Bought house on loan how should I post the entry for the same in my account... should I include asset in my balance sheet and loan amount on the liability side and further what is the entry for th EMI which gets deducted from my account

It depends on what the house is for: Are you conducting operations in the house or is it for an investment.

The entry will be: Debit Building or Investment and Credit Notes Payable.

Yeah, what pready said - depends on what it's for.

What's EMI?