About the Co-Borrower Split Calculator
What is the Co-Borrower Split Calculator?
Taking a home loan jointly with a spouse or family member increases eligibility and can double the tax benefits, because each co-borrower who is also a co-owner can claim deductions separately.
Enter the loan, rate, tenure and borrower A's share. This joint home loan calculator splits the EMI and shows each borrower's first-year interest (Section 24(b), up to ₹2 lakh for a self-occupied home) and principal repayment (Section 80C, up to ₹1.5 lakh), capped at the legal limits.
How to use the Co-Borrower Split Calculator
- Home Loan Amount (₹) (sample: 60,00,000)
- Interest Rate (% per year) (sample: 8.5)
- Tenure (years) (sample: 20)
- Borrower A's Share of the Loan (%) (sample: 60)
- Press Split the Loan (results also refresh as you type). The result card shows the Total EMI, along with Borrower A pays per month, Borrower B pays per month, A – year-1 interest (Sec 24(b), max ₹2 lakh) and B – year-1 interest (Sec 24(b), max ₹2 lakh).
Formula used
Borrower share of EMI = Total EMI × Share %
- Interest deduction = min(share × year-1 interest, ₹2,00,000) each
- Principal deduction = min(share × year-1 principal, ₹1,50,000) each (within the overall 80C limit)
These deductions are available under the old tax regime; each borrower must be a co-owner of the property and pay their share of the EMI.
Worked example
These are the sample values already filled in the calculator above, and the result it returns for them:
| Input | Sample value |
|---|---|
| Home Loan Amount (₹) | 60,00,000 |
| Interest Rate (% per year) | 8.5 |
| Tenure (years) | 20 |
| Borrower A's Share of the Loan (%) | 60 |
| Result | Value |
|---|---|
| Total EMI | ₹52,069 |
| Borrower A pays per month | ₹31,242 |
| Borrower B pays per month | ₹20,828 |
| A – year-1 interest (Sec 24(b), max ₹2 lakh) | ₹2,00,000 |
| B – year-1 interest (Sec 24(b), max ₹2 lakh) | ₹2,00,000 |
| A – year-1 principal (Sec 80C, max ₹1.5 lakh) | ₹71,648 |
| B – year-1 principal (Sec 80C, max ₹1.5 lakh) | ₹47,766 |
| Total interest over the loan | ₹64,96,655 |
Tips for using the Co-Borrower Split Calculator
- Keep the ownership share and the EMI-paying share aligned in your documents.
- Women co-owners often get lower home-loan rates and lower stamp duty in several states.
- For a let-out property, interest is deductible without the ₹2 lakh cap, but the house-property loss that can be set off is limited to ₹2 lakh.