The answers to your questions are as follows:
1. The total interest between the husband and the wife is allocated on the basis of their ownership. If the division of the ownership is not specified, the interest amount is divided equally among them. The tax benefits for your loan against property can be claimed to its maximum value, i.e., INR 2lakhs. On the principal amount, the maximum deduction allowed is INR 1.5 lakhs. However, you can claim these benefits in the same year when you make the payment.
2. You can claim your tax benefits up to INR 2 Lakhs if the property is ready and you are already living in it. There is no upper limit to claiming the benefits on the interest if the property is let out on rent. However, if your property site is still under construction, then you can claim your tax only up to INR 30,000.
rama krishnan 20 July 2018both husband and wife can claim the maximum deduction allowed under the head house property