As per Section24 of Income tax Act any subsequest loan borrowed to repay the original loan shall be entitled to same treatment as original loan. Therefore interest payable would also be admissible as deduction in computation of income under house property.
As the house is self occupied the maximum amount of deduction of interest under Section 24 will be maximum of Rs 2 Lacs with effect from this Financial year.(Earlier year Rs 150000 on self occupied property).
As regards principal maximum amount of deduction under section 80C will be Rs 150000 with effect from this financila year (Earlier Rs 100000). However if residential property is under construction and principal is already being repaid the same will not qualify for deduction.