Tax benefit for home loan

I Think as the loan is given based on you salary the main responsibility lies on you for repayment if it is the case

You can claim deduction on payment towards interst on Principal loan amount under section 80C and now having said that the agregate deduction under section 80C is restricted to Rs.1 Lakh................

You can not get any tax benefit on this because property in not in your name. Deduction of Intt u/s 24 is allowed in respect of intt on borrwed capital for construction of your house. Since you do not own the home, you can not claim the deduction.

To claim exemption for interest on home loan repaid the property has to be in your name.

Agree with Mr. D.C. Bansal. For claiming deduction u/s 24 & sec. 80C you must have the ownership of the said proprty for which loan is taken..