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Amendments made in IBC by enhancing default limit from Rs 1 lakh to Rs 1 cr: MoUHA


Ministry of Housing and Urban Affairs.png, pic by twitter
31 May 2020
Categories: Latest News

Amendments have been made in the Insolvency & Bankruptcy Code (IBC) by enhancing the default limit from Rs 1 lakh to Rs 1 crore.

The Ministry of Housing & Urban Affairs (MoHUA) tweeted that "Further amendments were made in Insolvency & Bankruptcy Code (IBC) by enhancing the default limit from Rs 1 Lakh to Rs 1 crore".

MoHUA further tweeted: "Major transformative changes were implemented in the Housing Division under @MoHUA_India. Additional Deduction of Rs 1.5 Lakh on Home Loan Interest for home loans availed from 1 April 2019 up to 31 March 2020 on affordable houses."

In another tweet said that "An increase in size limit of Affordable Housing Unit from 30 to 60 sq. mtr. in metro cities & from 60 to 90 sq. mtr. in non-metro cities was implemented".

It further added, "To give relief to homebuyers of stalled projects, a Special Window for Affordable & Mid-Income Housing Fund (SWAMIH) Investment Fund was established for projects that are net-worth positive & registered under RERA." 

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