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Thursday, September 10, 2009

1% interest subvention on housing loans upto Rs.10 lakh



The Cabinet today 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. 20 lakh.

• The Scheme will be implemented through Scheduled Commercial Banks (SCBs) and Housing Finance Companies (HFCs) registered with the National Housing Bank (NHB).

• The first twelve instalments of all such loans sanctioned and disbursed during the period of twelve months from the date of publication of the scheme will be eligible for interest subvention.

Subsidy of one percent will be computed for 12 months on disbursed amount and adjusted upfront in the principal outstanding irrespective of whether the loan is on fixed or floating rate basis.

• Reserve Bank of India (RBI) will be designated the nodal agency for SCBs and National Housing Bank (NHB) will be designated the nodal agency for HFCs.

Background

There has been a notable deceleration in the sectoral flow of credit to the housing sector which is attributable to increase in the price of houses, slackening of income growth and a rise in interest rates for housing loans.

The Finance Minister in his reply to the debate on the Finance Bill in the Lok Sabha on 27th July, 2009 made the announcement that housing, particularly lower and middle income housing, deserved to be supported. In order to stimulate this segment of house owners, he proposed to provide support to borrowers by way of interest subvention of 1% on all housing loans up to Rs.10 lakh to individuals, provided the cost of the house does not exceed Rs.20 lakh.

Implementation Strategy and targets

All Scheduled Commercial Banks (SCBs) and Housing Finance Companies (HFCs) will submit a monthly consolidated return to the Reserve Bank of India (RBI) and National Housing Bank (NHB) respectively, specifying interest subvention given.

The nodal agencies will put up a demand to the Government of India for release of subsidy amount and the Government of India in turn will sanction and release the subsidy amount based on demand received.

The number of beneficiaries covered under the scheme will depend, interalia, upon the size of the loan amount and the number of beneficiaries approaching the nodal agency for interest subvention. Being a demand driven scheme no specific targets for coverage of beneficiaries have been fixed.

Major Impact:

It is expected that cut in interest rates should reduce Equated Monthly Instalments (EMIs) of borrowers and create additional demand for housing. This in turn should stimulate demand in construction industry as well as industries such as steel & cement having employment potential and income multiplier effect.

Expenditure involved:

An amount of Rs.1000 crore will be allocated in the Budget for the year 2009-10 for implementation of the Scheme.

No. of beneficiaries:

On a housing loan of Rs.10 lakh, the 1% interest relief available wil amount to Rs.10,000/- per account. As such, the Scheme of a size of Rs.1000 crore is expected to cover 10 lakh beneficiaries in one year period.

States/Districts covered:

The scheme will cover all States & Union Territories of the country, including rural & urban areas.

1 comments:

Anonymous said...

This is very good idea to give more information about orders issued by various govt department. This will help us to get the information that is only a click away.

Thanks
(vivek goyal)


Rates of Dearness Allowance & Finmin Orders for DA, DR & 5th CPC

DA & DR ORDERS - EXPECTED DA STATUS
Effective DatesAdditional DA Total DA DA OrdersDR Orders5th CPC
1.1.2006 0-DA/DR
1.7.2006 2%2%29.08.2008DA/DR
1.1.2007 4%6%29.08.2008DA/DR
1.7.2007 3%9%29.08.2008DA/DR
1.1.2008 3%12%29.08.2008DA/DR
1.7.2008 4%16%29.08.2008DA/DR
1.1.2009 6%22%13.03.200927.03.2009DA/DR
1.7.2009 5%27%18.09.200929.09.2009DA/DR
1.1.2010 8%35%26.03.201031.03.2010DA/DR
1.7.2010 10%45%22.09.201029.09.2010DA/DR
1.1.2011 6%51%24.03.201129.03.2011DA/DR
1.7.2011 7%58%03.09.2011 05.10.2011DA/DR
1.1.2012 7%65%03.04.2012 04.04.2012DA/DR
1.7.2012 7%72%28.09.2012 25.10.2012DA/DR
1.1.2013 8%80%25.04.2013 02.05.2013DA/DR
1.7.2013 10%90%25.09.2013 03.10.2013DA/DR
1.1.2014 10%100%27.03.201409.04.2014DA/DR
EXPECTED DA JUL 14 - JANUARY STATUS EXPECTED DA JUL 14 - FEBRUARY STATUSEXPECTED DA JUL 14 - MARCH STATUSEXPECTED DA JUL 14 - APRIL STATUSEXPECTED DA JUL 14 - MAY STATUS

LIST OF CGHS HOSPITALS

1. ALLAHABAD 2. AHEMDABAD 3. Bangalore 4. Bhubhaneshwar 5. Bhopal
6. Chandigarh 7. CHENNAI 8. Delhi 9. Dehradun 10. Guwahati
11. Hyderabad 12. Jaipur 13. Jabalpur 14. Kanpur 15. Kolkata
16. Lucknow 17. Meerut 18. Mumbai 19. Nagpur 20. Patna
21. Pune 22. Ranchi 23. Shillong 24. Trivandrum 25. Jammu.

TA / DA RULES

TRAVELLING ALLOWANCE ORDERS
Rates of Daily Allowance-Finmin23.09.2008
Travel Entitlements - Finmin23.09.2008
Finmin orders on TA22.01.2009
Finmin Clarification on TA18.02.2009
IT Relaxation on TA04.03.2009
TA on Retirement11.04.2009
Travel Entitlements on Transfer08.06.2010
Finmin orders on TA/DA11.06.2010
Journey on Transfer30.12.2010
Finmin Orders on TA24.01.2011
TA/DA on Permanent Transfer01.02.2011
Different types of TA27.04.2011
Definition of Travelling Expenses02.06.2011
Railway Clarification TA on Transfer16.08.2011
Finmin Clarification on TA01.08.2012
CGDA Clarification on TA 'A' Cities08.01.2013
Travelling Allowances for Medical Treatment10.05.2013
Railway Clarification on TA/DA12.08.2013

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Date of submission of 7th CPC Report05.04.2014-Rajya Sabha
Comments and Suggestions on 7th CPC04.04.201490Paisa
A webpage has been created by the Ministry of Finance for 7th Central Pay Commission24.03.2014-Finmin
Federations veiws on the ToR of 7th CPC05.03.2014AIRF/BPMS/IRTSA
Cabinet approved 7th Central Pay Commission Terms of Reference28.02.201490Paisa
Prime Minister has approved the composition of the 7th Central Pay Commission04.02.201490Paisa
NO COMPROMISE ON TERMS OF REFERENCE07.12.2013NFPE
Possible ToR meeting with Staff Side JCM-Dopt19.11.2013Dopt
7th CPC Date for implementation11.10.20137thcpcnews
Press Statement of Confederation of 7th CPC25.09.2013Confederation
Consent given by PM for 7th CPC25.09.201390Paisa

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Retirement age 62 – No hike in Retirement age of Central Government employees…15.08.2013CGEN.in
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Retirement Age of High Court Judges23.08.201390Paisa
No proposal to enhance the retirement age from 60 to 62 years08.03.201390Paisa
Retirement age of Central Government Employees20.01.201390Paisa
Retirement age of faculty doctors from 65 to 70 years…03.12.201290Paisa
Enhancement of superannuation retirement age of KV teachers31.08.201290Paisa
Retirement age of Teachers and Lecturers26.08.201290Paisa

LDC - UDC ISSUES...

LDC-UDC GRADE PAY ISSUE
SUBJECTDATEDOWNLOAD
UPGRADATION OF GRADE PAY OF LDC & UDC - YET ANOTHER CASE IS FILED.31.03.2014AIAMSHQ
LDC-UDC Issue : Case Filed for Grade Pay 2400 to LDC27.03.2014AIAMSHQ
Upgradation Pay Scale to Railway Accounts Staff w.e.f. 1/1/1 996 on actual basis – NFIR19.03.2014NFIR
Demanding upgradation of the grade pay of LDC & UDC to Rs. 2400 & 2800 – Letter forward to MOSPI26.02.2014AIAMSHQ
LDC-UDC ISSUE-YET ANOTHER LETTER FROM DEPARTMENT OF EXPENDITURE03.02.2014AIAMSHQ
LDC-UDC ISSUE: TOWARDS A FINAL ACTION14.01.2014AIAMSHQ
TOWARDS A FINAL ACTION ON LDC & UDC GRADE PAY ISSUE…31.12.2013AIAMSHQ
LDC-UDC ISSUE: A STEP FORWARD04.12.2013AIAMSHQ
Deputy Secretary JCA writes to Under Secretary CS-II, DoPT13.11.2013AIAMSHQ
CONFEDERATION WRITES TO GOVERNMENT ON LDC- UDC PAY SCALE ANOMALY26.10.2013CONFEDERATION
CASE RETURNED BY THE DOPT & DIRECTED TO TAKE UP THE MATTER DIRECTLY WITH DEPARTMENT OF EXPENDITURE, MOF.07.10.2013AIAMSHQ
LDC-UDC ISSUE-LETTER TO NAC MEMBERS10.09.2013AIAMSHQ
LDC-UDC Issue -Letter sent to the PM forwarded to JCA for action23.08.2013AIAMSHQ
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NATIONAL ANOMALY COMMITTEE MEETING DETAILS...

NATIONAL ANOMALY COMMITTEE - DECSIONS & DISCUSSIONS AND MINUTES & RESULTS
PROMOTIONAL SCHEMES ACP MACP
DESCRIPTION STAFF SIDE OFFICIAL SIDE
SETTING UP OF NAC 12.01.2009
COMPOSITION OF NAC 05.02.2009
EXTENSION OF NAC 01.07.2010
1st NAC MEETING(12.12.2009) 08.02.2010
2nd NAC MEETING(27.03.2010) AIRF//NFIR 04.05.2010
3rd NAC MEETING(15.02.2011) AIRF/CONF 21.04.2011
4th NAC MEETING(05.01.2012) AIANGO//AIRF 05.01.2012
5th NAC MEETING(17.07.2012) NFIR//NFIR 13.09.2012
MACP MEETING NFIR/ 03.05.2010
2nd MACP MEETING(15.09.2010) CONF/AIRF 06.10.2010
3rd MACP MEETING(15.03.2011) CONF 20.04.2011
4th MACP MEETING(27.07.2012) NFIR/CONF/IRTSA/INDWF/NFIR 13.09.2012
NATIONAL COUNCIL JCM (15.05.2010) NFPE/BPMS 07.07.2010
AGENDA ITEMS AIRF2011/AIRF2012 17.01.2011
INCREMENT ISSUE SETTLED 05.01.2012 19.03.2012
LIST OF PARTICIPANTS NAC/MACP NAC/MACP

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