HI , If my RRSP contribution limit is $15K, and If I am allocating $1K towards repayment of Home Buyers Program, does this mean that my RRSP limit is $16K?

No. HBP Repayments do not affect your RRSP deduction limit. So it if your limit is $15K, then it stays at $15K regardless of your repayment amount. You can still contribute to your RRSP to make your HBP repayment, even if your RRSP limit is zero. But in that case all the money you put in would have to be allocated to your HBP repayment, and your RRSP limit would remain at zero.