HOME LOAN BENEFIT

Only owner can claim the deduction. You are nt the owner, so no question.

For avaiing repayment of interest and principal amount of loan (by ur wife):-

Interest repayment exemption can be availed upto Rs. 150000/- in a year provided the ownership transferred to the buyer and the property must consist of buildings and land appurtenant thereto.

And also, upto Rs. 100000/- repayment of principal amount can be claimed under section 80C as a deduction from GTI.

For availing HRA exemption (by urself):-

Yes, HRA exemtion can be availed by ur goodself provided you have paid rent and duly resided in the same.