OBC pack with National Housing Bank for rural

Chandigarh, Nov 8: The Oriental Bank of Commerce (OBC) today signed a Memorandum of Understanding (MoU) with National Housing Bank (NHB) for the implementation of Productive Housing in Rural Area (PHIRA) scheme in northern region.

OBC Chairman and Managing Director K N Prithiviraj told mediapersons here that under this unique scheme, a loan of Rs 70,000 would be provided for composite financing of dwelling unit and a vocational shed for the rural poor.

He said that the loan would be provided in two parts and in the first part, a sum of Rs 50,000 would be provided for construction of a house by the NHB and the remaining amount of Rs 20,000 as working capital by the OBC for starting dairy, bee farming or any other work at village level.

The CMD informed that MoU was signed for states of Haryana, Punjab, Himachal Pradesh, Uttar Pradesh, Urrakhand and Rajasthan, where OBC has nearly 238 rural and semi-urban branches.

The loan would be provided for a maximum period of 15 years at the rate of nine percent without mortgaging anything.

UNI