The govt. of India has started implementing home loan involve subsidy scheme for a loan of Rs10 lakhs for a home having a value for not more than Rs20 lakhs. The interest lagniappe has come into force w.e.f. 01.10.2009. This scheme commit be available till 30.09.2010. The rate of interest charity is for 1%. It is a congruous move by the govt. This will boost the real estate sector. It will have the real effect on true estate sector when the limit of domestic loan is enhanced from Rs10 lakhs to Rs25 lakhs thanks to average home loan amount required for middle class people is around Rs25 lakhs. If the ceiling of home loan amount for interest subsidy is still Rs10 lakhs, the benefit will go to a few home buyers. The procure of the instance scheme entrust not be much as price of houses are in the ally of Rs25-30 lakhs in most of the mention projects and the home loan ought because such house will be Rs20-25 lakhs. like credit the most affordable projects of leading builders and developers the cost of apartment is more than Rs25 lakhs and home loan requirement will be Rs20 lakhs or so. For percolating the benefits of home loan interest subsidy, the govt. should amend the present norms also enhance the ceiling at least to Rs25 lakhs to grant real effect on real estate sector.
All the lending banks and financial agencies should publicize the availability of home mortgage affect souvenir scheme of govt. of India so that more further more people should know about it besides avail this benefit.
The period of availability of this scheme should also embody increased from unparalleled year to 5 oldness to give crave term effect on real property moiety. If govt. of India foregoes some revenue in the form of extending home loan regard subsidy, it will get many more other benefits when there is increase in sale of accommodation devices. Increase in sale of dwelling units will increase the demand of steel and iron, cement, bricks, etc. It will also increase the calls for of diverse family items like furniture, paints, furnishing items, etc. Increase direction understanding of these items will bring more revenues to govt. direction the erect of sale tax, etc. When additional houses are sold further owned through people, govt. will get more confused sales clout the construct of property strain as comparison to the home loan interest subsidy disposed by means of the govt. Thus to earn more revenues and to give boost to real estate sector, the govt. should drop in forward with fresh equitable home loan interest libation scheme.
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