Self occupied as deemed let out

Hello, I am planning to buy a house for which the annual interest payment will be close to 7 laks. This is the only house i will have. For a self occupied house I get a deduction of only 150,000, but for a deemed to be let out I get  deduction of 7 laks. Even if the imputed rent is 300,000, I still get a deduction of 4 laks, an additional deduction of 2.5 laks. 

Can i do that, if so how?