SCHEME OF 1% INTEREST SUBVENTION ON HOUSING LOANS

The Union Finance Minister during the Budget for 2009-10, had announced a Scheme of 1 per cent Interest Subvention in respect of individual housing loans upto Rs.10 lakh, provided the cost of unit does not exceed Rs.20 lakh. The validity period for the scheme is 1^st Oct 2009 to 31^st March 2011.

From 01.04.2011 onwards the scheme was modified with eligibility extended to individual housing loans upto Rs.15 lakh, provided the cost of unit does not exceed Rs.25 lakh. The present validity period for the scheme is 1^st April 2011 to 31^stMarch 2013.