Government of India have announced interest subvention scheme for the financial year 2011-12 i.e the subsidy offered to the borrowers of home loan upto Rs 15 lakhs will be provided to all the borrowers who’s loan were sanctioned or disbursed from April 2011.
Few days back government have raised the loan amount limit for availing the 1% subsidy i.e from Rs 10 lakhs the loan limit have been raised to Rs 15 lakhs. With this the cost of house ceiling i.e the cost of the house for which the loan applied is also been raised from Rs 20 lakhs to Rs 25 lakhs.
As per the announcement, borrowers will be allowed to avail the subsidy on their home loans for amount Rs 15 lakhs subject to the total house cost of Rs 25 lakhs, will remain valid upto March 2012. This scheme is only valid for loans sanctioned and disbursed between April 2011 to March 2012.