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Subvention Plan from HDFC


Subvention scheme in home loan refers to a proposal of bank financing for a project. As per this Subvention Loan, once an individual applies for a loan for an under construction property, for the first 2 years of the loan period, the borrower need not have to pay any EMIs; all the interest for first two years will be paid by the concerned  builder. So, predominantly you own a property without having to pay any interest for 24 months. Recently, banks have agreed to this form of financing only for Category A builders.
 

RBI circular on interest subvention:

Scheme of 1% interest subvention on housing loans upto Rs. 10 lakh
The Scheme is extended up to March 31, 2012.

 

Mention may be made of projects funded by HDFC under Subvention:

EmaarMGF Palm Terraces (Pay 15% & 100% EDC/IDC by 15 March 2011 & No EMI till 31 March 2012).

IREO RISE APARTMENTS MOHALI (shell out 22% INITIALLY and BALANCE ON POSSESSION TILL THEN NO EMI).

 

HDFC officials say that the schemes made equal sense for the developers, buyers and housing finance companies.HDFC Bank tries to create a buzz around the (subvention) scheme in the hope of reviving the market.
 



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