No, you can't take the home mortgage interest deduction for interest paid on debt you incurred to purchase the land that you keep and on which you intend to build a personal home. However, some interest may be deductible as home mortgage interest once construction begins. You can treat a home under construction as a qualified home for a period of up to 24 months, but only if it becomes your qualified home at the time it's ready for occupancy. The 24-month period can start any time on or after the day construction begins. As a qualified home, the interest paid may qualify as deductible mortgage interest, with certain limitations.