Deduction for interest on first-time home loans limited and subject to specified eligibility, loan and property-value conditions. Deduction in respect of interest on loan taken by an individual for acquisition of a residential property is allowed for assessment years beginning on 1 April 2017 and subsequent years, subject to a monetary ceiling and conditions: loan sanctioned by a defined financial institution within the specified period; loan amount and property value not exceeding prescribed ceilings; and the assessee not owning any residential house property on the date of sanction. Where allowed, the deduction is exclusive and not available under any other provision; defined terms include financial institution and housing finance company.