The Credai has welcomed the Government’s endeavour to have housing for all by 2022 by extending additional tax incentive on home loans to encourage people to own houses with earmarking a sum of Rs 4,000 crore with a view to increasing the flow of cheaper credit for affordable housing to the urban poor/EWS/lIG segment through the National Housing Bank.
The impact of personal income tax exemption limit raising from Rs 2 lakh to Rs 2.5 lakh, the investment limit under Section 80C of the Income-Tax Act from Rs 1 lakh to Rs 1.5 lakh and the deduction limit for interest on housing loan for self-occupied house property from Rs 1.5 lakh to Rs 2 lakh and making easier flow of FDI in this sector by reducing the criteria for borrowing for project size 50,000 square metres to 20,000 square metres and the minimum investment from USD 10 million to USD 5 million would boost the realty sector across the country, said Credai Joint Secretary DS Tripathy here.