1% Housing Interest Rates Extended

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

A budgetary provision of Rs.400 crore has been made for Financial Year 2012-13 for implementing the scheme.

The original 1% Interest Subvention scheme on Housing Loans was approved by the Cabinet in September 2009. The National Housing Bank (NHB) is the nodal agency for implementing the scheme both for Scheduled Commercial Banks and Housing Finance Companies.

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