Section 80EE of Income Tax Act
Under Section 80EE to claimed by first-time home buyers for the amount they pay as interest on home loan.
The maximum deduction under this section is Rs. 50,000 during a financial year. It is over and above the Rs 2 lakh limit under Section 24(b) of the Income Tax Act. You can continue to claim this deduction until you have fully repaid the loan.
The tax benefit is not available for loans on commercial property for commercial businesses.
It is applicable only an Old Regime.
Conditions to be Claiming Deduction :Value of the house should be Rs 50 lakh or less.
Loan taken for the house must be Rs 35 lakh or less.
The loan must be sanctioned by a financial institution or a housing finance company.
The loan must be sanctioned between 01.04.2016 to 31.03.2017.
As of the date of the sanction of the loan, no other house property must be owned by you.