You can claim both HRA and Home Loan tax exemption as per Income tax rules. If you have rented a house for yourself and paying home loan EMIs, you can claim income tax exemption for both at the same time. The owned house should be in a city which is too far to travel daily from your work location like 50+ km away. There is no documented Kms limit in the tax laws though but 50+ is considered safe to claim and convince income tax officer.