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deduction for interest shall be available under section 24(b).  however, no deduction for principal repayment shall be available in this case.

Yes, Interest deduction under 24(b) can be availed. Keep a certificate of interest and repayment amount. Do all transactions through bank and file parents ITR withh all details.

Agreed with both, only inetrest payment can be claimed u/s 24(b)

dear ritesh,

is there any format pescribed for the CERTIFICATE of interest and repayment of loan?
or i can just keep a proof on stamp paper?

Yes ,Agreed ,Interest payment u/s 24(b)  can be claimed .As far as principal payment is concerned ,wouldn't qualify for tax benefit as loans only from notified institutuions and banks are eligible for deduction.