Income tax deductions in case of housing loan for an individ

i am an indian resident male 40 age. I have purchased residential property in mumbai with Rs.50000 monthly EMI of loan deducting from my account. How much deductions can I claim towards my loan EMI & loan Interest. i am already having insuance premuim of Rs.150000 lacs under 80c. So can I claim housing loan principle amount above rs.1.50 lacs!  how can i use my home loan emi and its interest to avoid tax!