The First time buyers are offered additional benefit in tax in the 2016 Modi Government Budget. First-time home buyers a deduction for additional interest of Rs 50,000 per annum for loans up to Rs 35 lakh sanctioned in 2016-1. The house cost should not be more than 50 lacs to avail this benefit.As per extant rule for the self occupied property, the home buyer can avail a deduction of Rs 2 lakh towards the interest paid on the home loan. This limit is extended to Rs 2.5 lakh. The benefit however comes with a condition that the house should not be priced at more than Rs 50 lakh and the loan should not be more than Rs 35 lakh. Finance Minister however has not increased the deduction limit for the principal repaid of the home loan availed. Taxpayers have been expecting a hike in deduction on home loan principal repayment by Rs 50000. The First time buyers are offered additional benefit in tax in the 2016 Modi Government Budget. First-time home buyers a deduction for additional interest of Rs 50,000 per annum for loans up to Rs 35 lakh sanctioned in 2016-1. The house cost should not be more than 50 lacs to avail this benefit.As per extant rule for the self occupied property, the home buyer can avail a deduction of Rs 2 lakh towards the interest paid on the home loan. This limit is extended to Rs 2.5 lakh. The benefit however comes with a condition that the house should not be priced at more than Rs 50 lakh and the loan should not be more than Rs 35 lakh. Finance Minister however has not increased the deduction limit for the principal repaid of the home loan availed. Taxpayers have been expecting a hike in deduction on home loan principal repayment by Rs 50000.