These are some of recommendations that the bankers have given to IBA(Indian Banks Association)which if passed at its Management Committe will be submitted to Finance Ministry for implementation.
1) Increase in income tax exemption on housing loan interest from existing Rs.1.5 lakh to Rs.5 lakh. But applicable only for first house.
2) Reduction in Risk Weight to loan granted to real estate developer from existing 125% to 100% and loan granted to individual home buyers from existing 75% to 50%.
3) The moratorium period i.e., time from first disbursal of loan to payment of first EMI to be 3 years (during which the borrower need to repay only the interest debited.
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