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Indian Overseas Bank joins hands with NHB

Indian Overseas Bank today announced an MOU with National Housing Bank for Implementation of the Rural Housing Interest Subsidy Scheme (RHISS) of the Ministry of Rural Development (MoRD), Government of India.

The MOU was signed in the presence of MD & CEO of Indian Overseas Bank Shri R. Subramaniakumar and MD & CEO of the National Housing Bank Shri Sriram Kalyanaraman along with the presence of senior executives of the IOB & National Housing Bank.

 

Mr. R Subramaniakumar said, “IOB is one of first major public sector bank to execute the MOU to implement the Scheme. 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.”

The aim of the RHISS is to provide 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 3.00%p.a  for a loan amount of Rs. 2 lakhs with repayment period upto 20 years.

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