sbi
SBI will return the money if the builder delays, construction (Full Report)
SBI had said that SBI will return the money to the customer if the builder delays in giving you the house, for which the ‘Residential Builder Finance with Buyer Guarantee’ (RBBG) scheme was launched. But not everyone will benefit from this scheme, only select people will get it.
Highlights
- Home buyers who have already taken home loans from SBI and put them in projects that are not connected to the bank, they will not come under the scheme
- MMR, NCR, Hyderabad, Bengaluru, Pune, Kolkata and Chennai are the only schemes under this scheme
- Currently, the scheme has only one developer and is available for one project only.
- This scheme will work only when the construction stops and it is decided that it will no longer proceed
Anurag Mathur, CEO of Property Consultant Savills India, said that home buyers who have already taken home loans from SBI and put them in projects that are not associated with the bank, will not come under the scheme. According to him, “there are still challenges such as project quality, developer risk assessment and even after the implementation of the scheme, they are expected to continue.”
only 7 cities, plan to launch scheme
SBI approved scheme for under construction projects
Only the principal amount of the loan will be guaranteed to be returned

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