{"id":5615,"date":"2023-08-28T17:48:11","date_gmt":"2023-08-28T17:48:11","guid":{"rendered":"\/blog\/?p=5615"},"modified":"2024-06-07T12:32:20","modified_gmt":"2024-06-07T07:02:20","slug":"expectations-of-home-buyers-from-budget-2017-were-they-fulfilled","status":"publish","type":"post","link":"https:\/\/tata-blog.osian.dev\/blog\/loan-for-home\/expectations-of-home-buyers-from-budget-2017-were-they-fulfilled\/","title":{"rendered":"Expectations of Home Buyers from Budget 2017! Were They Fulfilled?"},"content":{"rendered":"\n<p>Post demonetisation,\neveryone was eagerly waiting for the presentation of Budget 2017-18. Alike\nevery year, there were many expectations from across all sections and sectors.\nKeeping our focus on real estate, here we will discuss the pre-budget expectations\nof home buyers and how far were they fulfilled. <\/p>\n\n\n\n<div class=\"wp-block-button aligncenter\"><a class=\"wp-block-button__link has-vivid-cyan-blue-background-color has-background wp-element-button\" href=\"https:\/\/tata-blog.osian.dev\/home-loan.html\">Know More<\/a><\/div>\n\n\n\n<p><strong>Pre-budget expectations of home buyers<\/strong><\/p>\n\n\n\n<p>The advent of Modi government certainly introduced several policies for the benefit of the ailing real estate sector, following which the sector showed signs of recovery. However, the demonetization drive once again slowed down the growth of the sector. Due to this not just the realtors but the home buyers had pinned their hopes on Budget 2017-18. The home buyers hope mainly revolved around tax relief and reduction of <a href=\"https:\/\/tata-blog.osian.dev\/home-loan\/rates-and-charges.html\">home loan interest rates<\/a> to make owning a home more affordable. Here were the key expectations of home buyers from the Budget 2017-18:<\/p>\n\n\n\n<p>\u2022&nbsp;&nbsp;&nbsp; Bigger tax incentive for first-time home\nbuyers<\/p>\n\n\n\n<p>\u2022&nbsp;&nbsp;&nbsp; Higher tax savings on home loans and house\ninsurance premiums<\/p>\n\n\n\n<p>\u2022&nbsp;&nbsp;&nbsp; Clarification on beneficiaries of Pradhan\nMantri Awas Yojana<\/p>\n\n\n\n<p><strong>I.&nbsp;&nbsp;&nbsp; Bigger tax incentive for\nfirst-time home buyers<\/strong><\/p>\n\n\n\n<p>During Budget 2017-18,\nfirst-time home buyers were given an additional tax exemption of Rs. 50,000 for\na house worth up to Rs. 50-lakh with a loan of up to Rs. 35-lakh. This move had\nlargely benefitted buyers in Tier II and Tier III cities, leaving little or no\nimpact on buyers in bigger metros. Hence, home buyers were expecting that\nsimilar exemptions be introduced for first-time home buyers in bigger metros\ntoo. The home buyers also expected that an additional income tax incentive for\nat least five years be given to the youth of middle economic segment. It was\nalso expected that financial protection is provided in the instance of delay in\nproject delivery. <\/p>\n\n\n\n<p><strong>II.&nbsp;&nbsp;&nbsp; Higher tax savings on home\nloans and house insurance premiums<\/strong><\/p>\n\n\n\n<p>The demonetization drive\nand government\u2019s objective of housing for all led home buyers to expect a\nrelaxation of taxes on housing loans and house insurance premiums too. Home\nbuyers expected that the tax deduction limit for housing loans to be increased\nfrom the existing limit of Rs. 2-lakh, this amount is quite insignificant in\nmetropolitan cities where properties are priced in crores. Tax concessions on\nhouse insurance premiums will enable and encourage homeowners to insure their\nproperties. <\/p>\n\n\n\n<p><strong>III.&nbsp;&nbsp;&nbsp; Clarification on\nbeneficiaries of Pradhan Mantri Awas Yojana<\/strong><\/p>\n\n\n\n<p>With the announcement of\ntwo income categories as the beneficiary for Pradhan Mantri Awas Yojana, home\nbuyers were seeking more clarity on the eligibility criterions to avail the\nbenefits. Under this scheme, interest subsidy of 3% would be applicable on\nloans of up to Rs.12-lakh and interest subsidy of 4% would be applicable on\nloans of up to Rs. 9-lakh. Thus, home buyers sought clarification whether young\nurban professionals who do not belong to either economically weaker section or\nlow-income group be given similar grants. In addition, as affordable housing is\nmainly available in the suburbs and Tier II and Tier III cities, so if a\nredevelopment project within the city limits meets the criterions of an\naffordable housing then will that project be granted the benefits of affordable\nhousing? This is so because if the answers to the above-mentioned queries are\naffirmative then it would certainly turn out to be pro home buyers. <\/p>\n\n\n\n<p><strong>Were the expectations fulfilled?<\/strong> <\/p>\n\n\n\n<p>Well, the budget drew a clear distinction between the affordable housing segment and other segments. Several incentives were announced for the affordable housing segment whereas the middle-income group and luxury housing segment did not receive enough consideration. There was neither any mention on tax relief for first-time home buyers, relief on <a href=\"https:\/\/tata-blog.osian.dev\/home-loan.html\" title=\"Home Loans\">home loans<\/a> for middle-income group buyers nor hike in HRA exemption limit. Along with certain benefits for the realtors, the budget was more inclined towards promoting the affordable housing segment.<\/p>\n\n\n\n<div class=\"wp-block-button aligncenter\"><a class=\"wp-block-button__link has-vivid-cyan-blue-background-color has-background wp-element-button\" href=\"https:\/\/tata-blog.osian.dev\/home-loan.html\">Get Home Loan Online<\/a><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Post demonetisation, everyone was eagerly waiting for the presentation of Budget 2017-18.<\/p>\n<p><a href=\"https:\/\/tata-blog.osian.dev\/blog\/home-loan\/expectations-of-home-buyers-from-budget-2017-were-they-fulfilled\/\">Read More<\/a><\/p>\n","protected":false},"author":1,"featured_media":5616,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[25],"tags":[],"class_list":["post-5615","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-loan-for-home"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.13 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Expectations of Home Buyers from Budget 2017! Were They Fulfilled? - TATA Capital Blog<\/title>\n<meta name=\"robots\" content=\"noindex, nofollow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Expectations of Home Buyers from Budget 2017! Were They Fulfilled? - TATA Capital Blog\" \/>\n<meta property=\"og:description\" content=\"Post demonetisation, everyone was eagerly waiting for the presentation of Budget 2017-18. Read More\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.tatacapital.com\/blog\/loan-for-home\/expectations-of-home-buyers-from-budget-2017-were-they-fulfilled\/\" \/>\n<meta property=\"og:site_name\" content=\"TATA Capital Blog\" \/>\n<meta property=\"article:published_time\" content=\"2023-08-28T17:48:11+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-06-07T07:02:20+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.tatacapital.com\/blog\/wp-content\/uploads\/2020\/01\/expectations-of-home-buyers-from-budget-2017.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"770\" \/>\n\t<meta property=\"og:image:height\" content=\"348\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Tata Capital\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Tata Capital\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.tatacapital.com\/blog\/loan-for-home\/expectations-of-home-buyers-from-budget-2017-were-they-fulfilled\/\",\"url\":\"https:\/\/www.tatacapital.com\/blog\/loan-for-home\/expectations-of-home-buyers-from-budget-2017-were-they-fulfilled\/\",\"name\":\"Expectations of Home Buyers from Budget 2017! 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