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Split your home loan EMI between co-borrowers by ownership share and see each person's exact Section 24(b) interest deduction — including the ₹2 lakh self-occupied cap.
If you've taken a home loan jointly, this home loan EMI split calculator co-borrower SOC 24b tool shows exactly how much of the EMI, interest, and principal belongs to each borrower — and how much interest deduction each of you can actually claim.
This tool divides your monthly EMI, yearly interest, and yearly principal between two co-borrowers based on their ownership share in the property. It then applies the Section 24(b) interest deduction rule separately to each person. Salaried employees, freelancers, NRIs buying property with a family member, and CAs handling a client's joint-loan return all use it for a quick tax breakdown.
EMI formula:
EMI = P × r × (1 + r)^n / [(1 + r)^n − 1]
P = loan principal
r = monthly interest rate (annual rate ÷ 12 ÷ 100)
n = number of monthly instalmentsSection 24(b) split rule: each co-borrower can claim a deduction only on the interest they actually pay, in proportion to their ownership share in the property. For a self-occupied house under the old tax regime, this is capped at ₹2,00,000 per person per year — so two co-owners can together claim up to ₹4,00,000. For a let-out property, the entire interest share is deductible with no upper cap, though loss set-off against other income stays capped at ₹2,00,000.
Rohan and his sister Priya jointly take a ₹50,00,000 home loan at 8.5% p.a. for 20 years, with Rohan holding a 60% share and Priya 40%. The property is self-occupied.
Run your own numbers on the calculator above, and cross-check the overall tax impact on the Old vs New Tax Regime Calculator.
The ₹2,00,000 self-occupied interest cap under Section 24(b) has stayed unchanged since 2014 [VERIFY]. Budget 2026 made no change to it, despite speculation of a hike. It applies only under the old tax regime. Under the new regime, self-occupied interest deduction isn't available at all — let-out property interest still is. For FY 2025-26 (AY 2026-27) filings, Section 24(b) of the Income-tax Act, 1961 governs your return. From Tax Year 2026-27 onward, Section 22 of the Income-tax Act, 2025 takes over, and the ₹2 lakh figure carries forward unchanged.
Yes, but only if both are also co-owners of the property. Each claims a deduction on their proportionate share of the interest actually paid, not an equal 50-50 split by default, unless their ownership share is genuinely equal.
They cannot claim any Section 24(b) deduction, even if they're paying part of the EMI. Only the legal co-owner(s) among the co-borrowers are eligible.
It's per person, for a self-occupied property. So two co-owners can together claim up to ₹4,00,000 if each pays at least ₹2,00,000 in interest.
For tax purposes, the deduction is based on the interest each person actually pays. If your bank statement shows a different contribution than your ownership percentage, use the actual amount paid, capped by your ownership share.
Yes. Select "Let-out" and the calculator removes the ₹2 lakh cap, since the entire interest share is deductible for a rented property (subject to the ₹2 lakh loss set-off limit against other income).
It shows the Year-1 principal split, which is what you'd claim under Section 80C, up to ₹1,50,000 per person — but the deduction figure shown is specifically the Section 24(b) interest amount.
For educational purposes only. Verify all figures at official sources before acting. Consult a qualified CA before making compliance decisions.
Calculations verified by our team including CA Anita Patil. View our full accuracy policy and meet the team →
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