"The interest subvention scheme of 1 per cent (will apply) on all individual housing loans up to Rs 10 lakh for units costing up to Rs 20 lakh," an official release said.
Aimed at promoting low-cost housing, the government today launched interest rate subsidy scheme that could help a home loan borrower save up to Rs 10,000 in EMIs, provided the cost of house is less than Rs 20 lakhs
Under the scheme, one per cent subsidy will be given on first 12 Equated Monthly Installments (EMIs) to be paid by the borrowers to the banks.
The scheme will cover all regions of the country and is expected to give a boost to credit flow to the housing sector and create additional employment in the housing and allied sectors, such as steel and cement, the release said.
The interest subsidy will be routed through the commercial banks and the housing finance companies registered with the National Housing Bank.
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