A New York judge has granted Dominique Strauss-Kahn’s application for bail, pending his trial for sexual assault.

Under terms of a revised bail package from his attorneys, Strauss-Kahn must post a $1-million bond, plus a $5-million insurance bond as a form of collateral.

It is believed that Strauss-Kahn will remain under house arrest at his wife’s Manhattan apartment residence and will wear an electronic monitoring device for 24-hours a day.

Strauss-Kahn has already surrendered his passport, making it impossible for him to flee the country. He has also waved his extradition rights

An earlier plea for bail was denied this week as Strauss-Kahn was deemed to be a flight risk.

The former chief of the International Monetary Fund (IMF) has already been indicted by a grand jury on seven counts in connection with the alleged sexual assault on a hotel maid in Times Square last weekend.

The grand jury, which yesterday heard testimony from the alleged victim, will now move ahead to try Strauss-Kahn on charges that he allegedly forced the 32-year-old woman to submit to oral and anal sex.

Strauss-Kahn is also accused of attempted rape.

An arraignment hearing is scheduled for June 6. Strauss-Kahn is expected to formally plead not guilty.