home loan - income tax benefit

Deduction under section 24(b) will be computed separately for both of you. means benefit can be availed for the amount paid by both of you separately. principal portion will be considered u/s 80 C and the interest portion will be considered as deduction u/s 24(b) from house property income. If the house is self occupied than income from house property will be nil and max amt of deduction will be 1,50,000. and if the property is rented than income from house property will be your rental income and in this case there is no limit for claiming deduction on account of interest means total amt of interest will be deductible.

Thanks Aditya for the reply,

Just want to make sure that 

i am co-owner of the property and paying EMIs but not a co-applicant for loan. Whether I am eligible to apply for tax saving under section 24 ( for amount 150000).

You will get the benefit if on the princiapal & interest certificate issued by the bank has both the names and you have also contributed in the loan repayment.