Housing Loan Query

Hi All,

I am going to purchase a property which is not constructed yet, for that property i and my wife both are sharing the  cost and i have to take a loan for this, now my queries are:

1) Interest on loan deduction available for the above property or not??

2) Principal amount eligible for deduction under 80C or not??

3) who is eligible for deduction me & my wife??

kindly provide me the feedback early.

Thanks

Vivek