Payment of directors home/land purchase loan by the company

Yes, you can pay it. statutory auditor has to comment on this. yes you have to deduct tds on interest paid to director.

As per company law , The directors of the company can not draw any amount from the company otherthah salary as approved in the board of Directors meeting. and hence repayment of loan on behalf of director does not arise at all. The directors can draw salary as said above and Dividend only and nothing else.