personal loan is tax eligible

Interest repayment for home loan taken from friends, relatives or any money lender can be claimed as a deduction under section 24.

The Income Tax Act, 1961 does not specify that this deduction will be available only if the loan is taken from specified banks.

Main thing is that loan is taken for construction or purchase of home..

personal loan used for property acquired there is tax benefit

yes personal loan used for purchase or construction of home eligible for deduction under section 24 b

personal loan used for buying land there is tax benefit.