CAN TWO PERSON TAKE INDIVIDUAL REBATE Rs.1.5 Lac EACH U/S 24 FOR A SINGLE HOUSE?

I and my brother want to take independent home loan (Rs.20 Lac each) for a single apartment of Value Rs.60 Lac in the name of both of us. Can we take the benefit of income tax rebate individually against EMI paid by both of us against our independent loan i.e.Rs.1.5 Lac limit for the interest payment u/s 24 individually as well as repayment of principal amount u/s 80C. Kindly clarify.