What are the tax benefits of home loan?

These are the Tax Benefits available on Home Loan-

There are two sections of the Income Tax Act of India which will allow you to get a deduction if you have taken a home loan, this of course ignores home loans from private sources (Friend, Family, etc). The two sections are here under.
1. Sec 24(b) of the Income Tax Act, 1961
2. Sec 80(c) of the Income Tax Act, 1961
The Section 24(b) is with respect to the Interest Paid on the Home Loan and Section 80(c) is with respect to the Principal Repayment of the Home Loan.
Read more at: http://www.caclubindia.com/forum/section-24-b-income-tax-act-233967.asp

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As per my knowledge the home loan borrower enjoys Tax Benefits on both Interest paid & the Principal re-paid. Under Section 24(d) of Income Tax, the deduction of interest payable on the home loan is up to a maximum of Rs. 1, 50,000.
Under Section 80(c) of Income Tax, Principal amount for the repayment of loan along with other savings & investments is eligible for tax deduction up to a maximum limit of
Rs. 1, 00,000.

Aarya, as Kunal Gupta has mentioned you can enjoy tax benefit on both the loan amount and the interest paid. I have got tax deduction this year due to my home loan ( http://www.bajajfinservlending.in/HomeLoan/Personal-Home-Loan.aspx ) also the interest rate of the home loan has got me deduction on interest paid amount.