Under section 24 of the Income Tax Act, interest portion of the EMI paid can be claimed as a deduction upto Rs. 2 lakhs in a FY, in case of a Self-Occupied property. And in case of a Let-Out Property, there is no upper capping.
In addition to the above, one can also get deduction on the Principal amount paid upto Rs. 1.5 lakhs in a FY, under Section 80 (C). To claim this deduction, the buyer should hold the property for minimum 5 years from the date of possession.