Free tool
Joint home loan: what you may each save
An indicative explainer for couples and families buying together. See how the yearly limits apply to each co-owner, not to the loan.
Indicative only, not tax advice. Assumes a self-occupied home, the old regime, each person owning and repaying their share, interest capped at ₹2,00,000 and principal within the ₹1,50,000 80C limit per person, plus 4% cess. Surcharge, rebates and pre-construction interest are left out. Ask a chartered accountant before you file.
Indicative only. This is an explainer, not tax advice. All ₹ figures are illustrations. Your actual saving depends on your full income, your regime and the rules for the year; a chartered accountant should confirm it.
Why a joint loan can mean a bigger benefit
The limits apply per person. One owner can deduct at most ₹2,00,000 of interest and ₹1,50,000 under 80C in a year. When two co-owners share the loan, each has their own limits, so interest above ₹2,00,000 that one person could not use may count for the other.
Getting it right on paper
- Put both names on the sale deed and on the loan.
- Record each person’s ownership share; claims usually follow it.
- Pay the EMI from accounts that show each person’s contribution.
- Keep the bank’s yearly interest certificate for both of you.
Other pages that help
- EMI calculatorSee the yearly interest and principal split to put in here.
- Loan eligibilityTwo incomes can also raise how much a bank may lend.
- Joint home loan with your spouseCo-applicant or co-owner, and how the tax split works.
- K-RERA Number DecoderPaste a Karnataka RERA number and see what each part means, and what it cannot tell you.
- Khata Type CheckerThree questions about the paper in your hand: A-khata, B-khata, e-khata or panchayat record.
- Area Unit ConverterSquare feet, square metres, guntha, cents and acres, using exact definitions.
- The Shalott Marque54 homes, 2 and 3 BHK, at S Medihalli on Sarjapur–Attibele Road. Price on request.
FAQ
Questions people ask
How much interest can each of us claim?
Under section 24(b) of the Income-tax Act, 1961, interest on a loan for a self-occupied home can be deducted up to ₹2,00,000 a year per person, under the old regime. Two co-owners who both repay can each claim up to that limit on their own share.
And the principal?
Principal repaid counts toward section 80C, up to ₹1,50,000 a year per person. That limit is shared with PF, PPF, life insurance and similar savings, so the room left may be small.
Do we both need to be owners?
Yes. To claim, a person should be a co-owner of the home and a co-borrower who actually pays their share of the EMI. Being only a co-borrower is generally not enough.
What about the new tax regime?
Under the new regime in section 115BAC, neither the 24(b) interest deduction nor 80C is available for a self-occupied home. The tool shows zero in that case.
Do the section numbers still apply?
They are the numbers most people know. The Income-tax Act, 2025 applies from 1 April 2026 and carries similar provisions under new section numbers. Ask a chartered accountant which rules apply to your year.
Can we claim interest paid before handover?
Interest paid before construction is complete can be claimed in five equal parts from the year of completion, within the same ₹2,00,000 yearly limit. The tool leaves this out to stay simple.
Want someone to read the papers with you?
Bring your questions about RERA, khata, area or loans to the Reeva team. We will walk you through The Shalott Marque’s documents in plain words.