The government Wednesday announced one percent interest subsidy on housing loan up to Rs.15 lakh to give a boost to low-cost housing projects in the country.
The union cabinet chaired by Prime Minister Manmohan Singh gave a nod to the proposal for extending the scheme of interest subvention of one percent on housing loans up to Rs.15 lakh where the cost of the house does not exceed Rs.25 lakh.
The extended scheme will benefit all house loans availed in financial year 2012-13.
A budgetary provision of Rs.400 crore has been made for the current financial year for implementing the scheme.
Following extension of the scheme, the limit of subsidy for an individual borrower would be Rs.14,912 for a loan of Rs.15 lakh and Rs.9,925 for a loan of Rs.10 lakh, according to an official statement released after the cabinet meeting.
Earlier, the limit for housing loans that were eligible for an interest subsidy of one percent was Rs.10 lakh, where the cost of the house did not exceed Rs.20 lakh.
The National Housing Bank is the nodal agency for implementing the scheme both for scheduled commercial banks and housing finance companies.
A group of major American business organisations and advocacy groups on Tuesday launched a new alliance against what they allege as India's "discriminatory" economic policies, including intellectual property issues, which they claim hurt US jobs and economy.
IMF has lowered its forecast of Russian GDP growth in 2013 from 3.4 percent to 2.5 percent, head of the IMF mission said.
Malaysian budget carrier AirAsia formally announced the appointment of Subramanian Ramadorai as its non-executive chairman of India operations.
As India's tech hub and Bangalore will get more funds in the new budget for this fiscal (2013-14) to meet its infrastructure needs, Karnataka Chief Minister Siddaramaiah said Tuesday.
Higher prices of foodstuff such as cereals and vegetables continue to put pressure on India's overall inflation rate, the Reserve Bank of India (RBI) said Monday.
Reserve Bank today kept the key interest rates unchanged citing elevated food inflation, rupee depreciation and uncertainty over foreign fund inflows
KTS announced a 10.50 per cent hike in bus fares to mop up an additional Rs 186.72 crore annually.