MUMBAI: To cash in on the opportunity arising out of increase in housing allowance under the 7th Central Pay Commission, State Bank of India has tied up with Tata Housing targeting government servants and armed forces.
Under this partnership, government employees and defence personnel having SBI Salary accounts will get a better deal on TATA Housing Homes, should they avail a SBI Home Loan for the same. A memorandum of understanding was signed by Rajnish Kumar, managing director, SBI and Brotin Banerjee, MD & CEO, TATA Housing.
The 7th pay commission had proposed a 16% increase in basic salary and 139% increase in house rent allowance which is expected to spur demand for housing. It will increase disposable income of over 3.4 crore government employees and pensioners once the recommendations are implemented by state and central government.
Tata Housing, a subsidiary of Tata Sons, has been ramping up projects in affordable housing in recent years. The company has a pipeline of projects with over 19 million square feet under development. It has built up huge land banks in Mumbai, Ahmedabad, Bangalore, Gurgaon, Chandigarh, and Kolkata and is presently acquiring large parcels of lands across the country. Its affordable properties start with a price tag as low as Rs 5 lakh.
Credits ET Realty