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Friday, January 2, 2009

Urban development ministry calls for additional government measures, including cuts in home loan rates, to revive crumbling real estate sector

"Transactions had fallen 80%, pulling down prices, and projects had failed to take off with banks not willing to lend to the sector," an industry lobby had said in December

Interest rates - 6.5 & 7.5 %

In a letter to the prime minister, S. Jaipal Reddy, minister for urban development, said interest rates for home loans of up to 500,000 rupees should be kept at 6.5 percent, while loans between 500,000 rupees and 3 million rupees should be levied interest of 7.5 percent annually.

Income tax rebates on interest 3 lakh:

Reddy also said that the ceiling for income tax rebates on interest paid on home loans be raised to 300,000 rupees from 150,000 rupees currently.

Property rates:

Reddy also said the industry should match government measures by lowering house prices and investing more in affordable housing.

The government is scheduled to unveil a second stimulus package today.
To read more, please, visit - Reuters

Related Story:

Commercial banks' lending rate cut 1 pc

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