Is it possible to claim tax rebate on two home loans of same property?

I have already purchased a home by taking a loan from SBI. I am also claiming the tax benefits for the same (Loss from house property). Now I am availing one more loan from the same bank for extension/renovation of the same property. This is having a different account number. Can I club the interest paid in both loans and show the loss from house property. I will still be within Rs.1.5 Lakhs/Annum limit

EMI for my home & car loans are 7000 &7500 respectively. Loans outstanding are5.8 & 3.2 lakhs respectively.?

Both the loans have floating interest rates. I have planned to pre pay the car loan first , within about 10months. I will surrender some of my LIC money back &endowment policies for this purpose. Thereafter I will have a sum of 90000/year (save on EMI) to invest , plus save on the interest payable for car loan.
Am I on the right track?
Where & how to invest the sum of 90000?