One percent interest subsidy on housing loans

September 11th, 2009 New Delhi, Sept 11 (IBNS) The Cabinet has approved the Scheme of 1% interest subvention on housing loans up to Rs.10 lakh and the allocation of a sum of Rs.1000 crore for the Scheme. Point-wide Details • Interest subvention of 1 percent will be made available on individual housing loans upto Rs.10 lakh for construction / purchase of a new house or extension of an existing house provided the cost of the construction/price of the new house/extension does not exceed Rs.

September 10th, 2009 NEW DELHI - The Union Government on Thursday announced a five percent increase in the dearness allowance for its employees and pensioners, with effect from July this year. The announcement will entail an outgo of about Rs 2,904 crore this fiscal.

August 27th, 2009 NEW DELHI - The Government has approved a scheme to provide full interest subsidy during the period of moratorium on loans taken by poor students from scheduled banks under the Educational Loan Scheme of the Indian Banks' Association for pursuing any technical and professional courses. The Indian Banks' Association (IBA) had formulated a comprehensive model educational loan scheme for adoption by all banks, aimed at providing financial support from the banking system to deserving/meritorious students for pursuing higher education in India and abroad.

August 27th, 2009 NEW DELHI - The Union cabinet on Thursday is likely to approve the setting up of seven new Indian Institute's of Management (IIMs) as well as interest subsidy on educational loans for students belonging to economically weaker sections. The seven IIMs, already announced two years ago, will come up in Tamil Nadu; Jammu and Kashmir; Jharkhand; Uttarakhand; Haryana; Chhattisgarh and Rajasthan.

July 30th, 2009 New Federal Housing Administration loan assistanceWASHINGTON — Loans backed by the Federal Housing Administration will be eligible for payment reductions similar to the Obama administration's loan modification program, the government will announce Thursday. Effective Aug.

July 22nd, 2009 MUMBAI - Housing Development Finance Corp (HDFC) has seen its net profit for the quarter ended June 30 increase over 20 percent to Rs.565 crore, as compared to Rs.468 crore in the corresponding period last fiscal. The company's total income increased 22.8 percent to Rs.2,849 crore from Rs.2,318 crore, it said in a regulatory statement.

July 18th, 2009 PUDUCHERRY - Apart from the earlier proposal to build 1.5 million houses for urban poor, the government will build a million affordable houses for the middle income group, Minister of Housing and Urban Poverty Alleviation Kumari Selja said here Saturday. "Now, we have launched another scheme called Affordable Housing.

July 17th, 2009 NEW DELHI - Housing and Poverty Alleviation Minister Kumari Selja today informed the Lok Sabha that the government is planning to launch a new housing scheme for slum dwellers and urban poor since the scheme is aimed at providing subsidy up to five per cent on a loan of Rs one lakh availed by the poor. "Government proposes to launch 'Rajiv Awas Yojana' in the country for slum dwellers and urban poor.

June 22nd, 2009 NEW DELHI - State-owned home loan lender Housing and Urban Development Corp (HUDCO) has lowered interest rates by up to 125 basis points. The new rates, which will come into force Tuesday, will bring down rates from 9.5 percent to 8.5 percent for home loans taken by widows and people from the Scheduled Castes (SC) and the Scheduled Tribes (ST) categories, a government statement said.

February 15th, 2009 NEW DELHI - With export growth falling on account of the global economic slowdown, the government Monday announced the extension of subsidy on interest of credit for labour-intensive export units till September-end. The interest subvention of 2 percent will be extended beyond March 31 till Sep 30, Minister for External Affairs Pranab Mukherjee said while presenting the interim budget in parliament.

January 1st, 2009 NEW DELHI - The urban development ministry has asked for additional changes at the last minute to the second stimulus package, slated to be announced Friday, to make the package beneficial for the end-user. Last month, Commerce Minister Kamal Nath announced that the second stimulus package would attempt to include special provisions to help exporters and the real estate and infrastructure sectors.

December 30th, 2008 MUMBAI - Two more lending institutions - ICICI Bank and LIC Housing - Wednesday cut their interest rates on home loans by up to 75 basis points (bps). While LIC Housing Finance cut rates for existing home loan borrowers by 75 bps effective Thursday, ICICI cut rates by 50 bps with immediate effect.

December 28th, 2008 NEW DELHI - Punjab National Bank (PNB) Monday reduced its benchmark prime lending rate (BPLR) by 50 basis points from 12.5 percent annually to 12 percent from Jan 1. Bank of Baroda too reduced its BPLR by 75 basis points from existing 13.25 percent to 12.5 percent, also from Jan 1.

December 28th, 2008 NEW DELHI - Dena Bank, Punjab National Bank (PNB) and Bank of Baroda will reduce their benchmark prime lending rates (BPLR) from Jan 1, the three state-owned banks announced Monday. Dena Bank will cut its BPLR by 75 basis points from 13.5 percent annually to 12.75 percent.

December 27th, 2008 NEW DELHI - Describing the government's decision to provide 5 percent interest subsidy on housing loans taken by the economically weaker sections (EWS) as 'a move in the right direction', an industry lobby Sunday said it would boost demand of affordable housing. 'The prevailing high interest rate has dampened the overall demand and has severely affected the affordability, thus making housing a distant dream of a common man,' said Chandrajit Banerjee, director general of the Confederation of Indian Industry (CII).