Interest Subvention for housing loan up to Rs 10 lakhs extended till March 31, 2011

The Finance Minister announced that the scheme of 1% interest subvention on housing loans up to Rs.10 lakh where the cost of the house does not exceed Rs.20 lakh is proposed to be extended up to March 31, 2011. For this Rs. 700 crore has been provided in the Budget.

The Finance Minister stated that the allocation for urban development is being increased by more than 75% from Rs.3060 crore to Rs. 5400 crore in 2010-11. The allocation for Housing and Urban Poverty Alleviation is being raised from Rs. 850 crore to Rs. 1,000 crore in 2010-11.

Source : Equity Bulls

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