If you have taken a home loan to purchase or construct a house, you can claim certain income tax benefits on the interest and principal payments made towards the loan. Here are some income tax benefits available for home loan EMI payers in India:

1. Deduction on Interest Payment: The interest paid on home loan EMI can be claimed as a deduction under Section 24 of the Income Tax Act. The maximum amount of deduction available is Rs. 2 lakh per financial year for a self-occupied property. In case of a rented property, there is no upper limit on the amount of deduction that can be claimed.
2. Deduction on Principal Repayment: The principal component of the home loan EMI can be claimed as a deduction under Section 80C of the Income Tax Act. The maximum amount of deduction available is Rs. 1.5 lakh per financial year, which also includes other investments such as Public Provident Fund (PPF), Employee Provident Fund (EPF), and National Savings Certificate (NSC).
3. First-time Homebuyers: First-time homebuyers can claim an additional deduction of Rs. 50,000 on the interest paid on home loan EMI under Section 80EEA of the Income Tax Act. This deduction is available over and above the deduction of Rs. 2 lakh under Section 24.
4. Joint Home Loans: If you have taken a joint home loan with a co-borrower, both the borrowers can claim the tax benefits available under Section 24 and Section 80C in proportion to their share of the loan.
5. Pre-construction Interest: If you have taken a home loan for the purchase or construction of a house, you can claim a deduction on the pre-construction interest paid during the construction period. The deduction can be claimed in five equal instalments starting from the year in which the construction is completed.

It is important to keep proper documentation of the home loan EMI payments and the tax benefits claimed to avoid any issues during income tax assessment. It is recommended to consult a tax expert or a financial advisor for proper guidance on tax benefits for home loan EMI payers.