As you are getting possession of the house only after 3 years, the interest paid till the date of occupation will be capitalised and available for set off in 5 equal annual installments. So as of now, you will not get any tax benefits. The repayment of principal can however be claimed as deduction u/s 80C. However, as your CTC is 20 LPA, you would have most possibly utilised the limit of Rs 1.5 L u/s 80C by way of deduction towards PF.
In view of your present precarious financial situation, taking housing loan of Rs 50L will be a burden for you, if you are considering the house as an investment avenue and not for the purpose of self occupation as and when it is ready. If you are planning to stay in the house thus saving rent, then only it is worthwhile to take a plunge.