State Bank of India has provided line of credit of Rs 5,000 crore to the PMAY mega housing scheme being developed by Cidco, thus achieving financial closure. This will speed up the construction of houses under the scheme and make the dream of affordable housing come true of many common citizens.
“The line of credit sanctioned by State Bank of India will enable completion of the scheme on time. Interest rate of 6% is probably the lowest rate for any PSU historically. This mega housing scheme is amongst the largest of its type in the world,” Sanjay Mukherjee, vice chairman and managing director, Cidco said.
SBI has sanctioned the line of at a very affordable rate of only 6%.