Budget Gives First-Time Homeowners Rs. 1.5 Lakh Increase In Tax Deduction

Finance Minister Nirmala Sitharaman's proposal to increase tax deduction limits on interest paid on housing loans by Rs. 1.5 lakh is likely to bring some cheer into the lives of first-time homeowners. The deduction, which now stands at a total of Rs. 3.5 lakh, is applicable on loans sanctioned during the current fiscal year and for home worth up to Rs. 45 lakh.