Interest repayment for home loan: Although you have to club the principal repayment for a home loan in Section 80C, there is a huge respite in the form of separate deduction for interest repayment, the larger chunk of your home loan. You can claim for repaying interest up to Rs 1.50 lakh in a year.
If you are repaying interest towards a home loan for an under-construction property, you cannot claim for interest paid during the under-construction period. However, after taking possession, you can claim the interest paid during the under-construction period for four years or until you get tax benefit for the entire interest paid, whichever is earlier.
And if you are repaying interest for a second or third property, there is no upper limit to the amount of interest you can get tax exemption for.