homeloan interest subvention

POSTED BY SK ON June 10, 2011 1:01 am COMMENTS (3)

I have a homeloan of 9.5L. There was a talk of interest subvention upto 1% for loans less than 10L. This was discussed during the previous year’s budget and probably this year’s too. What is the procedure to claim the 1% interest back?

3 replies on this article “homeloan interest subvention”

  1. sainath says:

    Pls go to the branch where you have taken the loan and ask the branch manager. Do share if you get any other information with us,

  2. Sheetal says:

    Manish,

    I doubt if this is meant for developers, just check this sample link http://www.dnaindia.com/money/report_govt-to-provide-1pct-interest-subsidy-on-home-loans_1277731 where it says the banks should pass on the benefit to the customer and in turn the govt. would reimburse the bank.

  3. Sheetal

    There is nothing like that . That 1% thing is for developers and they should idealy/moraly pass the benefit to end customers , but they are not legally bound for that.

    Manish

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