IOB signs pact with National Housing Bank for Rural Housing Interest Subsidy Scheme scheme

The Indian Overseas Bank (IOB) has recently signed a MoU with National Housing Bank (NHB) for implementing the Rural Housing Interest Subsidy Scheme (RHISS) of the Union Ministry of Rural Development (MoRD). The purpose 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% for a loan amount of Rs 2 lakh for 20-year tenure. With this MoU, IOB will be able to extend the benefit of RHISS to its rural home loan customers of its 923 rural branches spread across India.