Section 80EEA offers an additional deduction on home loan interest, over and above the regular ₹2 lakh limit available under Section 24(b), specifically for first-time home buyers purchasing what qualifies as ‘affordable housing’ under government-defined criteria, such as the property's stamp duty value and the loan sanction dates falling within specified periods.
This deduction was introduced to encourage home ownership among first-time buyers of relatively lower-value properties, and comes with several eligibility conditions — including that the buyer must not own any other residential property at the time the loan is sanctioned. Because eligibility rules and applicable time windows have changed over different budget announcements, it's worth checking whether your specific loan and property still qualify before assuming you can claim this deduction.
Given how specific and time-bound the eligibility conditions are, it's worth consulting your bank or a tax advisor to confirm whether your particular loan qualifies before claiming this deduction.