Budget 2016: What home buyers want

[ecis2016.org] There’s much the government can do in the upcoming union budget, to help home buyers. Here’s what tops the wish-list of our home buyers

Considering that buying a home in India is not an easy task, people eagerly look towards the union budget each year, for incentives that will help them in the home buying process. Here’s a look at what some buyers are hoping for, this year.

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Hemendra Jain

Associate director at a public relations agency, Bengaluru

The budget needs to address the stalled infrastructure projects, through accelerated environment clearances and clarity on the land acquisition bill. With most metros and tier-1 cities bursting at the seams, owing to the influx of migrant population from smaller towns, the civic infrastructure needs to be upgraded to handle the load. Consequently, the budget must address issues of mass transit systems and connectivity. The finance minister should take urban issues into cognisance and allocate adequate funds.

Affordable housing should be made viable for the common man. The budget should also address delays in the completion of projects, as this causes considerable financial loss to the home buyer. Moreover, the tax benefit on home loan interest, is limited to Rs two lakhs. This is not enough and 100% deduction should be allowed on the interest paid on home loans.

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Gerald Crasta

Account group head at a leading media and entertainment agency, Mumbai

I expect the budget to provide affordable home loans and reforms in real estate. A person who takes a home loan, often spends most of his lifetime in repaying it. This does not make the real estate sector a lucrative investment option. I also hope that interest rates are reduced. Just as there are penalties on late repayment of loans, there should be penalties on builders, for late delivery of housing projects.

Lack of proper urban planning, has led to mammoth problems. The government must allocate an amount for developing infrastructure and improving connectivity, in the peripheral areas of metropolitan cities.

Sameer Pingle

Branch manager at an insurance company, Pune

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Tax benefits for salaried employees, should take inflation into account. While it is a great feeling to buy a house, the most taxing aspect is the various tax-related regulations. One should get tax benefits, as soon as one registers the house. The government should provide a single-window system for registration of the property and tax benefits.

On purchase of an under-construction property, the buyer can claim tax benefits of up to Rs two lakhs, after possession, if the construction is completed within three years or else the benefit reduces. For home loans, the government should allow borrowers to claim these tax benefits, as soon as the home loan starts, rather than providing it only after the property’s possession is taken. Moreover, the exemption on home loan interest should be increased and the construction timeline should be extended from the current three years. I have booked a flat in Pune but I haven’t been able to claim tax benefits as the project has been delayed.

Warsha Tiwari

IT professional, Hyderabad

I am planning to buy a house and am the bread-winner of my family. My father is retired. Although women home buyers enjoyed income tax rebate on the interest payment on home loans of up to Rs 25 lakhs, to the tune of Rs one lakh, this amount is not enough. The government should allow home buyers to claim tax benefits, as soon as the home loan starts, instead of allowing it only after possession of the property. I am ready to book a house now and get a loan sanctioned. However, I can avail of the tax benefit, only after I get possession. This is unfair. I also hope that the real estate sector becomes more structured and transparent.

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Category: Lifestyle