Interest subvention on housing loans

 

interest subvention on housing loans

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Interest subvention on housing loans

The Small Industries Department was carved out of the Industries department with effect from 14.07.93. Consequent to the enactment of the Micro Small & Medium Enterprises Development Act 2006 on 02.10.2006, the department was renamed as Micro Small and Medium Enterprises Department (MSME Department) in consonance with the Government of India Policy from 22.02.2008.

The MSME Department deals with policy matters relating to the MSME sector and formulates schemes for the development of the sector. The Commissionerate of Industries & Commerce, the Entrepreneur Development Institute (EDI) and the two State Public Sector undertakings viz., Tamilnadu Small Industries Corporation Limited (TANSI) and Tamilnadu Small Industries Development Corporation (TANSIDCO) also function under the administrative control of the MSME Department.

The Commissionerate has been in existence for over 100 years and is one among the oldest in the state. The Commissionerate of Industries and Commerce implements these schemes through the General Manager District Industries Centres in the 31 districts. In respect of Chennai, the Regional Joint Director implements the schemes. These Centres provide a variety of services to the entrepreneurs, like, identification of activities, the preparation of project profiles, obtaining financial assistance from various financial institutions, statutory clearances from Government Departments, sanction and disbursement of eligible subsidies and facilitation in obtaining delayed payments.

All content on this website, including dictionary, thesaurus, literature, geography, and other reference data is for informational purposes only. This information should not be considered complete, up to date, and is not intended to be used in place of a visit, consultation, or advice of a legal, medical, or any other professional.

Farmers will get short-term crop loans of up to Rs 3 lakh at a subsidised interest rate of 4 per cent this fiscal, provided they repay in time, or else a higher rate of 7 per cent will be charged. "The Central Government will provide interest subvention of 5 per cent per annum to all farmers for short term crop loan up to one year for loan up to Rs 3 lakh borrowed by them during the year 2016-17. Farmers will thus have to effectively pay only 4 per cent as interest. "In case farmers do not repay the short term crop loan in time they would be eligible for interest subvention of ...

Government extended by one year the 1% interest subsidy scheme on housing loans of up to Rs 15 Lac, where the cost of the house does not exceed Rs 25 Lac.

When interest rates have risen, even 1% relief is a relief for the middle class and lower middle class. The limit of subsidy for an individual borrower would be Rs 14,912 for a loan of Rs 15 Lac, and Rs 9,925 for a loan of Rs 10 Lac. The extended scheme will benefit all home loans availed in the current financial year.

Chidambaram said a large number of people have benefited from the 1% interest subvention and “whoever borrows now will get the benefit of one per cent”.