IOB and NHB Tie Up For Rural Housing Push

Posted on:25 Jan 2018 09:26:18
IOB and NHB Tie Up For Rural Housing Push
25 January 2018 Current Affairs: Indian Overseas Bank signed a MoU with National Housing Bank for the Rural Housing Interest Subsidy Scheme (RHISS) of the Ministry of Rural Development.

The main aim of the RHISS is to prove a subsidy for housing loans taken by those living in rural areas for construction and modifications of their dwelling units.

The interest subsidy under the scheme is 3 per cent for a loan amount of Rs2 lakh for 20-year tenure.  

Indian Overseas Bank has become one of the first public sector banks to implement the scheme.

The subsidy is offered at three per cent for a loan amount of Rs. 2 lakh and with a loan tenure of 20 years.

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