Home loan interest deduction for individuals is limited to acquisition loans, subject to loan, property, and ownership conditions.

Deduction for interest on a loan taken to acquire a residential house property is available only to an individual, and only for interest payable on the loan. The loan must be obtained from a financial institution and used for acquisition of a residential house property; loans for repair, renovation, extension or reconstruction do not qualify unless part of the acquisition. The deduction is limited to Rs. 50,000 and is subject to conditions including the sanctioned-loan period, loan ceiling, property-value ceiling, and non-ownership on the date of sanction.

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