Assam govt signs MoU with PNB and AGVB

GUWAHATI: Assam government on Monday signed a Memorandum of Understanding (MoU) with the Punjab National Bank (PNB) and Assam Gramin Vikash Bank (AGVB) for facilitating housing loans at concessional rates to its regular employees, official sources said.

Under this agreement, both the banks have agreed to provide housing loans to the regular state government who have completed at least three years of regular service at the interest rates below the prevalent market rates.

Both the banks agreed to lower their processing fees from one per cent to 0.25 per cent of the loan amount and also agreed to finance the premium for compulsory life insurance of the borrowers.

The banks have also agreed to take over the existing housing loans of willing employees taken from other banks or the government as per its extent instructions.

Earlier, the state government had signed a similar MoU with the State Bank of India.