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Union Budget 2015-2016 Highlights
Know the highlights and features of the new Budget 2015-16 and how it affects home loan borrowers, 3/16/2015 - The Union Budget 2015- 2016 aims at putting Indian economy high above the growth trajectory and the budget has tried to re establish the invincible growth story of the Indian economy in the last nine months. The three key features reflected in the Union Budget 2015-16 are:

-> Financial Inclusion with the aim of financially making 12.5 crores dominant in 100 days

-> Transparent Coal Block auctions that aims to boost the resources of the States

->Swachh Bharat is the movement aiming to regenerating India apart from a programme to improve hygiene and health of the country.

Apart from the introduction of the extensive reforms, some breakthrough policies in the matters of real estate have been introduced in this year’s budget.

The slashing of interest rates has reduced EMIs on home loan is quite in sync with the matter of individual savings. Government has promised housing to all by 2022. In this regard, Government has announced measures that have incentivize the tax system that has benefitted housing sector as well. The tax deductions limits have really not come as a great relief to home buyers. Though the budget has fallen short of satisfying the short term expectations of the realtors, many are of the view that it was planned with a stable, long term vision.

To meet the set target of housing to all by 2022, the Government has exclusively started approving projects at a faster rate. This will substantially reduce the burden on developers also proving beneficial to the buyers immensely through rationalization of property prices and its on-time delivery. The cluster of taxes such as the Service tax, VAT and other proves to be another dampener that increases the cost of the houses whereas in the most sensible ways these indirect taxes should not be a part of the residential houses. The government has raised the limit of the real estate properties to promote affordable housing, which is a welcome step indeed, however, it needs to be increased further in view of the land cost that prevails and spiralling development cost. for instance if home loan borrowers are paying up to Rs. 90 lakhs for a unit up to a size of 1,200 sq. feet construction/carpet area in Delhi NCR and other metro cities then it should be affordable for them. This will lead to the reduction of EMIs on buyers and they will benefit from the reduced rates of interest that will pave the way for people to buy perfect homes, rather than making their comfortable stay a forbidden fruit.

Positive sentiments will not alone raise the standard of living making it stress free for the home loan borrowers. The policies need to be in conjunction considering benefits of the home buyers and developers to get that synergistic effect.

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