The Scheme of 1% Interest Subvention on Housing Loans extended up to 31.3.2013
IN tune with the Government of India's decision to extend the 1% Interest Subvention Scheme, RBI has made some changes in the Scheme towards more liberalization. The changes are:
++ The interest subvention scheme has been liberalized with effect from FY 2011-12 by extending it to housing loans up to Rs.15 lakh where the cost of the house does not exceed Rs.25 lakh (Previously it was for housing loans uptoRs.10 lakh, provided the cost of unit does not exceed Rs.20 lakh). The Scheme has since been extended by Government of India and will remain in force up to March 31, 2013.
++ A Budgetary provision of Rs. 400.00 crore has been made under the Scheme for the year 2012-13 by Government of India.
++ The National Housing Bank is the sole Nodal Agency for implementation of the Scheme for Scheduled Commercial Banks, Regional Rural Banks and Housing Finance Companies.
RBI Circular Dated: September 18, 2012