The real estate industry has urged the government to lower the interest rate on home loans to 7% and to raise the deduction of income tax on interest paid on housing loans to Rs 5 lakh to help revive demand after home sales rose by just 1% in 2019. The industry body National Real Estate […]
With finance minister Nirmala Sitharaman on February presenting the Union Budget 2020-21, real estate chambers pursued to dilute the definition of affordable housing in order to enable more properties to fall within its scope and take advantage of the opportunities. The concept of affordable housing currently means a house or flat in non-metropolitan cities and […]
The affordable housing based lending arm of JM Financial Group (JM Financial Home Loans) proposes a five-fold increase in the next fiscal year’s loan book with a co-lending tie-up with the Bank of Baroda. Two years back, as part of diversifying of its developer financing business (JM Financial Credit Solutions, the joint venture with ex-Citi […]
CLSS Awas portal was launched on 25 November by Union Minister Hardeep Singh Puri, through which people will be able to track their applications for housing subsidies under the Pradhan Mantri Awas Yojna (PMAY)-Urban. The Ministry of Housing and Urban Affairs said at the launch of the Credit Link Subsidy Scheme (CLSS) Awas Yojana that […]
By Abhay Shah, Realty Quarter The Finance Minister has proposed a tax benefit of Rs.1.5 lakhs in regard of the home loan made for the purchase of an affordable house up to the value of Rs.45 lakhs subject to certain circumstances in order to give impetus to the ‘Housing for All’ mission by 2022. For […]
By Abhay Shah, Realty Quarter The Insurance Regulatory and Development Authority of India (IRDAI) have notified the Lok Sabha on Monday, that the public sector insurer LIC of India and a few of the private sector insurers have launched housing loans insurance. Union Minister of Finance and Corporate Affairs Nirmala Sitharaman, replied in writing to […]
By Abhay Shah, Realty Quarter There was no proposal from the government to increase the amount provided under the Pradhan Mantri Awas Yojana (PMAY), Narendra Singh Tomar (Minister for rural development, reported the Rajya Sabha on 28 June 2019. “We lately restructured this system, and we supply Rs.1.5 lakhs to build each house. No suggestion […]
By Abhay Harish Shah, Realty Quarter In its budget wish list, Realtors apex body CREDAI requested that banks should finance developers to purchase land to develop affordable housing projects. It has also indicated that all legislation should have the same concept of affordable housing. “Land as a value of the project comprises 40% of the […]
By Abhay Harish Shah, Realty Quarter On Friday the State Bank of India (SBI), the largest mass-lender in the country, opened a unique era of customer credit transparency by connecting sales of their home financial goods with the amount used by the central bank to set a wider borrowing price in the industry. The lender said […]
SBI, LIC Housing Finance and Muthoot Home are offering loans for concessional rates for renovating homes to help those affected in the flood-affected state of Kerala. SBI, LIC and Muthoot Home Monday are offering loans on concessional rates for the repair and renovation of homes for flood-affected Kerala. The SBI (State Bank of India) will […]
