The Union Cabinet today approved the proposal for extending the
scheme of interest subvention of 1% on housing loans upto Rs.15
lakh where the cost of the house does not exceed Rs.25 lakh for the year
2012-13 and to amend the operational part of guidelines for release of funds.
A
budgetary provision of Rs.400 crore has been made for Financial Year 2012-13
for implementing the scheme.
Consequent upon the extension of scheme, the limit of subsidy for an individual
borrower would be Rs.14912 for a loan of Rs.15 lakh and Rs.9925 for a loan of
Rs.10 lakh.
The extended scheme will benefit all house loans availed in Financial Year
2012-13.
Background:
The
original scheme of 1% Interest Subvention on Housing Loans upto
Rs.10 lakh, provided the cost of the housing unit does not exceed Rs.20 lakh
was approved by the Cabinet in September, 2009. The scheme was revised by
liberalizing the limit of housing loan upto Rs.15 lakh where cost of house does
not exceed Rs.25 lakh in financial year 2011-12 which was approved by the
Cabinet in October 2011. The scheme is further extended for another year that
is financial year 2012-13. National Housing Bank (NHB) is the nodal agency for
implementing the scheme both for Scheduled Commercial Banks and Housing
Finance Companies.
Source: PIB
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