1. Since its a self occupied property, you will allowed a deduction maximum upto Rs. 30000
2. Interest has to be allocated in two parts. Part I pertains to the period from date of availing loan to the end of financial year previous to FY in which you will get possession. i.e. if you taken loan in 15th april, 2010 and possesion is going to receive on 12th june 2015, then interest has to be calculated for the period 15.04.2012 to 31.03.2015. Such interest termed as Pre-Construction Interest and will be allowed as deduction in five years starting from the year in which possession taken. Thus for first part interest you will get 1/5th equated pre construction interest for FY 2015-16 onwards till FY 2019-20
second part of interest allowed as deduction denotes interest frm 01.04.2015 i.e. after pre construction period. This will be taken based on interest certificate received from Bank/financial institution.
Total of first part and second part will allowed as deduction under sec 24(b) subject to maximum of Rs. 30,000. This will solve your third query as well.
Hope this all solves your query..
Thanks and Regards,
Manoj B. Gavali