Finance Minister Pranab Mukherjee on Friday extended by a year the one per cent interest subvention scheme for housing sector and provided Rs 700 crore (Rs 7 billion) for it in the budget for 2010-11.
"I propose to extend the interest subvention scheme for housing sector to March 2011," he said unveiling the budget proposal in the Lok Sabha.
Under the scheme, introduced last year, home buyers get one per cent interest subsidy for banking loans up to Rs 10 lakh provided the cost of house does not exceed Rs 20 lakh.
