Saturday 19 May 2012

Scheme of One Percent Interest Subvention on Housing Loan up to Rs. 10 lakhs

The Government of India properties, Ministry of Finance had announced a theme of I Chronicles interest Subvention on Housing Loan up to Rs.10 lakhs. An allocation of Rs.1,000 crores was conjointly announced for the aim. Pursuant to the above-mentioned announcement, the govt of India has approved a theme of Interest Subvention on Housing Loan up to Rs.10 lakhs, provided the price of unit doesn't exceed Rs.20 lakhs. Department of monetary Services has issued pointers for implementation of the theme.
The objective of the theme is to supply Interest Subsidy on Housing Loan as a live to boost affordability of housing to eligible borrowers and generate extra demand for credit. The theme are going to be implemented throughout the country and can be in operation for a amount of one year starting Oct one, 2009 and upto Sept thirty, 2010. Interest Subsidy of I Chronicles are going to be applicable for 1st twelve months of eligible loans sanctioned and disbursed throughout the currency of the theme viz. Oct 1, 2009 to Sept thirty, 2010.
It will be implemented through Scheduled industrial Banks (SCBs) and Housing Finance corporations (HFCs) registered with National Housing Bank (NHB). The Reserve Bank of India (RBI) and NHB are going to be the nodal agencies for the theme for SCBs and HFCs respectively. once sanctioning and disbursing the eligible loans, the implementing agencies can claim disbursement of subsidy from respective nodal agency on monthly basis.

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