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Split your joint home loan's interest and principal deduction by ownership share — see each co-owner's exact claimable amount under the new tax law.
If you and a family member co-own a house and both repay the home loan, you don't have to let one person claim the whole deduction. The Joint Home Loan Tax Benefit Split Calculator works out exactly how much interest and principal each co-owner can claim, based on your ownership share, so you're not leaving tax savings on the table.
This calculator splits your home loan's interest and principal deduction between co-owners, in the correct ratio, so each person claims the right amount in their own income tax return. Salaried and government employees use it to divide a joint claim with a spouse or parent. Freelancers and self-employed professionals use it for loans taken with a family member. NRIs co-owning property in India use it to work out their exact share. CAs and tax consultants use it to check a client's split fast. Enter the total interest and principal paid, your ownership share, and the tool does the rest.
From Tax Year 2026-27, home loan deductions are governed by the Income-tax Act, 2025, which replaced the Income-tax Act, 1961 from 1 April 2026. The provisions are unchanged in substance — only the section numbers have moved. Most published guidance still uses the older numbers, so both are shown below.
Interest deduction per co-owner (Section 22, earlier Section 24(b)):
= min( Total interest paid × Ownership share % , ₹2,00,000 )
→ cap applies only for a self-occupied house; no cap if the house is let out
Principal repayment deduction per co-owner (Section 123, earlier Section 80C):
= min( Total principal repaid × Ownership share % , ₹1,50,000 )
→ shared with your other Section 123/80C investments (PPF, ELSS, etc.)Both co-owners must also be co-borrowers on the loan. If only one person's name is on the loan agreement, only that person can claim — the deduction cannot be split just because ownership is joint. The Income Tax Department's official deductions page sets out this co-owner-plus-co-borrower condition. [VERIFY: exact clause reference for the co-borrower requirement under Section 22 — confirm against the notified Act text before publishing.]
Rohan and his wife Priya jointly own a self-occupied flat and are both co-borrowers on the home loan, split 60:40 in Rohan's favour.
Interest split:
Principal split:
Combined deduction claimed: ₹2,00,000 + ₹1,68,000 + ₹1,08,000 + ₹72,000 = ₹5,48,000 across both returns — more than either of them could claim alone. Run these numbers through the Old vs New Tax Regime Calculator to see the actual tax saved, since these deductions apply only under the old regime.
From 1 April 2026, the Income-tax Act, 2025 governs Tax Year 2026-27 onward, replacing the 1961 Act. Deduction amounts are unchanged — ₹2,00,000 for self-occupied interest (Section 22) and ₹1,50,000 for principal (Section 123) — but returns for FY 2025-26 still cite the old numbers, Section 24(b) and Section 80C. Both deductions remain available only under the old tax regime confirmed on the same official deductions page; if you've opted for the new regime, home loan interest on a self-occupied house isn't deductible against salary income at all. Also note: the additional first-time buyer deduction under the old Section 80EE/80EEA (now Section 130) has restricted sanction-date eligibility, so it won't apply to most new joint loans today. [VERIFY: exact Section 130 sanction-window dates before publishing — sources give inconsistent windows.]
Yes, if both are co-owners of the property and co-borrowers on the loan. Each can claim interest up to ₹2,00,000 and principal up to ₹1,50,000, in proportion to their ownership share, under the old tax regime.
Only the person who is a co-borrower can claim the deduction, regardless of joint ownership. Joint ownership alone, without being a co-borrower, doesn't entitle you to a separate claim.
No. The deduction split follows the ownership share stated in the property documents, not who paid what share of the EMI each month.
No. Section 22 (interest) and Section 123 (principal) deductions for a self-occupied house apply only under the old tax regime for Tax Year 2026-27.
Not for one person, but combined across two co-owners it can go up to ₹4,00,000 in interest and ₹3,00,000 in principal, since each person's cap applies individually.
There's no ₹2,00,000 cap on interest for a let-out property — the full proportional interest share is deductible against rental income for each co-owner.
Calculations verified by our team including CA Anita Patil. View our full accuracy policy and meet the team →
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