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<h1>Deduction for interest on home loans limited by sanction-period, loan and property caps, and ownership condition.</h1> Deduction for interest on loans for acquisition of a residential house property is available to individual assessees for interest payable to eligible financial institutions or housing finance companies, subject to statutory caps, a prescribed loan sanction period, limits on sanctioned loan amount and property value, and a condition that the assessee did not own any residential house property on the date of sanction.