Subvention home loan scheme likely to be effective from April: RBI

Mumbai:
Earlier AT Bureau has published that “the Union Budget Speech of 2011-12, it has been proposed to liberalise the existing scheme of 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 subvention scheme by government on home loans is likely to be available by April of the coming year.
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 between the period of October 1, 2009, and March 31, 2011 will not consider under the new subvention scheme.