The Impact of 2017 Union Budget on the Home Buyers

the-impact-of-2017-union-budget-on-the-home-buyers
Feb 02, 2017 Share

 

With all the weird speculations over the fall of property prices waning off gradually, the home buyers looking for a good investment have not only found 2017 quite apt for this, but have also procured a greater peace of mind. India has one of the fastest growing real estate market and with the union budget paving in the scenario with a lot of benefits for the investors, it has actually been extremely beneficial for the entire real estate industry.

  • Along with a significant decline on the home loan rates, there will be a number of tax breaks that will naturally help the buyers in more than one way. Even if the loan is taken from any individual instead of a private or public sector lender, the loan is subject to deduction based on the interest. It will actually trim down the tax liability of the buyers to a significant extent, thereby bringing in a poise in the system.
  • Booking under construction flats has now become easier than ever! According to the new Income Tax law, you can claim the amount of the total interest paid during the pre-delivery period. In such case, buying a flat jointly helps you gain yet more. Apart from being able to get a deduction of up to 2 Lakh, you can also avail the same deduction on the self occupied property for maximum three individuals each.
  • Do you have a second home? Better rent it out than keeping it just empty! Although there will be no tax deduction for repair and maintenance, still there will be an average subtraction of 30% of the total received rent.
  • Last but not the least; as per the proposal in union budget, the carpet area of the property will be considered for finances instead of the entire built-up area. It is undoubtedly a great news for the buyers to be smitten with.

To conclude, the union budget has come with a number of positive measures to reinforce the Indian real estate sector. It has not only surged a wave of happiness in both the builders and the buyers alike, but have also reinstated huge optimism in them.

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