Union Bank of India signs MOU with National Housing Bank
Union Bank of India signs MOU with National Housing Bank by Suman Gupta Mumbai 28 th September 2015: Union Bank of India, a leading Public Sector Bank today signed a Memorandum of Understanding (MoU) with National Housing Bank to launch “Pradhan Mantri Awas Yojana (PMAY)” as envisioned by the Government for Housing to All by 2022, the year when the Nation celebrates its 75 th Independence. In line with objectives of the schemes, the role of Union Bank of India as a Prime Lending Institution (PLI) will facilitate promotion of Affordable Housing for weaker section through Credit Linked Subsidy Scheme (CLSS) in coordination with National Housing Bank, one of the Central Nodal Agency, which will channelize upfront subsidy under the scheme by signing an MOU between the Bank & NHB. Under CLSS, Interest subsidy will be provided on home loans taken by eligible urban poor Economically Weaker section (EWS) and Low Income Group (LIG) seeking housing loans