IDBI Bank has entered into a memorandum of understanding with National Housing Bank as part of the implementation process of the credit linked interest subsidy scheme under the Pradhan Mantri Awas Yojana (PMAY). The scheme addresses 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. IDBI Bank has one of the largest housing loan portfolios amongst public sector banks and offers housing loans at base rate to its existing and new customers.
