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1)  Home mortgage interest :

If you itemize your deductions, you can usually deduct the entire part of your
house payment that's designated as mortgage interest. Interest is fully
deductible on:

Up to $1 million in mortgage debt (up to $500,000 if married filing separately).

Mortgages secured by your main home or second home.

Mortgages used to buy, build, or improve your main home or second home. (Interest on mortgages used for other purposes is not deductible.)
In addition, you can deduct:

Prepaid interest and points. Points are generally deductible in the year they are
 paid if the points are paid to acquire the property. If the points are paid for a
mortgage refinance, the points must be deducted over the life of the loan.

Late payment charges on mortgage payments.

Mortgage prepayment penalty.

Redeemable ground rent.
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2)  Interest on home equity loans or lines of credit :

You can usually deduct interest on home equity financing if:

The total home equity debt on your main home and second home does not
exceed $100,000. Note: This amount is in addition to the $1 million in first
mortgage debt you're allowed.

The loan-to-value ratio doesn't exceed 100%. In other words, your total
mortgage and home equity debt can't exceed the fair market value of your
home.

Unlike home mortgage interest, the interest on a home equity loan or line of
credit is deductible no matter what the funds are used for - your child's college
 education or a new car, for example. The exception to this is if you pay AMT
 (alternative minimum tax). In that case, the rules for home mortgage interest
apply - you have to use the home equity loan to buy, build, or improve your first
 or second home.

For more information
For more details about what is and isn't deductible in terms of home loan
interest - including exceptions for particular cases - read the IRS Publication
 530, Tax Information for First-Time Homeowners, and Publication 936, Home
 Mortgage Interest Deduction.