Co-applicant Split Calculator

What is the Co-applicant Split Calculator?

Adding an earning spouse, parent or sibling as a co-applicant combines your incomes, which can raise the loan amount significantly. Each co-applicant who is also a co-owner can also claim tax deductions.

Enter both incomes and existing EMIs, the lender's FOIR, the rate and tenure. This joint home loan eligibility calculator shows each person's eligibility alone, the joint eligibility and the extra loan the co-applicant brings.

How to use the Co-applicant Split Calculator

1. Applicant 1 – Net Monthly Income (₹) (sample: 1,00,000)
2. Applicant 1 – Existing EMIs (₹) (sample: 10,000)
3. Co-Applicant – Net Monthly Income (₹) (sample: 60,000)
4. Co-Applicant – Existing EMIs (₹) (sample: 0)
5. Lender's FOIR Limit (%) (sample: 50)
6. Loan Rate (% per year) (sample: 8.5)
7. Tenure (years) (sample: 20)
8. Press Check Joint Eligibility (results also refresh as you type). The result card shows the Joint Loan Eligibility, along with Applicant 1 alone, Co-applicant alone, Extra loan from adding the co-applicant and Affordable joint EMI.

Formula used

Eligible loan = (Combined income × FOIR − Combined EMIs) ÷ EMI per rupee

• EMI per rupee = r × (1 + r)ⁿ ÷ ((1 + r)ⁿ − 1)

Both applicants' credit scores are checked; a weak score on either can hurt the application.

Worked example

These are the sample values already filled in the calculator above, and the result it returns for them:

Tips for using the Co-applicant Split Calculator

• Women co-owners often get lower rates and stamp duty concessions.
• The co-applicant is equally liable for the loan.
• Plan for what happens if one income stops — keep adequate term insurance.