The credit-linked subsidy scheme for the middle income group with an annual income of Rs 6 lakh to Rs 18 lakh was operationalised from May 2017 and extended up to March 2021.

Finance Minister Nirmala Sitharaman also said the interest rate on housing building advance will be lowered and linked to the 10-year G-sec yields.

Finance Minister Nirmala Sitharaman presented the Union budget on Friday and said the NDA government had set the ball rolling for a "new India" in its first term, saying there is a lot to cheer about for the middle class.

Now, loans for upto Rs.30 lakh, the new rate will be 8.4%, up 5 bps, while for those between Rs.30 lakh and Rs.75 lakh, the new rate will be 8.60%, up 20 bps.

Around 32,000 homebuyers of as many as 27 Jaypee projects are left in lurch after the NCLT admitted a plea of the IDBI Bank for initiating insolvency proceedings against the debt-ridden company for defaulting on Rs 526-crore loan.