Budget 2013: Home loan borrowers allowed additional deduction of Rs 1 lakh

In a move that will bring cheer to many prospective home-owners, Finance Minister P Chidambaram announced incentives for home loan borrowers in his budget 2013 speech.

Chidamabram said that any person taking a first time home loan up to Rs 25 lakh during the financial year 2013-14 will be allowed an additional tax deduction of interest of up to Rs 1 lakh.

Sources: http://economictimes.indiatimes.com