There is no limit on claiming a simultaneous tax benefit for HRA and a home loan for the same year.
In order to receive HRA benefits, you must satisfy the condition that you are currently paying rent for the residential accommodation you occupy and which is not owned by you. The HRA benefit shall be measured for the period for which the rent is actually paid and not for the year as a whole. And you will be able to claim the HRA benefit before you pay the bill on the rental home.
Similarly, in order to claim the interest under Section 24(b), you must pay interest on the loan taken to purchase the property that is your property and is in your possession. Please notice that you will be entitled to claim interest for the entire year as there is no requirement for a proportionate tax allowance under Section 24(b). So even though you took ownership of the house on the last day of the financial year, you would still be entitled to claim rent for the entire year.
In the case of interest paid before you have taken possession, the same balance will be stated in five equivalent instalments , starting with the year in which you took possession of it. For self-occupied land, the gross interest argument consisting of interest during the construction phase as well as for the current year is limited to two lakh rupees per year and the excess interest above two lakh rupees would have to be ignored.
In the case of let out property, the full interest is allowed but the loss under the house property is required to be compensated against other income to the amount of two lakh rupees per year and the loss not so set off is eligible to be carried forward and written off against the revenue under the heading “Income from other sources” for the next eight years. So you’ll be able to claim HRA for 11 months. The interest for the year 2019-2020 and 1/5 of the total interest charged before 31 March 2019 will also be permissible under the limit of ₹2 lakh7 as this is your self-occupied house.