Banks to provide 1% interest sop for home loans till 31st March
MDT/PTI 20 September 2012

The limit of subsidy for an individual borrower would be Rs14,912 for a loan of Rs15 lakh, and Rs9,925 for a loan of Rs10 lakh and the scheme would remain in force till 31st March for loans up to Rs15 lakh only

 
Mumbai: Reserve Bank of India (RBI) has asked banks to provide 1% interest subsidy to home loans of up to Rs15 lakh as announced by the government, reports PTI.
 
The interest subvention scheme has been liberalised with effect from 2011-12 by extending it to housing loans up to Rs15 lakh where the cost of the house does not exceed Rs25 lakh, RBI said in a notification.
 
The scheme has since been extended by Government of India and will remain in force up to 31 March 2013, it said.
 
A Budgetary provision of Rs400 crore has been made under the scheme for the year 2012-13 by Government of India, it said.
 
The Union Cabinet chaired by Prime Minister Manmohan Singh approved the scheme in July.
 
The limit of subsidy for an individual borrower would be Rs14,912 for a loan of Rs15 lakh, and Rs9,925 for a loan of Rs10 lakh. The extended scheme will benefit all housing loans availed in the current financial year.
 
The National Housing Bank is the sole nodal agency for implementation of the scheme for banks, Regional Rural Banks and housing finance companies.
 
Comments
Sachin M Regundwar
1 decade ago
I have availed housing loan in the year 2007. I satisfy all other criteria. Am I eligible to avail this facility?
Sachin
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