CREDAI wrote to PM Narendra Modi, said- Home loan rate should be 5 percent for next 5 years

New Delhi, Jagran Bureau. Ever since the impact of Kovid-19 started appearing in the country, the Government of India and RBI have made a number of announcements for the real estate sector like other industrial sectors. But this sector is not happy with this, it needs a bigger package. CREDAI, an organization of real estate companies, has written an open letter to PM Narendra Modi in which it has submitted a wide list of demands. This includes demanding outright restructuring of the loans of the defaulting banks on real estate companies to waive off the outstanding loans and doubling the relief given to the general public on purchasing new homes. An important suggestion to increase the demand has been that for the next five years, the new home loan should be given at only five percent interest

CREDAI has said that accepting these demands will not only be good for thousands of companies and millions of employees and workers working in them, but will also go a long way in removing the country’s economy from Kovid-19. CREDAI wrote that the real estate companies have tried their best to take care of their employees and workers after the enforced lockdown due to Kovid-19. The sector employs 5.2 crore people and also contributes significantly to GDP. Also, its development is directly linked to 250 big and small enterprises like cement, steel. Reviving it is very important for the country’s economy.

A major demand has been made that the tax rebate (Section 24) on home loan interest should be increased from Rs. 2 lakhs to Rs. 10 lakhs annually. The limit of exemption to the principal under section 80C should be increased from Rs 1.5 lakh to Rs 2.5 lakh.

Also Read: Debit card fraud will not be used if you use this facility of SBI

The post CREDAI wrote to PM Narendra Modi, said- Home loan rate should be 5 percent for next 5 years appeared first on informalnewz.