Two borrowers repaying one loan each pay their share of the EMI. Under the old regime each can claim their own deductions, if they also co-own the home. Everything runs in your browser; nothing you type is saved or sent.
Joint home loan
Each borrower's part of the EMI and of the first year's interest and principal.
₹60 lakh
Total EMI
₹52,069
Year 1: interest ₹5,05,419 · principal ₹1,19,414
Year 1, split by share
EMI share
Interest
Principal
Interest deduction
Principal deduction
Borrower 1 (50%)
₹26,035
₹2,52,709
₹59,707
₹2,00,000
₹59,707
Borrower 2 (50%)
₹26,035
₹2,52,709
₹59,707
₹2,00,000
₹59,707
For a self-occupied home under the old tax regime, each borrower can claim up to ₹2 lakh of interest and up to ₹1.5 lakh of principal (the principal limit is shared with their other section 123, earlier 80C, investments), but only if they are also a co-owner of the property. Under the new regime neither deduction is available for a self-occupied home.
Sources: Interest: section 22 of the Income-tax Act, 2025 (earlier section 24(b) of the Income-tax Act, 1961); Principal: section 123 of the Income-tax Act, 2025 (earlier section 80C); checked 1 October 2026.
Common questions
Can both joint borrowers claim tax deductions?
Under the old tax regime, yes, if each is also a co-owner of the property: up to ₹2 lakh of interest and ₹1.5 lakh of principal each, for a self-occupied home.
Do the shares have to be equal?
No. Enter each borrower's share of the repayment; the shares must add up to 100%.