To stimulate demand in the realty sector, the Union Cabinet has approved a Scheme of interest subvention on housing loans. Under this, support is being provided to individual borrowers by way of interest subvention of 1% on all housing loans up to INR 1 million, provided the cost of the house does not exceed INR 2 million. An allocation of a sum of INR 10,000 million has been made for the Scheme. The Scheme will be implemented through Scheduled Commercial Banks (SCBs) and Housing Finance Companies (HFCs) registered with the National Housing Bank (NHB).
Well let’s hope this puts pillars under the common man’s ‘castles in the air’.
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