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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 and to amend the operational part of guidelines for release of funds.
A budgetary provision of Rs.400 crore has been made for Financial Year 2012-13 for implementing the scheme.
Consequent upon the extension of scheme, the limit of subsidy for an individual borrower would be Rs.14,912 for a loan of Rs.15 lakh and Rs.9925 for a loan of Rs.10 lakh.
The extended scheme will benefit all house loans availed in Financial Year 2012-13.
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