I will complete 2nd year of college in 12/31/2016. Am I still eligible to apply for MIT in Fall 2017(deadline: 02/15/2017)
Yes
The MIT website (which you are free to look at yourself ! ! ! !) states:
"If you have completed two or more terms with high academic standing at an accredited college, university, technical institute or community college you may apply to MIT for transfer. However, we cannot accept applications from students who at the time of entry to MIT will have finished less than one year or more than two and a half years of college. (A transfer student must be in residence at MIT for three terms matriculating as a full-time student to earn an MIT degree.) "