RBI said in a
notification, ''The interest subvention scheme has been liberalised with effect
from 2011-12 by extending it to home loans up to Rs. 15 lakh where the cost of
the house does not exceed Rs. 25 lakh"
The scheme has since
been extended by central government & will remain in force up to March 31,
2013, RBI said.
A budgetary provision
of Rs. 400 crore has been made under the scheme for the year 2012-13 by the
central government, it said.
The Union Cabinet
chaired by Prime Minister Mr. Manmohan Singh approved the scheme in July, 2012.
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 home
loans availed in the current financial year (2012 - 13).
The NHB (National
Housing Bank) is the sole nodal agency for implementation of the scheme for
banks, regional rural banks and HFC's (housing finance companies).
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