Tax Deduction for first home loan borrowers – There is something to cheer for individuals seeking home loans as well. The Finance Minister has announced that for first time borrowers of home loans up to Rs. 25 lakh during the financial year 2013-14, there will be an additional tax deduction of Rs. 1 lakh on the interest. This implies affordable housing to many, and is also expected to generate more employment in the construction sector. The FM has also announced that the additional tax deduction can be carried forward to the next year, if the limit has not been exhausted in the present year.