If you purchase a house in your wife's name,it will never be treated as your house so no question of any rebates or deductions in your case.But if you get it registered in your name and gift it to your wife with a clause that the property will be in your possession till the complete repayment of the home loan,then you can avail all deductions and rebates under sections 24 and 80 C.If the house is located in your work area then you may not be eligible for HRA.So in a nutshell,you put your property in your wife's name and enjoy HRA or buy it in your name and avail the tax deductions and forget HRA.