You can use Compiz Settings Manager for this.
sudo apt-get install compizconfig-settings-manager
Run it from the Dash and navigate to Enhanced Zoom Desktop.
Enable it by putting the tick. You can put the keys bindings for Zooming in and Zooming out.

For Ubuntu 16.04
Press Ctrl + Alt + T
The terminal opens, type
apt install compizconfig-settings-manager
Go to Ubuntu icon on Top Left corner of desktop

Click on it and type compiz

Click on the compiz icon that appers in the window
The following window opens:

Click on OK
Go to Accebility --> Enhanced Zoom Desktop --> Tick the box

Click on Enhanced Zoom Desktop

Click on Zoom In Key --> Disabled

Tick the box Enabled

Click on Grab Key Combination

Press together
Ctrl + F7

Click on OK

Click on Zoom Out Key --> Disabled

Tick on the box Enabled

Click on Grab Key Combination

Press together
Ctrl + F6

Click on OK

Close the window

From now on
to Zoom In press
Ctrl + F7
and to Zoom Out press
Ctrl + F6