The Government of India is extending Interest Subvention of Rs.1% on below conditions;
1. The loan availed to be maximum Rs.15 lakhs.
2. The cost of project to be maximum Rs.25 lakhs.
3. The loan to be availed by Scheduled Commercial Banks, Regional Rural Banks or Housing Finance Companies.
The Government has made Budgetary allocation of Rs.400 crore for 2012-13 for implementing the scheme.
The National Housing Bank is the authority to implement the scheme.
The banks normally extend the benefit to housing loan customer within one month of release of loan and inturn claim the amount from National Housing Bank on monthly basis. The subvention amount will be credited to housing loan of borrower which will effect in reducing the principle amount of loan.
If you are planning to raise loan from bank, ensure that you get the benefit mentioned above.
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