The government has extended the 1% interest
subvention scheme on housing loans for a year. The decision was approved by the
Cabinet in its meeting on Tuesday. The then Finance Minister Pranab Mukherjee in Budget 2012-13, had
proposed to extend the scheme of interest subvention for loans up to Rs 15 lakh
by another year.
Already a budgetary provision of Rs 400 crore has been made for implementing the scheme in 2012-13.
The limit of subsidy for an individual borrower would be Rs 14,912 for a loan of Rs 15 lakh and Rs 9,925 for a loan of Rs 10 lakh. The extended scheme will benefit all house loans availed in 2012-13 fiscal.
The scheme provides for 1% interest subvention on housing loans up to Rs 15 lakh, where the cost of the house does not exceed Rs 25 lakh.
The government has designated the National Housing Bank as the nodal agency for implementing the scheme both for scheduled commercial banks and housing finance companies.
Earlier, the interest benefit was given on loans of up to Rs 10 lakh provided the cost of house does not exceed Rs 20 lakh. In 2011-12, the government liberalised the scheme and increased the loan limit to Rs 15 lakh and the cost of house to Rs 25 lakh.
Already a budgetary provision of Rs 400 crore has been made for implementing the scheme in 2012-13.
The limit of subsidy for an individual borrower would be Rs 14,912 for a loan of Rs 15 lakh and Rs 9,925 for a loan of Rs 10 lakh. The extended scheme will benefit all house loans availed in 2012-13 fiscal.
The scheme provides for 1% interest subvention on housing loans up to Rs 15 lakh, where the cost of the house does not exceed Rs 25 lakh.
The government has designated the National Housing Bank as the nodal agency for implementing the scheme both for scheduled commercial banks and housing finance companies.
Earlier, the interest benefit was given on loans of up to Rs 10 lakh provided the cost of house does not exceed Rs 20 lakh. In 2011-12, the government liberalised the scheme and increased the loan limit to Rs 15 lakh and the cost of house to Rs 25 lakh.
Source:-The Economic Times
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