IDBI Bank, a public sector lender, has entered into a memorandum of understanding (MoU) with National Housing Bank (NHB). This MoU is a part of the implementation process of the credit linked interest subsidy scheme under the Pradhan Mantri Awas Yojana (PMAY). The aim of the scheme is to address the funding requirements of the urban poor belonging to the Economically Weaker Section / lower income groups aspiring to acquire / construct residential houses. The subsidy at the rate of 6.5 percent would be available up to Rs 6 lakhs for the loan tenure up to a maximum period of 15 years.
IDBI Bank is the youngest, new generation public sector universal bank that rides on a cutting edge Core Banking platform with strong service orientation. This enables the Bank to offer personalized banking and financial solutions to its clients. IDBI Bank has one of the largest housing loan portfolios amongst PSBs and offers housing loans at base rate to its existing and new customers.
