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One of the most significant investments we make in our lifetime is in a home. Our home-buying decisions are usually based on our own financial capacity and the innate desire to own a home. The government’s proactive policies also impact our home purchase in a big way. As potential home buyers, we have diligently kept a watch on the government’s moves in introducing incentives to make the purchase of their dream home easier.
In the past few years, a number of government measures have made an impact on the real estate industry hence fostering an optimistic climate in the residential property purchase.
Here are a few notable ones:
- Under the Atmanirbhar Bharat 3.0, the Finance Ministry has increased the threshold limit for the difference between the transaction value and the circle rate or guidance value from 10% to 20%. Guidance value is the minimum designated rate per sq ft for land or property fixed by each state government for a locality, at which transactions have to be registered. For homes below Rs 2 crore, this differential will be increased from 10% to 20% until 30 June 2021.
- Income tax relief for buyers of new homes or residential real estate (primary purchase) of value up to Rs 2 crore is a significant and welcome move and this is valid till June 30, 2021. Your time starts now to home in on exquisite luxury homes by HM Constructions http://www.hmconstructions.com/ at HM Indigo http://www.hmconstructions.com/projects/details/hm-indigo ranging from an irresistible Rs 84 lakhs to Rs 1.14 crore.
- Under the Pradhan Mantri Awas Yojana, first home buyers having annual income up to Rs 18 lakhs can avail a subsidy. This credit-linked subsidy scheme makes it more affordable for lower and middle-class people to own their dream home. The subsidy is provided at different rates depending on the income of the people.
- To make it easier for women to own a home, several banks and non-banking financial institutions offer home loans with concessional interest rates. ‘Her Ghar’ scheme by SBI has waived off the processing fee for women home loan applicants. ‘Women Power’ by HDFC, and Mahila Awas loan are some other schemes which benefit women who are seeking home loans. An important point to note is that banks or HFCs offer discounted rates only if the woman is the solo or first co-applicant.
- The Union Cabinet approved the grant of Permanent Residency Status (PRS) to foreign investors, subject to various conditions and with a provision for renewal for another 10 years. PRS allows the holders’ spouse/dependents to take up employment in India, as well as the purchase of one residential property for end-use, fostering demand for the high-end and luxury segment.
- The government increased the tax exemption limit on interest paid on home loans. Generally, when a borrower opts for a home loan, they are liable to pay interest to banks or any other financial institution. That interest rate is a marginal amount levied by lenders on the principal amount. By increasing the deduction limit in housing loans, the government has made home loans attractive and EMIs cheaper for the common man. This will translate into a benefit of around Rs 7 lakh to the middle-class home-buyers over their loan period of 15 years.
- The new housing interest rates available in the market are among the lowest home loan interest rates in India that homebuyers can wish to get. Further, the decrease in the housing loan interest rate impacts the EMI and the net interest outgo directly, making home loans more budget-friendly and less of a long-term burden. With the reduction in the home loan interest rate, you can service your loan over a shorter tenure without worrying too much about inflated EMIs.
Unique scheme
Each home from HM Constructions http://www.hmconstructions.com is built in a way to offer maximum space and comfortably accommodate a family of four.
Our unique scheme lets you book any of our spacious units of your choice at a token amount of Rs.10,000 only. Since the units are ready-to-move, you can finish up the formalities and move into an apartment of your own in just 10 days. What’s more, once you move in, you can let HM take the burden of your EMIs! The EMI Holiday Facility lets you postpone your EMIs by 10 months so that you may enjoy your stay at HM Indigo for nearly a year before you start paying the EMIs.
So, stop worrying about your monthly rental and book an HM Indigo http://www.hmconstructions.com/projects/details/hm-indigo apartment today. Call us on 8880 22 5555 and we will help you find a home that suits your lifestyle, falls within your budget and is close to all that you would need throughout the year!