Yes, according to the Income Tax Act, 1961, you can avail the following tax benefits on your Home loan EMIs:
Section 80C - Upto Rs 1.5 lakhs can be claimed every year on the principal amount paid towards loan.
Section 24 - Upto Rs 2 lakhs can be claimed as deduction on the interest you pay every year.
Section 80EE - An extra deduction of upto Rs 50,000 on interest paid can be claimed, subject to certain terms and conditions.