The National Real Estate Development Council (NAREDCO) has emphasized the necessity of increasing the tax deduction limit on home loan interest to five lakh rupees in the upcoming budget. This proposal aims to support the housing sector, which has been facing challenges in recent years. By raising the limit, NAREDCO believes that it will not only encourage more individuals to invest in homes but also stimulate overall economic growth.
Currently, the existing limit for tax deductions on home loan interest is lower, which often discourages potential homebuyers from making significant investments in real estate. NAREDCO argues that increasing this limit will make home ownership more accessible, especially for first-time buyers. This move could potentially lead to an increase in housing demand, thereby benefiting various stakeholders, including developers, construction workers, and the economy as a whole.
Moreover, the proposed change aligns with the government’s vision of promoting affordable housing and ensuring that more citizens have the opportunity to own their homes. By providing greater financial relief through higher tax deductions, the government can effectively address the housing shortage and improve living standards for many families. Overall, NAREDCO’s call for raising the home loan interest deduction limit reflects a proactive approach to revitalize the real estate market and foster economic stability.
