IDBI Bank Signs MoU With National Housing Bank Under Pradhan Mantri Awas Yojana - August 2015

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IDBI Bank Signs MoU With National Housing Bank

Kishor Kharat, MD & CEO, IDBI Bank (R) and Sriram Kalyanaraman, MD & CEO, NHB (L) exchanging the MoU signed between IDBI Bank Ltd. and NHB on August 26, 2015 as a part of the implementation process of the Credit Linked Interest Subsidy scheme under the Pradhan Mantri Awas Yojana, an Affordable Housing initiative.

The objective of the said 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% would be available up to Rs. 6 lakhs for the loan tenure up to a maximum period of 15 years.

About Pradhan Mantri Awas Yojana Housing for All by the year 2022 :

The Pradhan Mantri Awas Yojana was launched by the Prime Minister of India, Narendra Modi on 25th June 2015 that envisages the vision of Housing for All by the year 2022.
The government of India had earlier launched ‘Housing for All’ scheme, which has now been reformed as Pradhan Mantri Awas Yojana.
The scheme comes with an aim of constructing more than two crore houses across the length and breadth of the nation within a span of next seven years.
This means the scheme which is started in year 2015 would conclude successfully in the year 2022. The target beneficiaries of the scheme would be poor and people living under EWS and LIG categories in urban establishments of the country.
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