You can, of course, take a second Home Loan if you are eligible for one. Based on your present income and loans, lenders will decide your eligibility. You can claim tax benefits for both loans. The tax benefits claimed will vary, depending on whether the house for which the loan has been taken is self-occupied or let-out. The principal repayment for both will have a limit of Rs. 1,50,000 under Section 80C of the Income Tax Act. You can claim up to Rs. 2 lakha each under section 24 for the interest repayment of the loans.