PNB Housing Finance Home Loan borrowers can claim tax deduction under Section 80C and 24b of Income Tax Act. You can avail a tax deduction of up to Rs 1.5 lakh per financial year on principal repayment under Section 80C. You can also claim a tax deduction of up to Rs 2 lakh per financial year under Section 24b, on the interest paid on home loan. If the property is rented, you can avail the entire interest repayment amount as tax deduction without any limit.