two home loans - two properties

Hi all, request you to please guide on this..

One home loan of 5 lac is taken in 2001 for self occupied property  and income tax benefit is taken for 3-4 yrs now..

Now person has taken another home loan say 20 lac in yr 2008  and made cash down payment to builder to purchase another housing property ...but property is under - construction and will be completed dec09/jun10 ..but loan is taken for 85% cost of property and person is repaying principle and interest component to bank...there is no pre-emi ineterest like of situation here.. Pls advise if person can claim income tax benefit of second property , if yes then How... thanks in advance..