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 →
For informational purposes only. Results are estimates based on the inputs you provide and the rules in effect for the period shown, and are not tax, legal or financial advice. Verify figures against the relevant official source and consult a qualified professional before acting on them. Accuracy & limitations
Explore other tools in the same category or find similar calculators
NPS Tier 1 vs Tier 2 Calculator helps you compare projected NPS corpus, total contributions and returns for Tier 1 and Tier 2 using monthly investment, expected return and investment period.
REIT / InvIT Tax Calculator India for Tax Year 2026-27. Estimate taxable REIT and InvIT distributions, income tax, 4% cess, resident TDS and balance tax using Form 77 figures.
Section 194O E-commerce TDS Calculator helps online sellers, service providers, CAs and finance teams calculate e-commerce TDS for 2026-27. Calculate 0.1% TDS on qualifying gross e-commerce sales or services under current Section 393 rules and check the ₹5 lakh individual/HUF no-deduction condition.
NRI ULIP Maturity Tax Calculator 2026 estimates Indian tax on ULIP and life insurance maturity or taxable receipts. It checks applicable premium, sum-assured and exemption conditions before calculating taxable gains, LTCG, cess and estimated tax.