SBI launches ‘guarantee’ plan for home buyers

State Bank of India (SBI) has launched Residential Builder Finance with Buyer Guarantee (RBBG) to safeguard home buyers financially by issuing guarantee for completion of projects to customers availing SBI Home Loans.

India’s largest bank, in a statement, said with RBBG, customers will be able to secure their investment in the ongoing home projects financed by the bank. RBBG will focus on affordable housing segment with home prices of up to ₹2.50 crore in seven cities initially, it added.

Under this product, reputed builders fulfilling the prescribed criteria, including Star rating and CIBIL score, can avail loan between ₹50 crore to ₹400 crore.

The bank said home buyers can choose their home from SBI-approved projects in seven cities with complete trust and transparency.

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