Maximum additional tax "saving" with home loan, Income Tax

[Himanshu Agrawal]

I want to confirm my following understanding:

Context:

• Person is a private sector employee, so it means he gets HRA.
• Person falls in 30% tax bracket
• Person takes a home loan of 29 lakh and value of the property is 40 lakh
• Person will not live in that property, he will either rent it or his parents will live
• Person is already utilizing his 80C exemption This is means person can only apply for a maximum of 2.5 lakh of exemption

Questions:

• With the above-stated conditions, am I correct that the maximum exemption he can apply for is 2.5L?
• Considering the 30% bracket and availing an additional 2.5L exemption against the home loan, am I correct that the maximum additional saving for him will be 75,000?
• Does it matter whether the person lives in that home or rent it out? Does it impact tax calculation?
• Any other key consideration I am missing related to tax calculations?

If any tax expert could help clarify/confirm my understanding, it will be greatly appreciated.

Warm Regards