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Saturday, February 28, 2015

Budget 2015: About 50% buyers want a cut in home loan rates


 By Sruthi Kailas, Magicbricks.com Bureau

There seems to be huge pressure on the Finance Minister, Arun Jaitley, prior to the upcoming Union Budget 2015 with nearly 50 per cent of the potential home buyers expecting a reduction in the home loan rates.

As a run up to what could be the most critical Union Budgets of all time, Magicbricks has been running surveys and polls to fathom the mood of the property buyer in the country. We have been trying to capture the expectations of the common man with respect to the real estate industry.

Thus, as part of our Budget 2015 campaign, we ran poll titled 'How can Budget 2015 help in your property purchase'. The results of the poll revealed that nearly 50 per cent of the respondents believe that the Budget can help in their property purchase by reducing the home loan rates.

Several industry experts have also been vouching for such a measure in order to bring back some activity in the market that has remained dull for quite some time now. Home loan rates have been quite high keeping potential buyers at bay. Expected lowering of these rates would play a critical role in pulling the property market out of the doldrums it is in today.

Another 35 per cent of the respondents said that they would want a higher tax rebate on loan repayment. In the last budget the FM had increased deduction against interest payment on home loan from the taxable income to Rs 2 lakh from Rs 1.5 lakh. It's been just over six months since the previous budget. Will he dole out something similar this time? We'll have to wait and watch.

The poll also showed that the at least some of the consumers are looking forward to the Goods and Service Tax becoming a reality. Almost 11 per cent of the respondents said they would want the tax to be implemented.

Thus, the FM has a lot riding on his shoulders this time. Come 28th February 2015 and we would know whether our finance minister would stand up to the expectations or not.





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