ASSOCHAM demands cut in housing loan interest in Budget -- 2011

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 As a budgetary demand, industry body, ASSOCHAM has demanded an extension for deduction of interest on housing loan. Section 24 of the Act provides for deduction of interest on housing loans upto Rs 1.5 lakhs for self occupied property on borrowings done after April 1999 and acquisition/construction completed within 3 years.
This limit was introduced by the Finance Act, 2001 and therefore this limit needs to be revised to at least Rs. 2.5 lakhs. Moreover, in the context of the time required for completion of large housing projects, it is recommended that the time limit be extended to 5 years. The present limits are extremely low. This amendment will give a boost to the ailing real estate sector.

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