The Treasury on Wednesday gave a Rs. 3 bn subsidy to local banks, to kick-start the low-middle income-housing segment.
Of the Rs. 3 bn loan package, the Treasury is offering up to Rs.
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1 bn through the Housing Development Finance Corporation or HDFC. rn
rnFurther Rs. 1.5 bn will be channelled through the commercial banks while Rs.
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500 mn will be lent through specialised housing banks. rn
rnThe government is expecting to provide Rs. 300 mn in subsidies for loans of up to Rs. 500,000. The loans carry an annual interest payment of 10.5 percent spread over a 15-year period.rn
rnEligibility criteria are limited to those carrying a monthly average of Rs. 3,000 to Rs. 20,000.rn
rnldblquote The package is structured in such a way that we convert the monthly rental into a mortgage repayment facility to make it more affordable, dblquote Finance Minister, K N Choksy told journalists during a signing ceremony on Wednesday. rn
rnldblquote The 10.5 percent interest we are offering from January 1 for a one