IOB-NHB joint venture to push rural housing

    IOB-NHB joint venture to push rural housing
    In a major push to rural housing sector, the National Housing Bank and Indian Overseas Bank have signed MoU for the Rural Housing Interest Subsidy Scheme (RHISS) of the Ministry of Rural Development. The interest subsidy under the scheme is 3 percent for a loan amount of Rs.2 lakh for 20-year tenure. After the agreement, IOB will be able to extend the benefit of RHISS to its rural home loan customers of its 923 rural branches spread across India. The MoU, which was signed by R Subramaniakumar, MD and CEO of Indian Overseas Bank, and Sriram Kalyanaraman, MD and CEO of the National Housing Bank, aims at providing subsidy for housing loans taken by those living in rural areas for construction and modifications of their dwelling units.
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