Subvention Home Loan Scheme of Financial Year2011- 2012: RBI

- Sunday, November 20, 2011 9:39:08 PM

According to “the Union Budget Speech of 2011-12, it has been proposed to change the existing scheme of subvention plan. Interest subvention of 1 per cent on housing loans by extending it to housing loan upto Rs.15 lakh where the cost of the house does not exceed Rs.25 lakh from the present limit of Rs.10 lakh and Rs.20 lakh respectively.” The new subvention scheme by government on home loans is likely to be applicable from financial year 2011-2012. According Reserve Bank of India “the new housing subvention interest scheme as it was increased to Rs.15L and it will be valid till the March2012.” However, the loans which have been sanctioned till March 31, 2011 will not consider under this new subvention scheme.

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