Budget 2016 will accomplish 'housing for all' dream: PM Modi

FM announced deduction for additional interest of Rs 50,000 per annum for loans up to Rs 35 lakh for first time home buyers

Prime Minister Narendra Modi on Monday hailed his Finance Minister Arun Jaitley for the poor-friendly general budget that will also fulfil their dream of owning a house.

"Ask a common man, ask a poor man. They have a dream to own a house? and the government can help them fulfil that dream," Modi said in his post-budget comments which were televised on national TV.

Modi said the government in its budget has laid emphasis on "strengthening the housing sector and give a house to poor" in India.

"Through this budget, the housing sector will be strengthened and this will boost our dream of 'Housing for All'."

In his budget speech in the Lok Sabha, Jaitley said the government will provide assistance to those looking to purchase their first homes.
 

 

The finance minister announced deduction for additional interest of Rs 50,000 per annum for loans up to Rs 35 lakh sanctioned in 2016-17 for first time home buyers, where house cost does not exceed Rs.50 lakh.

The government also proposed to provide relief to millions of families living in rented houses in the country. "Deduction for rent paid will be raised from Rs 20,000 to Rs 60,000 to benefit those living in rented houses," Jaitley said.

Modi also said that the general budget was focused on the development of agriculture, farmers, women and rural areas.

"The budget clearly calls for electrifying all villages thus giving an impetus to rural infrastructure," he said in his comments.