Joint loan, claim deduction for home loan interest

Hello all-

I wanted to know if a loan is taken jointly, then how much each of the loan holders can claim a deduction for home loan interest?

thank you.



It can be proportional to the amount they are contributing for the loan repayment.
But it not mandatory, individuals can decide on the percentage based on mutual consent.

As an employer it is best to collect the declaration from the joint owner about this arrangement.
You can refer this format.Joint Owner Declaration.xlsx (11.4 KB)


Hi Jyoti,

This article might be helpful to you. I found it good and it addressed a lot of points i was looking for recently.

some of the points to begin are:

“5. Each joint owner can claim interest of 2 Lakh depends on EMI paid
6. How much amount is being paid through EMI is eligible for interest benefit, but the amount of interest to be shared in the ratio of property share
7. In case of non mentioning of share of property, 50:50 is being assumed, and eligible for interest benefit in the same ratio” and so on…"


Under Section 80C - The princial amount can be claimed as a deductions for Rs. 1,50,000/- overall in total

Under Section 24 - Interest amount can be claimed as a deductions upto Rs. 2,00,000/-


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