Tax deductible interest on home loan

[AH6]

This might be a silly question but hopefully it is easy to answer in that case! If my property cost $1M and I take out a home loan of $755k, can I still avail of all tax deductions on the interest even though the home loan amount is over the $750k threshold (i assume i can write off interest up to $750,000 and that i wouldn’t be penalized for borrowing more than $750k)?

[DoninGA]

If you itemize, you can deduct the interest on up to $750,000 in mortgage debt, if the loan was used to buy or improve a first or second home.

There are no penalties for having a mortgage greater than $750,000, you just cannot deduct any mortgage interest on the mortgage amount over $750K