We are currently seeing many cases in which people book homes on loan, but those who do not complete the project on time remain homeless and do not even take loans. If this does not happen, then State Bank of India has come up with a new scheme, which we will talk about in this article today.
It often happens to individuals taking home loans that they can book a home with a home loan, but the project is closed before obtaining a Certificate of Allocation (OC). People do not get a home and have to give a home loan.
However, for such a home buyer, the largest public sector bank of State Bank of India has brought good news. SBI has launched a special scheme, Residential Builder Finance with Buyer Guarantee Scheme. Under this scheme, if the buyer does not get the home loan at the specified time, the bank will refund the entire amount to the customer.
This withdrawal scheme will be valid only until the house buyer receives the certificate of allotment. However, at present SBI scheme will be implemented in 10 cities. Also, a maximum home loan of Rs 2.5 crore can be obtained under this scheme.
Understand by example
Suppose a person has booked a flat of Rs 1 crore and has paid Rs 5 lakh. If the project stalled, SBI will refund Rs 50 lakh to Chirag.
The guarantee period provided by the bank will be attached to the certificate of allocation. The timing of this guarantee will apply only to registered projects. After the RERA deadline, the project will be stalled and the entire amount will be returned to the customer.
Know what will be the benefit
SBI's current chairman Rajneesh Kumar said the scheme would have an impact on the real estate sector as well as home buyers, who get into trouble due to the house not being positive. Getting a refund will benefit.
Rajneesh Kumar further said that after the lockout, apart from changes in GRA rules, we felt that this is a good way for homebuyers to save their time and money from getting stuck.