The subsidy will be applicable on repayment of the first 12
equated monthly instalments (EMIs); thereafter, the borrower will have to bear
the applicable interest. The subvention will be granted on both fixed and
floating interests rate loans. The scheme will cover all states and Union
territories and will extend to both rural and urban areas. The scheme would be
implemented by scheduled commercial banks and housing finance companies
registered with the National Housing Bank (NHB). Says K. Unnikrishnan, deputy
chief executive officer, Indian Banks' Association, "RBI has just issued
the circular so it will take some time for the instructions to reach branch
offices. Housing finance companies are likely to implement the subvention
faster as that is their sole business." Among the banks and housing
finance companies Mint contacted, HDFC Ltd has already implemented the scheme.
According to the notification, the scheme realizes that a
cut in interest rates has an important role to play in reducing the EMIs borne
by the borrowers and hence will create additional demand for housing.
If you look at major metros, then
the supply of homes available in the range specified by this scheme is very
limited. An average home will cost you about Rs. 35 lakh onwards, especially in
Mumbai Metropolitan Region and National Capital Region." Under the earlier
scheme, which ended in March 2011, an interest subvention of 1% was available
on home loans up to Rs. 10 lakh to buy a home that cost not more than Rs. 20
lakh.
Subsidy for Home Loan Below 15 Lakhs 04433044488 HousingLoan. The subsidy will be applicable on repayment of the first 12 equated
monthly instalments (EMIs) thereafter, the borrower will have to bear the
applicable interest. The subvention will be granted on both fixed and floating
interests rate loans. We are providing 100% Loan Guarantee Apply 04433044488
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