As if the mental harassment of delayed delivery of a house is not bad enough, you could also be losing 85% of the tax benefit on your home loan, for no fault of yours.A tax deduction of Rs 2 lakh per year is allowed against payment of interest on home lo ans, if the house is acquired within three years of taking the loan. In case the possession happens after three years, the permissible deduction falls to just Rs 30,000 a year -a reduction of 85%. In the past couple of years, most home deliveries have been delayed beyond three years from time of purchase, making the buyers ineligible for the tax deduction—a fact they would have not known at the time of taking the home loan. Given the stress in the real estate sector, most builders are now committing deliveries after four years of booking, so home buyers lose out on a big chunk of the potential tax deduction. For people in the top inco me tax bracket of 30% (annual taxable income of Rs 5 lakh or more) the benefit resulting from this pr