Hi Sundar, you can claim a benefit of upto Rs. 2L on interest paid on your home loan (under section 24). In addition if the value of the property is less than Rs. 50L and the loan amount is less than Rs, 35L, you can claim further tax benefit of upto Rs. 50,000/- (this is under section 80EE provided you are a first time home buyer).
Apart from this, you can also claim upto Rs. 1.5L benefit under section 80C, on the principal paid. However, 80C is a vast section and includes various other benefits like PF, pension funds etc. Hence chances of anyone getting benefit on principal paid are rare. Best bet is the benefit on interest paid.
You can read more about it here - https://blog.cleartax.in/tax-benefits-home-loan-interest-fy-2016-17/