Budget 2022 Expectations: IBA Chief urges government to increase exemption on home loan interest
Ahead of Budget 2022, Indian Banks Association Chief Executive Sunil Mehta expects that the government should increase the exemption on home loan interest, citing various reasons while explaining how it eventually will help India in its growth story.

Ahead of Budget 2022, Indian Banks Association Chief Executive Sunil Mehta expects that the government should increase the exemption on home loan interest, citing various reasons while explaining how it eventually will help India in its growth story.
Mehta in his expectations said that people are buying a house through a home loan, which can get a big boost in the budget, as currently, under section 24, Rs 2 lakh interest is available on the home loan interest, which shall be increased to Rs 5 lakh in the upcoming Budget.
The Union Budget 2022 is scheduled to be presented on February 1, 2022, by finance minister Nirmala Sitharaman in Parliament.
According to the Chief Executive of IBA, there are many industries associated with the housing sector, so the interest exemption on home loans if increased, it eventually will be a booster dose for the Indian economy.
Besides, Mehta also believes that the standing demand of the banking sector to get tax exemption on three-year fixed deposits should be brought in for a level playing field within lenders.
Meanwhile, the economy will also benefit from the growth of the housing sector with the increase in house loan interest exemption, the IBA chief further added.
Mehta also added that the old demand for tax exemption on fixed deposits of 3 years instead of 5 years, should be taken into consideration during Budget 2022. He pointed out, the government should give tax exemption on 3-year fixed deposits and make it a level playing field.
Banks' deposit growth is good right now, so there is no liquidity concern at this time, however, demand continues, the group of all banks, Indian Bank Associations chief said in a comment.
It is speculated that the realty sector may get a major boost in the Budget 2022, and because of it housing sector shall also be on the radar, Zee Business Managing Editor Anil Singhvi had said earlier.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES

LIC Saral Pension Plan: How to get Rs 64,000 annual pension on Rs 10 lakh one-time investment in this annuity scheme that everyone is talking about

Gratuity Calculation: What will be your gratuity on Rs 45,000 last-drawn basic salary for 6 years & 9 months of service?

Rs 1,500 Monthly SIP for 20 Years vs Rs 15,000 Monthly SIP for 5 Years: Know which one can give you higher returns in long term

LIC Saral Pension Plan: How much should you invest one time to get Rs 64,000 annual pension for life?

Income Tax Calculations: What will be your tax liability if your salary is Rs 8.25 lakh, Rs 14.50 lakh, Rs 20.75 lakh, or Rs 26.10 lakh? See calculations

Monthly Pension Calculations: Is your basic pension Rs 26,000, Rs 38,000, or Rs 47,000? Know what can be your total pension as per latest DR rates
05:36 PM IST