To give a boost to the housing sector, the Union Cabinet onTuesday approved the increase in home loan limit for availing one per cent interest subsidyto Rs 15 lakh, from existing Rs 10 lakh.
The Cabinet also raised the ceiling on cost of house to Rs25 lakh from Rs 20 lakh to avail this benefit.
Under a scheme introduced in 2009, home loan borrowers could get one per cent interest subsidy on bank loans of up to Rs 10 lakh, providedthe cost of the house does not exceed Rs 20 lakh.
Finance Minister Pranab Mukherjee in his Budget Speech thisyear had announced liberalisation of the existing scheme of one per centinterest subvention on housing loans of up to Rs 15 lakh, where housing cost isnot exceeding Rs 25 lakh.
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