Yes, home loan borrowers can claim tax benefits under several exemption sections.
Section 24 – Up to Rs. 1.5 Lakh p.a. (on principal)
Section 80C – Up to Rs. 1.5 Lakh p.a. (on interest)
Section 80EE – Up to Rs. 1.5 Lakh p.a. (on interest, for properties < Rs. 45 Lakh)