Home loan interest deduction under Section 80EEA available to first time homeowners subject to prescribed eligibility and limits. Deduction for interest on loans for acquisition of a residential house under Section 80EEA allows an individual to claim an annual interest deduction subject to a statutory cap. The deduction applies for specified assessment years and requires that the loan be sanctioned by a financial institution within the prescribed sanction period, the residential property's stamp duty value not exceed the prescribed valuation threshold, and the assessee not own any residential house property on the loan sanction date.