new delhi union budget 2018 is just a few days away and whether finance minister arun jaitley will have some goodies for homebuyers in it is of course open to speculation however in the run up to the big day on february 1 theres already some cheer for homebuyers after the outcome of the last goods and services tax gst councils meet homebuyers will now have to pay lower interest under the pradhan mantri awas yojanas pmay credit linked subsidy scheme clssread alsomore homebuyers to get interest subsidy under pmaythe housing ministry has extended coverage of interest subsidy under pm awas yojna pmay to property falling under any part of a development authority and planning area including rural areas industrial belts and even rural pockets within special economic zones sezsas per the recommendations there will be less incidence of gst for houses purchased under the clss from thursday homebuyers now have to pay a gst of 8 per cent instead of 12 per cent and this is applicable to the underconstruction or acquired houses under the clsstake the toi challenge and find out if you are smarter than mr jaitleyone of the important recommendations is to extend the concessional rate of gst of 12 per cent effective rate of 8 per cent after deducting one third of the amount charged for the house flat etc towards the cost of land or undivided share of land as the case may be in housing sector to construction of houses constructedacquired under the clss central board of excise and customs cbec stated in a releasethe rate cut is for economically weaker sections ews lower income group lig middle income group1 mlg1 and middle income group2 mlg2 under the housing for all urban missionpmay urban it addedalthough those who are not eligible for the clss will continue to pay higher gstcarpet area of the houses the area of houses constructed under the clss would be up to 30 square meters for ews 60 square meters for lig 120 sqm for mig1 and 150 sqm for middle income group2 mig2 mig1 will comprise those with income between rs 6 lakh and rs 12 lakh while mig2 will comprise those with income between rs 12 lakh and rs 18 lakhcheck out salient features of budget speeches over the yearsearlier in a big relief to thousands of new homebuyers the housing ministry extended coverage of interest subsidy under pmay to property falling under any part of a development authority and planning area including rural areas industrial belts and even rural pockets within special economic zones sezs