MOU SIGNED BETWEEN HUDCO AND IDBI BANK LTD.

New Delhi, Sept. : The Memorandum of Understanding was signed between Housing and Urban Development Corporation (HUDCO) and IDBI Bank Ltd. by Dr. M Ravi Kanth, CMD, HUDCO and Kishor Kharat, MD & CEO, IDBI Bank Ltd. today in the presence of NL Manjoka, Director (Corporate Planning) HUDCO, BK Batra, Dy. MD, IDBI Bank Ltd., Dr. D. Subrahmanyam, Sr. Executive Director, HUDCO and Shri Hiranmoy Biswas, Chief General Manager, IDBI Bank Ltd.

The MoU was signed to channelize the subsidy of Government of India under Credit Linked Subsidy Scheme (CLSS), a component of “Pradahan Mantri Awas Yojana (PMAY)” mission in order to provide Housing for All in the country.  The Mission will be implemented through four verticals, which inter alia includes Affordable Housing through Credit Linked Subsidy Scheme.  CLSS is an important component of the Scheme. Under this component, interest subsidy of 6.5 % p.a. is available on the housing loans upto Rs. 6.00 lakhs which may be availed by the beneficiaries belonging to EWS and LIG categories.