That's unclear, but probably not. To be deductible interest, the loan must be secured by the property. In the case of a construction loan, where there is no house, I assume that the loan is still secured by a lien on the property itself and recorded in the county records office. That makes the construction loan deductible as a mortgage. A completely unsecured loan would not be deductible even if the expenses were used to build your home.
[Now, if construction loans are also completely unsecured, that would seem to be a case where IRS policy goes against the written law--where policy was interpreted in a way to be beneficial to home builders in what might be a common-sense way but that is not supported in the text of the actual law (which says the loan must be secured by the property). In that case, your unsecured loan might also qualify, it would be a matter for interpretation by an auditor or the tax court, if you were audited.]
