PNB Arm, IFC Tie Up To Raise $800 Mn For Affordable Housing
February 20th, 2018
PNB Housing Finance Ltd has tied up with International Finance Corporation (IFC), part of the World Bank Group, to raise $800 million for green and affordable housing in India. IFC is in negotiations with two other housing finance firms to invest another $150 million, as well as with property developers to assist the Pradhan Mantri Awas Yojana (PMAY) from both the demand and supply sides. Under PMAY, the government offers interest subsidy of 6.5% to economically weaker sections on their home loans. The scheme is for people with an annual income up to Rs3 lakh.