To provide relief to the households having annual income up to Rs 3 lakh in rural areas and up to Rs 6 lakh in urban areas in the floods-hit state of Kerala, National Housing Bank (NHB) has announced a refinance assistance of Rs 200 crore.

This refinance facility would facilitate concessional rate of interest for construction/repair and renovation of houses, through primary lending institutions. Individual housing loans, which have been disbursed on or after August 1, 2018 and till June 30, 2019 by primary lending institutions in rural and urban areas of Kerala, are covered under this assistance, a release said.

Refinance offered by NHB to PLIs will be at a fixed interest rate of 4.93 per cent per annum for 7 years with on lending cap to ultimate beneficiaries. The on lending cap in the case of scheduled commercial banks is MCLR plus 1 per cent and for others, it is 8.43 per cent.

This will form part of the affordable housing fund established in NHB, consequent to the announcement made by the Finance Minister Arun Jaitley in the Union Budget 2018-19, the release added.

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