Interest paid by the taxpayer to a bank or any other financial institution, a life insurance company, a cooperative or his employer, on loan granted to him for buying, hire-purchasing or constructing a residential building, where such building is mortgaged as collateral for the loan, in an amount actually paid but not exceeding 10,000 Baht; subject to the rules and procedures prescribed by the Director-General with the approval of the Minister and published in the Government Gazette. The aforesaid building includes land. 16