March 10, 2017 / 9:44 AM / 4 months ago

BRIEF-State Bank of India signs $274 mln deal with German Development Bank KfW

4 Min Read

March 10 (Reuters) - State Bank of India

* Says SBI signs $274 million agreement with German Development Bank KfW to finance affordable housing

* Says promotional loan has a maturity of 15 years

* Says entire process of fund raising was facilitated by SBI's subsidiary, SBI Capital Markets Source text: The State Bank of India (SBI) and the German KfW Development Bank concluded $274 million (approx.Rs.1800 crore) loan facility to support lending for affordable housing in India. The Promotional loan has a maturity of 15 years. Mr. Siddhartha Sengupta, Deputy Managing Director signed the agreement on behalf of SBI, while KfW was represented by Dr. Norbert Kloppenburg, Member of the Executive Board and Mr. Roland Siller, Member of the Management Committee of KfW Development Bank. With its focus on housing loans for Economically Weaker Sections (EWS) and Lower Income Group (LIG) households, the facility is designed to complement the Government of Indias flagship affordable housing programme, the Pradhan Mantri Awas Yojana. These lower income household categories account for 95% of the estimated shortage of 20 million housing units in the country. “Sustainable mortgage loans to low income families to purchase, build or upgrade their homes are critical for inclusive growth and development Partnering with India’s largest bank on this mission provides a tailor-made platform for quick upscaling of housing finance for this segment.”, said Dr. Kloppenburg on the occasion. On this occasion, Mr. Sengupta said “SBI is committed to support Government’s mission of Housing for All and this facility will be additional impetus to support this mission” The entire process of fund raising was facilitated by SBI’s subsidiary, SBI Capital Markets. The State Bank of India (SBI) and the German KfW Development Bank concluded $274 million (approx.Rs.1800 crore) loan facility to support lending for affordable housing in India. The Promotional loan has a maturity of 15 years. Mr. Siddhartha Sengupta, Deputy Managing Director signed the agreement on behalf of SBI, while KfW was represented by Dr. Norbert Kloppenburg, Member of the Executive Board and Mr. Roland Siller, Member of the Management Committee of KfW Development Bank. With its focus on housing loans for Economically Weaker Sections (EWS) and Lower Income Group (LIG) households, the facility is designed to complement the Government of Indias flagship affordable housing programme, the Pradhan Mantri Awas Yojana. These lower income household categories account for 95% of the estimated shortage of 20 million housing units in the country. “Sustainable mortgage loans to low income families to purchase, build or upgrade their homes are critical for inclusive growth and development Partnering with India’s largest bank on this mission provides a tailor-made platform for quick upscaling of housing finance for this segment.”, said Dr. Kloppenburg on the occasion. On this occasion, Mr. Sengupta said “SBI is committed to support Government’s mission of Housing for All and this facility will be additional impetus to support this mission” The entire process of fund raising was facilitated by SBI’s subsidiary, SBI Capital Markets. Further company coverage:

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