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Govt Employees Will Get Housing Advance At Lower Interest Rates

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Among various measures announced to push activity in the dull real-estate sector, Finance Minister Nirmala Sitharaman on Saturday announced lower interest rates on house-building advance for government employees.

Sitharaman said that government employees form a major component of demand for housing and this would encourage them to buy new houses.

Govt Employees Will Get Housing Advance At Lower Interest Rates
 

The interest rate on house-building advance for government employees will be lowered and linked with 10-year G-Sec yields, according to the statement made by the ministry.

Various other benefits, including a special window to provide last-mile funding for housing projects that are non-NPA and non-NCLT projects and are net-worth positive in the affordable and middle-income category, were announced.

In the Budget, the government had announced an additional income tax deduction for interest paid on home loans borrowed up to 31 March 2020 and for houses valued up to Rs 45 lakh.

A slowdown in the housing sector has often been considered as the first signs of fall in economic activity.

Read more about: home loan real estate housing
Story first published: Saturday, September 14, 2019, 16:38 [IST]
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