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Budget 2013: Chidambaram's sop for first-time home buyers

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First home buyers got a shot in the arm after Finance Minister P Chidambaram announced additional deduction on payment of interest for homes below Rs 25 lakh.

First housing loan of up to Rs 25 lakh will be eligible for extra Rs 1 lakh tax deduction, Mr Chidambaram said. Currently, the deduction limit for payment of interest for self-occupied property is Rs 1.5 lakh.

The deduction will be applicable for loans taken in fiscal 2013-14.

All realty stocks reacted positively to the announcement. Anant Raj Industries, Sobha Developers traded with 5 per cent gains, while DLF jumped nearly 3 per cent.


 

Story first published on: February 28, 2013 11:45 (IST)

Tags: Budget 2013, home loans, interest deduction on home loans

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