You can claim a tax benefit on your home loan under section 24 of the Income Tax Act. You can avail of this benefit on the interest component of the repaid amount of the home loan during the financial year in EMIs of up to Rs.200000. Besides this, you can also claim an income tax deduction of up to Rs.150000 under section 80C of the Income Tax Act on the home loan EMI you have paid during the financial year.