Deduction of principal payment of home loan before possessio

you can claim the deduction of interest payment up to the maximum of Rs. 150000/- P.A. With Annual Rental Value as NIL and after deducting the interest it will show a Loss under the Head Income from House Property.

This loss can set off against the income under other heads.

No, Actualy my question is that with out pocession of home, can I claim deduction u/s 80 C for principal payment of home loan paid in my ITR 

Yes you can claim deduction for principal amount u/s 80C before the pocession of house. But it contain one condition that you are eligible to claim this deduction only if you can't own more than 1 house at the time payment of loan

you can avail deduction of interest though you own 2 or more houses. One house should be taken as SOP with GAV as NIL another one will be DLOP property if not rented. You can claim deduction of Interest paid on loan taken for property which is DLOP or LOP as the case may be.