Home loan benefits

I am currently staying in a rented apartment. However I have recently purchased an apartment in the same building where i am staying. Wanted clarity on whether (a) if i rent out the purchased property and continue staying in the rented apt. , will this be permissible under IT rules (b) Can I claim full interest benefit (i.e. beyond 1.5 L prescribed limit) on the home loan for purchased property and also claim HRA exemption for my rented acco. - it is understood that I will have to show rent received as other income