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Public sector Indian Overseas Bank today said it has joined hands with the National Housing Bank for implementation of the rural housing interest subsidy scheme offered under the Ministry of Rural Development.
The scheme aims to provide subsidy for loans to households in rural areas for taking up construction and modification activities.
The subsidy is offered at three per cent for a loan amount of Rs 2 lakh and with a loan tenure of 20 years.
Indian Overseas Bank Managing Director and CEO, R Subramaniakumar exchanged documents with National Housing Bank, MD and CEO Sriram Kalyanaraman as part of the agreement, the city headquartered bank said in a statement.
Indian Overseas Bank has become one of the first public sector banks to implement the scheme. The bank would offer the scheme to customers through its 923 rural branches present across the country, the statement added.
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