Bud­get brings good news for home buy­ers

Accommodation Times - - Current Affairs -

Fi­nance Min­is­ter Arun Jait­ley, has given spe­cial im­por­tance to home buy­ers in this year’s fis­cal bud­get, rais­ing the de­duc­tion limit on ac­count of in­ter­est on loan in re­spect of self oc­cu­pied house prop­erty from Rs.1.5 lakh to Rs.2 lakh.

By an­nounc­ing the tax ex­emp­tion on home loans govern­ment has made peo­ples ap­proach to own a home easy and ex­cess­able.

Ad­di­tional to this govern­ment has raised the per­sonal in­come-tax ex­emp­tion limit by Rs. 50,000/- that is, from Rs. 2 lakh to Rs. 2.5 lakh in the case of in­di­vid­ual tax­pay­ers, which will in­crease their sav­ing and en­cour­age them to buy home and these fac­tors will lead in im­prov­ing sen­ti­ment of hous­ing sec­tor.

Govern­ment is com­mit­ted to en­deavor to have hous­ing for all by 2022 by ex­tend­ing ad­di­tional tax in­cen­tive on home loans to en­cour­age peo­ple, es­pe­cially the young, to own houses. It has pro­posed to set up a Mis­sion on Low Cost Af­ford­able Hous­ing to be an­chored in the Na­tional Hous­ing Bank.

While pre­sent­ing the bud­get that a sum of Rs 4,000 crore has been ear­marked for Na­tional Hous­ing Bank with a view to in­crease the flow of cheaper credit for af­ford­able hous­ing to the ur­ban poor/EWS/LIG seg­ment.

He added that Govern­ment has al­ready out­lined some other in­cen­tives such as eas­ier flow of FDI in this sec­tor and is will­ing to ex­am­ine other pos­i­tive sug­ges­tions. He also in­formed the in­clu­sion of slum devel­op­ment in the list of Cor­po­rate So­cial Re­spon­si­bil­ity (CSR) ac­tiv­i­ties to en­cour­age the pri­vate sec­tor to con­trib­ute more to­wards this ac­tiv­ity.

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