Work out your home loan EMI, and how much of the first year’s interest and principal you can claim as deductions in the old regime.
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How it is worked out
- The EMI uses the same formula as the EMI calculator.
- Interest on a loan for a self-occupied home: deduction of up to ₹2 lakh a year in the old regime.
- Principal repaid: counts towards the ₹1.5 lakh limit shared with PPF, ELSS and life insurance, in the old regime.
- The new regime does not allow these deductions for a self-occupied home.
Questions people ask
Can co-owners both claim the deductions?
Yes. Each co-owner who is also a co-borrower can claim on their share of the repayments, within their own limits.
What about a home I have let out?
Different rules apply to a let-out home in both regimes. Share your details and we will work out what you can claim.
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Want us to work it out for you?
Share your documents and we will check the figures before anything is filed. We call back during office hours.