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1% Interest subvention scheme on housing loan is extended upto 31 March 2012

Reserve Bank of India has extended the 1% interest subvention scheme on housing loan upto 31 March 2012. RBI issued a circular about this. Circular no. 255 dated 04-11-2011 stated that this scheme will last up to 31-March 2012. Full circular of Reserve Bank of India is as under.

RPCD.MSME & NFS. BC.No. 29/06.11.01/2011-2012
November 4, 2011
The Chairman / Managing Director
All Scheduled Commercial Banks (excluding RRBs)
Madam/ Dear Sir,
Scheme of 1% interest subvention on housing loans upto Rs. 10 lakh – Guidelines
Please refer to our circular RPCD.SME & NFS. BC. No. 62/06.11.01/2010-11 dated April 21, 2011 on the captioned subject. In this connection, it is now clarified as under:
a)   The Scheme is extended up to March 31, 2012.
b)   Loans sanctioned and disbursed between October 01, 2009 and March 31, 2011 are outside the ambit of the new liberalised Scheme and they will be treated as per old instructions (ie. loans up to Rs.10.00 lakh with project cost up to Rs.20.00 lakh)
Banks may continue to claim reimbursement, at present, as per the original Scheme. For claims in respect of the new Scheme, revised instructions would follow.
2. All other terms and conditions of the interest subvention Scheme remain the same.
3. Please acknowledge receipt.
Yours faithfully,
Chief General Manager

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