Deduction

Yes, both the home loan interest and principal can be claimed as deduction. Home loan interest can be claimed as deduction under section 24. Home loan principal can be claimed as deduction under section 80C.

Yes you can

Yes you can claim Deduction on both Repayment of Principal Amount U/s 80C upto Rs. 1,50,000 and the Interest U/s 80EE upto Rs. 50,000 at the same time. Moreover Interest on Borrowed Capital is also allowed as a deduction U/s 24 clause (b) of the Income Tax Act 1961 from the NAV of the House Property ( Maximum Rs. 2,00,000 incase of Self Occupied Property and there is no limit if the house is let out ).