Budget 2022-23: Government May Increase Limit Of Rs 2 lakh interest Exemption On Home Loan

Indian Banks Association (IBA) is also expecting as much relief to home buyers from the budget. IBA has demanded in front of Finance Minister Nirmala Sitharaman to increase the scope of interest subvention on home loan from Rs 2 lakh in the upcoming budget. It is expected that people buying a house through a home loan can get a big deal in the budget. At present, under section 24, interest on home loan up to Rs 2 lakh is available, which can be increased in the budget.

Interest exemption limit should be Rs 5 lakh

The Indian Banks Association, a grouping of all banks in the country, has also demanded from the government to increase the rebate on home loan interest to Rs 5 lakh. According to Sunil Mehta, Chief Executive of IBA, there are many industries associated with the housing sector, so if the interest exemption on home loan is increased, then the home loan will get a boost as well as it will also be a booster dose for the economy.