The Moneycontrol Real Estate Show | Here's what homebuyers can expect from Budget 2022

Episode 3572,   Jan 26, 2022, 11:30 AM

Gaurav Karnik tells Vandana Ramnani that there is a need to hike the Rs 2 lakh tax rebate on housing loan interest rates under Section 24 of the Income Tax Act to at least Rs 5 lakh. If that happens, then you may see more people wanting to buy houses because it will then become more viable to do so. With more money in their hands, buyers would be in a better position to service the loan, he explains.
There may also be something for people who want to or have already put their house on rent as the focus of the Budget is expected to be on Housing for All.
He also talks about the need to relook at the definition of affordable housing to extend the benefit of additional deductions to more buyers. Rs 45 lakh may be a good definition for affordable housing in smaller towns but not so in metros such as Delhi and Mumbai. This limit should be increased to up to Rs 1 crore, he signs off.