As per section 24, Interest on house can be claimed in the financial year in which u acquired the property OR loan has been fully paid ........ATLEAST ONE CONDITION SHOULD BE FULFILLED
For example if u acquired a property on 1st may 2013, then u can clain all the interent (till march 2013) in 5 equal instalments.
if your total interest is 50,000 (till march 2013) then u can clam 50000/5= 10000+ interest of current year (from 1st april 2013 to 31st march 2014) in fy 2013-14
in case of self occupied property u can clain deduction Upto Rs,150000, if u borrowed on or after 1st april 1999 and construction is completed in 3 years from the end of fy in which the capital is borrowed.
And in case of let out their is no limit for interest deduction, u can claim above Rs 150000