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Housing loans of up to Rs 10 lakh, extended to non-resident Indians, for construction of farm houses, and to staff members of banks are not eligible for the one per cent subsidy, the Reserve Bank of India said in a notification issued on Tuesday.
The government had announced a scheme of one per cent interest subvention for individual housing loans upto Rs 10 lakh, provided the cost of unit does not exceed Rs 20 lakh, initially for a period of one year effective from October 01, 2009 to September 30, 2010. An initial allocation of Rs 1,000 crore was also announced for the purpose.
The government then extended the scheme till March 31, 2011 and also made a provision of Rs 700 crore under the scheme for the year 2010-11.
In its notification issued today, the RBI also clarified that loans sanctioned prior to October 1, 2009, would not qualify for reimbursement under the scheme.
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