No loan should be paid if housing project falls short, says SBI chairman

New delhi date. 9 January 2020, Thursday

If you have written a flat in a new housing project and for some reason the project falls into disrepair, you do not even have to pay a single buck of the loan. That's good news!

Currently, hundreds of such projects are being stalled in many cities of the country and thousands of people who write their flat pay their loan installments. No More. Now if the new housing project falls into disarray for some reason, people who write flat will not even have to pay a single rupee loan.

The State Bank has implemented a new scheme. The essence of this scheme is that for some reason the builder cannot finish the project as promised or if the project stops for any reason, the people who take the loan from the State Bank will not have to pay even more than one rupee.

State Bank Chairman Rajneesh Kumar told the media that if no housing project stops now and the builder fails to take possession of the flat as promised, he will return the loan money you paid from our bank, meaning that the loan will not be repaid without the customer.