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Indian Overseas Bank has signed an MoU with National Housing Bank for the Rural Housing Interest Subsidy Scheme (RHISS) of the Ministry of Rural Development.
The agreement was signed by R Subramaniakumar, MD and CEO of Indian Overseas Bank, and Sriram Kalyanaraman, MD and CEO of the National Housing Bank, on January 22, according to a statement. The aim of the RHISS is to provide 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 ₹2 lakh for 20-year tenure.
IOB will be able to extend the benefit of RHISS to its rural home loan customers of its 923 rural branches spread across India.
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