Yes! You can avail tax benefits for your home loan under the Income Tax Act of 1961. Under Section 24 of the Income Tax Act, interest paid on capital borrowed for the acquisition, construction, repair, renewal or reconstruction of the property is entitled to a deduction of Rs. 2,00,000. This is the maximum amount eligible for deduction in the case of self-occupied property. For rented out property there is no limit of the amount of deduction. Under Section 80C of the Income Tax Act, an applicant can get a maximum of Rs. 1,50,000 deduction from the income, on repayment of principal during a financial year. Other expenses such as Stamp duty, registration fee paid for the purpose of transfer of such residential property to the assessee is also considered under this amount.