Key Takeaway
A joint home loan combines both applicants' incomes, boosting eligibility by 50–80%. Both co-borrowers can separately claim ₹2 lakh interest deduction (Section 24b) and ₹1.5 lakh principal deduction (Section 80C).
Joint Home Loan Eligibility Calculator
Estimate maximum loan limits when combining incomes of primary and co-applicants.
Applicant 1
Applicant 2
Loan Parameters
Joint Output
Advertisement
Frequently Asked Questions
What are the tax benefits of a joint home loan?
Both co-borrowers can individually claim tax deductions under Section 80C (up to ₹1.5 Lakhs for principal) and Section 24b (up to ₹2 Lakhs for interest), effectively doubling the family's total tax savings to ₹7 Lakhs annually.
Can a friend be a co-applicant in a joint home loan?
No, banks in India generally only allow immediate family members (spouse, parents, siblings) to be co-applicants. Friends or unmarried partners are usually not permitted.
Who pays the EMI in a joint home loan?
The EMI can be paid from a joint bank account or individual accounts. However, tax benefits can only be claimed in the proportion of the EMI actually paid by each co-owner.
Get Smarter With Money Every Week
Join 10,000+ readers. One actionable money tip delivered free every Sunday.
Was this calculator helpful?
Advertisement