exemption for home loan taken from co operative financial society

Yes, for claiming interest deduction of home loan u/s. 24b, no such condition.....

For claiming deduction of principal amount u/s. 80C::

Loan should be taken from Specified institutions/deptt only given below

• Central or State Government
• any Bank including co-operative bank
• LIC or National Housing Bank
• public company formed and registered in India or co-operative society with main object to provide long term finance for construction purchase of houses in India.
• Assessee Employer if public company or public sector company or university established by law or a college affiliated to such university or local authority or co-operative society.

Most welcome, Dear.....

Q: The house property is in joint names. Person A takes the loan only on his name and pays off individually. Will he be able to claim 100% exemtion u/s 24 or it'll be 50%?

The joint owners, who are also co-borrowers of a self-occupied house property, can claim a deduction on interest on the home loan up to Rs 2 lakhs each.

And deduction on principal repayments, including a deduction for stamp duty and registration charges under Section 80C within the overall limit of Rs. 1.5 lakhs for each of the joint owners.

These deductions are allowed to be claimed in the same ratio as that of the ownership share in the property. 
You may have taken the loan jointly, but unless you are an owner in the property – you are not entitled to the tax benefits.

There have been situations where the property is owned by a parent and the parent and child together take up a loan which is paid off only by the child. In such a case the child, who is not a co-owner is devoid of the tax benefits on the home loan. 

Therefore, to claim the tax benefits on the property: 

1. You must be a co-owner in the property

2. You must be a co-borrower for the loan

In the particular case persin A can claim interest deduction as per his share in the property, it can be 50% if not specified. (with maximum amount 2 lakhs that can be setoff with other income head)