1. Tenor of a home loan can be up to 25 years for a resident individual whereas for NRIs the maximum tenure is 15 years subject to maximum age of 60 years at maturity.
2. Loan can be applied for a maximum of 85% of the property value subject to credit discretion.
3. Security for the loan is a first mortgage of the property to be financed, normally by way of deposit of the title deeds or such collateral security as may be necessary.
4. Title to the property should be clear and free from encumbrance, i.e., without any pending legal litigation adversely affecting the ownership of the property.
5. Other parameters considered include an account of your age, income, number of dependents, financial stability and co-applicant’s income.  

As per the current finance bill you can get:

• A maximum deduction of Rs. 1,50,000 on your income towards interest paid on your home loans u/s 24
• A maximum deduction of Rs. 1,00,000 on the principal repaid u/s 80 CCE

The above benefits are available subject to you fulfilling certain conditions, for which you should refer the IT Act 1961.