Indian Overseas Bank, National Housing Bank join hands for Rural Housing Interest Subsidy Scheme
Updated:7 years, 9 months ago
New Delhi, Jan 24 (ANI): Leading Public Sector Bank (PSB) Indian Overseas Bank (IOB) has announced a Memorandum of Understanding (MoU) with the National Housing Bank for implementation of the Rural Housing Interest Subsidy Scheme (RHISS) of the Ministry of Rural Development. RHISS aims to provide a subsidy for the housing loans to the households living in rural areas that are availed for construction and modifications of their dwelling units. The interest subsidy under the scheme is at three percent p.a for a loan amount of Rs 2 lakhs with the repayment period upto 20 years. With the association, the bank will be able to extend the benefit of the RHISS scheme to its rural home loan customers of its 923 rural branches spread across India.
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