How to Benefit From SBI RBBG Scheme While taking A Home Loan? Home loans are one of the most preferable loan facilities in our country. You may ask why? Well, because there are a number of people in our country who want to buy their own homes. A home loan facility gives such individuals an opportunity to buy their homes with the loan amount and pay it back via easy EMIs. There are several banks and housing finance companies that provide home loan facility at an affordable interest rate. But seeing the current economic slowdown and the dipping real estate sector, you must have been hearing a lot of cases about the delay in projects and abandon the projects in midway by builders. Such instances have been increasing day by day. Due to this, only customers are suffering. Builders are absconding without giving them their promised home. Their borrowed money is turning into nothing and still, they have to pay it back. To give a solution to this problem, our country’s largest lender, State Bank of India (SBI) has provided Residential Builder Finance with the Buyer Guarantee (RBBG) scheme for its home loan customers. Through the SBI RBBG scheme, buyers will get a refund on the paid amount if the project gets stuck due to any reasons. In this article, we would be telling you about this scheme in detail, so that you could have a better knowledge of it and get the benefits of this amazing scheme by SBI. What exactly is this RBBG Scheme and what is the reason behind it? This scheme was launched in early January to give their home loan customers a kind of financial cushion in case of non-completion of projects. This scheme will make them feel safe in the times when our country’s economy has been going through a low phase and customers are losing their interest in the real estate sector because of so many cases of builders absconding in the middle. The main aim of the SBI RBBG scheme is to encourage individuals to buy residential units and boost the confidence of them. Also, this scheme hopes to increase the sales of residential units. With the tagline of “Sapna Aapka, Bharosa SBI Ka”, this scheme by the SBI really thought about the struggles of customers. For example, you have booked a flat worth of ₹ 90 lakhs and paid the 60% amount of it as the advance which is ₹ 54 lakhs, then in case of any non-completion, you will get your ₹ 54 lakhs as the refund. What are some of the amazing features of the SBI RBBG Scheme? You can have a look at some of the highlights of the SBI RBBG Scheme in the below-mentioned points. ● As the name suggests, this scheme is primarily focused on giving the guarantee of amount refund in case of any non-completion of the project due to any reasons whatsoever. ● Home loan customers can enjoy this scheme for the affordable housing units priced upto a maximum of ₹ 2.5 crores. These units can be houses or apartments. ● According to the SBI RBBG scheme, the SBI Homebuyers will get a refund guarantee till the time builder get an occupancy certificate. ● You also need to remember that this scheme only promises to refund the principal, not the interest. ● Customers can opt for this scheme through SBI-approved projects initially in 7 cities and will move to 10 cities in the second phase. These seven cities include Mumbai Metropolitan Region (MMR), National Capital Region (NCR), Pune, Hyderabad, Kolkata, Chennai, and Bengaluru. ● Suntech Reality Ltd is the first firm to be partnered with the State Bank of India (SBI) under this scheme for its three ongoing projects in the Mumbai Metropolitan Region.