CREDAI (Confederations of Real Estate Developers’ Associations of India), the apex body of builders in India and State Bank of India (SBI) have entered in an MoU. This has been done so that they can take various steps together towards the initiative of Housing for All by 2022. Both of them will capitalize on their individual advantages and power, and work together in areas which will prove favourable for the consumers as well as the sector.
Both, CREDAI and SBI make it clear that they share a common motive of every Indian having a house of his/her own.
In this MoU, CREDAI will SBI as its national partner for all the activities. They will work in collaboration for different marketing strategies like seminars, CSR activities, exhibitions etc.
This SBI CREDAI MoU will bring together the authenticity of members of CREDAI and the popularity of the biggest bank of India to fulfill the needs of both home loan and construction finance for the realty sector. If SBI will provide home loans at lower interest rates to buyers, the objective of affordable housing by CREDAI will be easier to achieve.
About Housing for All
Housing for All, commonly known as Pradhan Mantri Awas Yojana (PMAY), is a vision of our Prime Minister Narendra Modi, to provide affordable homes to urban poor by 2022. It also aims at providing all the facilities at one place. It was launched in June 2015. An investment of 439.22 billion has been approved by the government for the same to build 683724 houses for urban poor.