Joint home loanis beneficial or not?

Hello There, We are another working salaried couple in bangalore. My wife comes in 20% tax bracket and i comes in 10% bracket(almost touching 20% IT bracket) And going to buy our first property worth 33L. Doing upfront 20% down payment and availing 80% home loan from SBI. Our goal is to obviously save income tax and also create another source of income by letting out this property. Queries/doubts are : 1. Will that be beneficial for us to make her sole owner and sole loan amount borrower for property? Taking into consideration that i will not be able to save tax. OR should we both become partly owners and borrowers to avail the maximum benefits? In case of joint home loans, as per my analysis we will not be much beneficial because loan amount is 26Lakhs (apprx.) which makes interest of 2,40,500 Rs p.a @9.25% and which is definitely going to fall in coming months. However, her taxable income is much more than that. And also only 4 months are left in this FY 2016-17. 2. If we let out the property, and income comes from rent annually aprx. 2,40,000 Rs. Then how we can exempt tax on this to maximize the benefits for both of us. 3. After letting out property, can we claim HRA simultaneously while paying home loan? Pls advise. Regards, Reader