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Benefits For The First Time Affordable Home Buyers In India

The Indian government has always been very supportive and encouraging for the first time home buyers in the country. To promote sales in the realty market, protect the rights of the buyers and make sure that every citizen has a home of his own, the government keeps introducing several acts and schemes from time to time.

Hence, if you live in a rented house, it is high time that you must start looking for affordable flats in Ghaziabad or any other location and enjoy multiple benefits that follow.
Here are some of the most important benefits for the first time home buyers in India –

  1. Tax Deduction

If you are a first time home buyer and purchase a home with a home loan, you can claim up to Rs. 1.5 lakh tax deduction for principal repayment under section 80C of the Income-tax Act. Not just this, under the same act – section 24(b) – one can claim tax deduction for interest payment up to Rs. 2 lakh.

  1. Section 80EE

Besides the tax deductions mentioned above, you can also claim for additional tax deduction under section 80EE of the Income-tax Act. However, you will have to make sure that you fulfill certain conditions, in order to be eligible for the same. If found eligible, you can claim for Rs 50,000 tax deduction per financial year.

  1. GST Rate Reduction

The GST rate has been reduced from 12% to 8% on the flats available under credit-linked subsidy scheme. To be eligible for the scheme, a first-time home buyer must earn up to Rs 18 lakh per annum, in order to avail the benefit of up to Rs 2.7 lakh, while purchasing 150 square meters apartment.

  1. RERA Support

Since first time home buyers never ever had any experience of purchasing a real estate property, they always remain worried about the possession of the flat, the reliability of the builder and several other factors. However, with RERA these concerns get a clear answer. This act protects the rights of the buyers and make sure that the builders, in no way thug the customers.

If you are first time home buyer, looking for a pocket friendly Apartments in Ghaziabad or any other location, you are sure to get access to multiple benefits. Now, owing a home would not be a messy task. Real estate market has completely revamped its shape today and it is certainly a buyer market at present. So, make the most of it and get started..!!

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