Loss on housing property

My family members are planning to construct a house in our native village (remote village) as it is a prestige for them, agreed to contribute 5 lakhs each by 6 members and they have agreed to have the house in my name and in my wife's name. The house will be used by all of them as rest house. My Question is

1. If I take a housing loan with the nearest bank(They have agreed to loan the amount based on our strength), can i claim loss on housing property ?

2. The house will be used only for about a month or 40 days in a year otherwise it will be locked with a security. Whether the house can be shown as self-occupied property . If i show this as self occupied property, how can i show the rent i am paying at Madras or can it be shown as Rented property? for the purpose of claiming the loss on housing property. But the rent in villages can never be morethan Rs.100/-. Just advice me on this.

Dear sir,

If the full housing loan is taken by you, then the interest u/s 24(b) can be claimed upto Rs. 150000/- on payment or accrual basis. If it is taken in the joint names of your relatives, then the interest u/s 24(b) can be claimed by you for the proportionate amount of your loan, not exceeding Rs. 150000/-

Secondly, If you are residing at a place where other than your house property is situated (i.e Madras) and if you are living in a rented house, you have to satisfy the following conditions:

1. Owing to your employment or Business or profession being carried on at any other place (i.e Madras) you could not occupy your own house

2. You should reside at a house not belonging to you (ie rented house)

If both the conditions are satisfied then you can take the annual value of the house as NIL

if any one of them is not satisfied, then you have to take annual value as

Step 1. Municipal valuation or Fair Rent (ie reasonable rent in that area) which ever is higher.

Step 2. Step1 or Standard rent (ie fixed by court under rent control act) which ever is lower.