Questions on tax treatment of a non owner occupied commercial property?

I have a question regarding tax deductions applicable under sections 80C and 24.

I have invested in a room in a hotel that's being constructed. I have taken a loan from HDFC
for the same. Since it's under construction, I have been paying pre EMI (interest only).
The property is expected to be completed sometime by the end of this year and I have to start
paying EMI to my bank.

My questions are:

1. Am I allowed any deduction if I do a part prepayment of my loan before my EMI starts kicking in?
2. Can I deduct interest under section 24? If so, does the 2 lacs limit apply to this property (non owner occupied)?