image

Subvention scheme now brings everyone closer to their dream homes

RBI/2010-11/481; RPCD.SME & NFS. BC. No. 62/06.11.01/2010-11

CLR Note:  The scheme of 1% interest subvention on the housing loans now  extends up to 15 lakh  where the cost of house is up to 25 lakh from the existing 10 lakh and 20 lakh respectively.

April 21, 2011

The Chairman/Managing Director/

Chief Executive Officer
All Scheduled Commercial Banks
(excluding Regional Rural Banks)

Dear Sir

Scheme of 1% interest subvention on housing loans upto Rs. 10 lakh – Guidelines

Please refer to our circulars RPCD.SME & NFS.BC.No.16/06.11.01/2010-11 dated August 9, 2010 and RPCD.SME & NFS.BC.No.52/06.11.01/2010-11 dated February 8, 2011 on the captioned subject.

2. In para 43 of 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.

3. You are therefore advised to issue necessary instructions to your Controlling Offices and Branch Offices to ensure that these guidelines are implemented immediately. The other terms and conditions of the housing subvention scheme remain unchanged.

4. Please acknowledge the receipt.

Yours faithfully

(C.D.Srinivasan)
Chief General Manager

 

Tag: subvention scheme

profile image

About eMinds Legal

eMinds Legal

eMinds Legal is a Corporate Law Firm based in Gurgaon, India specializing in Corporate Legal, Corporate Secretarial and Compliance. The Firm comprises of a team of Corporate Lawyers and Company Secretaries with in-depth subject matter knowledge and participative industry experience of over 15 years.

Corporate Law Referencer

Recent Articles

Recent Legal updates

Recent Gst Updates