Scheme of 1% Interest Subvention on Housing Loans up to Rs. 15.00 lakh

By Accommodation Times Bureau

RBI wants to implement the Housing Finance subsidy of Rs.400/- crore given to deduce interest by 1% on properties below Rs.25 Lakh.

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__________________RESERVE BANK OF INDIA_________________

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
a) 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.
b) A Budgetary provision of Rs. 400.00 crore has been made under the Scheme
for the year 2012-13 by Government of India.
c) 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.
d) 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

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