Hi Mr. Amit,
As the house is let out, interest payment on loan on HP is fully deductible i.e. no limit. Per your statement, you can prove that EMI payment is being made by you in full and hence entire interest payment can be attributed to your share (irrespective of each loan applicant eligible to claim to claim interest payment on loan repayment, which is not the case here).
In respect of a let out house property, there are no restrictions on deductions and therefore, there can be loss of any amount under this head.
The loss from one house property can be set off against the income from another
house property. The remaining loss, if any, can be set off against incomes under
any other head like salary. In case the loss does not get wiped out completely, the
balance can be carried forward to the next assessment year to be set off against
the income from house property of that year. However, such carry forward is
restricted to eight assessment years only.
Hope this helps.