If a property is acquired or constructed out of loan borrowed on or after 1-4-1999 and such construction or acquisition is completed within 3 years from the end of the financial year in which such loan is borrowed, the deduction limit for interest paid on such loan is Rs. 1,50,000 instead of Rs. 30,000. The prescribed ceiling of Rs. 30,000 or Rs. 1,50,000, as the case may be, is applicable only in case of self-occupied property and the same does not apply to a let-out property. The maximum deduction allowed under Section 24(b) for an SOP is Rs. 1,50,000.