mumbai. The SBI will promote its home loan business with special offers under the SBI Hamara Ghar Loan scheme. According to Chief General Manager, Vaijinath MG, SBI has deployed 7,500 specialized ‘feet on street’ to market its home loans. The bank has floated its Hamara Ghar scheme that offers loans at a fixed rate of 8.35 per cent for the first two years of home loans up to Rs.30 lakh. Maharashtra government has recently announced that it will set up an Affordable Housing Corporation to construct 20 lakh tenements for Rs.2,000 crore by 2022 under the Pradhan Mantri Awas Yojna. The corporation will be incorporated with the shareholding of the Maharashtra Housing and Area Development Authority, Slum Rehabilitation Authority, and Shivshahi Punarvasan Prakalp (SPPL) among others.
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