Can my wife claim tax benefit from home loan????

Hi,

My self Darshil Mehta. Me & my wife bought a new house in Vadodara which is in the name of both of us. 

For this we have taken a Home Loan from SBI Bank which is also in the name of both of us but monthly EMI of this home loan is deducting from only my savings account.

My question is in this situation can my wife also claim the tax benefit??? Please suggest.

For this house builder will give us the possesion in the month of January, 2012 & we are paying the EMIs from Feb, 2011.

So, should we claim both principal & interest for financial year 2011-12????

Please do reply......