3 things buyers want Affordable housing and cheap loans top Budget demands
Will the forthcoming budget make it easier for people to own a house? Are there more income tax rebates in store? Here are some findings from Makaan.com’s report titled Roti, Kapda and Makaan - Re a l E s t a t e B u d g e t Expectations 2015.
Focus on Smart cities: A majority of respondents i. e. 71% felt that to bring about a significant impact on the Indian economy, the finance minister should allocate a much higher amount for development of 100 smart cities.
Affordable housing and cheaper loans: Homebuyers also felt that the focus of the Budget s hould be on of f ering affordable housing (housing under ₹ 40 lakh) with 36% feeling that this will enable most people to own property and fulfil their aspirations. The next big focus for the buyers was on cheaper home loans (26%).
Increase i n i ncome tax exemption limit on repayment of home loan: Majority of homebuyers (29%) said that if they were FM for a day they would provide a 2% subsidy on home loans for houses upto ₹ 40 lakh as a short term incent ive. As many as 19% homebuyers said that they would provide an increased income tax exemption limit on payment of interest from ₹ 2 to 3 lakh per annum. Another 19% respondents said that they would set up a dispute redressal mechanism to safeguard the interests of homebuyers.