How much income tax I will be able to save in a year if the EMI is 35K?

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It depends on the amount of intrest you are paying. Not EMI

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Suppose on the first year, I have to pay 3L as interest. Then how much of this amount will be deducted from taxable income? Also each year the paid interest will reduced, does that mean I will be able to save less?

You can get max of 2Lakhs. But not for all loans. Its only for home loan i guess.

You can get this on personal loan as well. But you should have proofs that you used that money of construction or upgrading of house

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Thank you

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