Govt extends interest subvention scheme for home loans: Pranab

Finance Minister Pranab Mukherjee extended by a year the one per cent interest subvention scheme for housing sector and provided Rs 700 crore for it in the Budget for 2010-11.

Finance Minister Pranab Mukherjee on Friday extended by a year the one per cent interest subvention scheme for housing sector and provided Rs 700 crore for it in the Budget for 2010-11.

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"I proposes to extend the interest subvention scheme for housing sector to March 2011," he said unveiling the Budget
proposal in the Lok Sabha.

Under the scheme, introduced last year, home buyers get one per cent interest subsidy for banking loans up to Rs 10
lakh provided the cost of house does not exceed Rs 20 lakh.