How can I calculate tax benefits for joint home loans?

The process for calculating tax benefits is essentially the same for joint home loans as it is for individual home loans.

The key steps would be:

Determine the total principal and interest repayment on the home loan for the financial year

Claim deduction on principal repaid under Section 80C up to ₹1.5 lakhs individually

Claim deduction on interest paid under Section 24b up to ₹2 lakhs individually

Check eligibility for other applicable deductions under Sections 80EE, and 80EEA individually

Calculate tax on the reduced income as per applicable tax slabs.

Compare this with a tax on income before deductions to arrive at tax saved