Great location, great society at balewadi. Want to know that will the EMIs on home loan shoot up, due to the GST?

Q: GST effect? 2 BHK Flats at balewadi

Sunanda Sarkar,

3rd July 2017

Home Loan in Shagun Perfect 10, Balewadi, Pune

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Replies (5)

Pre GST period, the Service Tax was 14.5 percent which has been replaced with GST at 18 percent. the impact of GST (goods and service tax) on home loans, but this is applicable only to the ready to move in homes. THe things will go differently when it comes to a home under construction.For more call (080) 4090 9654

Amrita Agarwal,

1st June 2018

Comment

Pre GST period, the Service Tax was 14.5 percent which has been replaced with GST at 18 percent

Amrita Agarwal,

1st June 2018

Comment

Yes, but at the same time govt also stated that home prices will go down after GST imposition. And is heard that several banks are ready to reduce the home loan rate for buying properties in India.

Bhaskar Chandavarkar, Pune

13th July 2017

Comment

But at the same time, with the help of Indian PM Narendra Modi dream project Housing For All campaign, giving people from below the poverty line and low-income families an opportunity to own a house for themselves and the recent slash in home loan interest rates 3 percent and 4 percent respectively for 9 lakhs and 12 lakhs amount, now is practically the best time for one to avail a home loan.

Abhishke Karule, Mumbai

13th July 2017

Hi Sunanada,
The benefits of investing in under-construction properties will outweigh the benefits of investing in ready-to-move-in homes under the new Goods and Services Tax (GST) regime. The actual GST rate on under-construction properties is 18 per cent. However, the effective tax on such properties would be 12 per cent as under the new regime developers will be allowed input tax credits.

Bhaskar Chandavarkar, Pune

13th July 2017

Comment

As far as home loan EMI is concerned, here is how the GST actually affects on home loan EMIs.
It will make the equated monthly instalments (EMIs) cheaper for people with home loans for the under construction properties.
GST levied on home loans is 18% across the country. Service tax and VAT are no longer applicable.
The rate of interest has gone up significantly. Lenders and banks will increase the rates associated with the home loans.

anand modak, Pune

13th July 2017

Even I have the same question to ask,Will the amount of EMIs for the home loan rise up due to GST? I am keen to buy this property.

Anupama Chavan,

12th July 2017

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