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Housing loan 1% interest subvention scheme extended upto 31 March 2013

Reserve Bank of India has extended 1% interest subvention scheme on housing loans upto Rs. 15 lakh to 31 March 2013. RBI has issued a notification on 18 September 2012 about the extension of interest subvention scheme on housing loan. Full notification is as under.

RPCD.MSME&NFS.BC.No. 30/06.11.01/2012-13
September 18, 2012
The Chairman/Managing Director/
Chief Executive Officer
All Scheduled Commercial Banks
(excluding Regional Rural Banks)
Dear Sir / Madam,
The Scheme of 1% Interest Subvention on Housing Loans up to Rs. 15.00 lakh
Please refer to our circular RPCD.SME&NFS.BC.No.29/06.11.01/2011-12 dated November 04, 2011 on the captioned subject. In this connection, it is now advised that:
  1. The interest subvention scheme has been liberalized with effect from FY 2011-12 by extending it to housing loans up to Rs.15 lakh where the cost of the house does not exceed Rs.25 lakh. The Scheme has since been extended by Government of India and will remain in force up to March 31, 2013.
  2. A Budgetary provision of Rs. 400.00 crore has been made under the Scheme for the year 2012-13 by Government of India.
  3. The National Housing Bank is the sole Nodal Agency for implementation of the Scheme for Scheduled Commercial Banks, Regional Rural Banks and Housing Finance Companies.
  4. All SCBs are advised to implement the Scheme vigorously, submit their claims to NHB expeditiously and extend the benefits of the Scheme to all eligible borrowers / beneficiaries. SCBs are further requested to give wide publicity to the Scheme.
2. Please acknowledge receipt.
Yours faithfully,
(C.D. Srinivasan)
Chief General Manager
Tags-interest subvention scheme,housing loan interest subsidy,interest subsidy on housing loan

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