#NewDelhi: Don’t push in every aspect of the economy. The real estate or real estate industry was not left out either. One project after another has been shut down due to lockdown. Most of the buyers are on the path of saving thinking of various essential expenses including medical treatment. As a result, there has been a pull in the sale of flats and houses. However, a large part of the country’s GDP comes from the real estate sector. To get out of this situation, it is expected that in the forthcoming budget (Union Budget 2022) tax premium on home loan insurance premium may be given. Several insurance companies have appealed to the government to provide this benefit to the customers.
Tapan Singhal, MD and CEO, Bajaj Allianz, said, As a result, the burden of additional taxes falls on the taxpayers. It also affects the decision to build or buy a home. If there is any tax deduction in the case of home loan, it will also affect the decision of the borrowers. In this case, he has demanded a discount of Tk 1.5 lakh under section 80C. Besides, Tapan Singhal also requested that some additional benefits be given to the customer.
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He also demanded that the Union Budget 2022 take steps to make home loan insurance premiums cheaper. At present, 18 percent GST has to be paid on home loan premium. Bajaj Allianz MD said that if this rate is reduced in Corona situation, the premium will be cheaper. Insurance companies also claim that insurance is essential for every person in the event of an epidemic. But currently only 10 percent of people get insurance. If the government reduces the premium, many people will be encouraged to take out insurance.
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Tapan Singhal further said that in view of the Corona situation and the epidemic, consumers need to be encouraged to take out home loan insurance. However, banks are pressuring home loan borrowers to insure their loans. However, its premium is added to the original loan. As a result, even if the tax burden on the customers increases, they do not get additional benefits. Stakeholders associated with the hospitality sector have also demanded tax breaks. Citing the enormous pressure on the health sector during the Corona period, they demanded that the deadline for the losses incurred in the 2021-22 Union Budget 2022 be extended to 2024 and that 100 per cent tax exemption be given.
Tags: Home Loan, Union Budget 2022
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