Loan Against Property

 

Our Loans Against Property can help you through life’s biggest moments. Weddings, personal passions, educational fees or career changes - we’ve got you covered. Refinance any existing commercial or residential property at the best rates today.

 

Key Benefits | Interest Rates | Calculators | Documents Required | FAQs

Udyog Loan Against Property

 

Are you an MSME owner looking to scale your business operations? Take your business to new heights with Godrej Capital Udyog Loan Against Property. Our loan solutions enable business owners to get higher loan eligibility by allowing multiple sources of income to be considered. With quick loan approvals and attractive interest rates, our goal is to help your business achieve growth.

 

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Lease Rental Discounting

 

Want to leverage your rental earnings to get a loan? We offer industry-best loan-to-value Lease Rental Discounting, allowing you to explore new business opportunities, fund personal expenses, or even pursue higher education. Unlock the value of your assets without selling them.

 

Key Benefits | Interest Rates | Calculators | Documents Required | FAQs

Commercial Property Loan

 

Take your business to the next level with a Commercial Property Loan that finances construction, extension or improvement to make your business goals become reality. With plans designed for your life, you can rest assured that your business empire is in safe hands.

 

Key Benefits | Interest Rates | Calculators | Documents Required | FAQs

Balance Transfer

 

Transfer your existing loans to Godrej Capital and experience the benefits of lower interest rates, flexible repayment terms, and significant EMI savings. Enjoy higher eligibility, along with a Top-Up loan, to take care of your extra needs.

 

Key Benefits | Interest Rates | Calculators | Documents Required | FAQs

Home Loan

 

Seeking a Home Loan to buy a ready-to-move-in property, an under-construction house, or renovate your current residence? Our Home Loan, featuring low interest rates and flexible EMI plans, is specifically designed to help you accomplish buying your dream home.

 

Key Benefits | Interest Rates | Calculators | Documents Required | FAQs

Plot Loan

 

Found the perfect spot to build your future? Our Plot Loans can help make it yours. Our loans offer you the financial help, low interest rates and flexible payment options you need to construct the home of your dreams.

 

Key Benefits | Interest Rates | Calculators | Documents Required | FAQs

Professional Loan for Doctors

 

Whether you need working capital to start your own clinic or upgrade your current practice with new facilities and hire skilled staff, our professional loans for doctors are here to help you.

 

Key Benefits | Interest Rates | Calculators | Documents Required | FAQs

Professional Loan for Doctors

 

Whether you need working capital to start your own clinic or upgrade your current practice with new facilities and hire skilled staff, our professional loans for doctors are here to help you.

 

Key Benefits | Interest Rates | Calculators | Documents Required | FAQs

Professional Loan for CAs

 

Want to scale your professional practice? We now offer professional loans for doctors and chartered accountants (CAs) to help you expand your existing set-up, hire more staff, buy modern equipment, and fulfil other business requirements to improve and develop your services.

 

Key Benefits | Interest Rates | Calculators | Documents Required | FAQs

Business Loan for MSMEs

 

If you're an entrepreneur with a small business or an MSME and are aspiring to take your venture to greater heights, you're in the right space! While you hustle for your company's success, we stand prepared to accompany you on this journey. Access unparalleled funding possibilities with our MSME-focused business loans, aligning seamlessly with your endeavors for business growth.

 

Key Benefits | Interest Rates | Calculators | Documents Required | FAQs

Business Loan for Women

 

Are you a woman entrepreneur with a vision for business growth? We are excited to fuel your ambitions with our women-centric business loans. Whether you're spearheading a small-scale business or a micro enterprise, our MSME-focused business loans are designed to meet your business needs.

 

Key Benefits | Interest Rates | Calculators | Documents Required | FAQs

Business Loan

 

We give you the courage to take that next step that your business needs. Godrej Capital Business Loans empower you with customizable financing solutions to grow your business to the next level!

 

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What does New Tax Regime Say About Home Loan Tax Benefit?



The New tax Regime was announced in the Union budget of 2020-2021. As per a circular from the Central Board of Direct Taxes (CBDT) on April 13, 2020, salaried individuals can pick a tax regime for salary TDS. You can't change your chosen regime during the financial year. Your employer will deduct taxes based on the regime you chose in April. However, you can opt for a different regime when filing your Income Tax Return (ITR).

 

Many of these tax regulations under New Tax Regime affect various aspects of investments. One such regulation that will leave the potential borrowers disappointed, is the unavailability of a home loan tax benefit under Section 24.

 

Under the Old Tax Regime, tax benefits under Section 24B offers home loan tax benefits. But upon choosing New Tax Regime, the benefit cannot be claimed. The tax benefit is especially proven useful in the affordable housing segment.

 

Curious about the Section 24A? Read this article to know and how will this affect you.

 

What is Section 24B and its Benefits?
Under Old tax regime, benefits of Section 24B provides an additional tax rebate of up to INR 2 lakhs on home loan interest paid. This tax benefit on home loan interest is over and above INR 1.5 lakhs under Section 80C, available on home loan principal amount.

 

Online tax calculators can help you calculate tax benefits on your home loan.

 

Home Loan Tax Benefits in the New Income Tax Regime

In the new income tax policy, you can't claim an exemption on the interest paid for a self-occupied property under section 24. Moreover, since deductions under 80C are not allowed in the new regime, you can't claim an exemption on the principal amount either.

 

In other words, you can't get exemptions on both the principal and interest paid for a Home Loan on a self-occupied property under the new income tax rules. However, you can still claim an exemption on the home loan interest paid for a rental property.

 

Also Read: New Tax Regime vs. Old Tax Regime: Know the Difference & Effect on Home Loan

 

Old Tax Regime or New Tax Regime – What Should You Choose?

Choosing between the old and new tax regimes is crucial, especially when planning for a home loan. Under the old tax regime, you can claim tax exemptions and deductions, reducing your taxable income. Calculate your tax liability after deductions to compare with the new regime.

 

The new tax regime offers enticing benefits to encourage adoption. Here's what's changed:

 

  1. Increased Basic Exemption Limit: The basic exemption limit under the new tax regime is now Rs 3 lakh, up from Rs 2.5 lakh. This change applies from April 1, 2023, and is uniform for all age groups.

  2. Standard Deduction: Salaried and pensioners can now claim a standard deduction. For FY 2023-24, it's Rs 50,000 for individuals and Rs 15,000 for family pensioners.

  3. Zero Tax for Incomes up to Rs 7 lakh: Individuals with taxable income up to Rs 7 lakh won't pay any tax. Even those earning up to Rs 7.5 lakh can avail a standard deduction, resulting in zero tax liability.

  4. Default Option: The new regime is now the default option. Your employer will apply the new tax slab unless you specify the old regime.

 

However, note that nearly 70 exemptions present in the old tax structure are absent in the new one. Regarding the old tax regime, no changes have been made for FY 2023-24. If you opt for the old regime, your tax calculation remains the same as in previous years. Consider these factorsyou’re your income tax slab carefully before making your choice.

 

Maximize Tax Benefits with Joint Home Loans

Apply for a joint home loan to maximise tax benefits on your annual income. When you apply for a joint home loan, both borrowers are eligible for tax benefits if opted for Old tax regime.

 

Also Read: Maximising Tax Benefits: Navigating the World of Joint Home Loan Ownership

 

In Conclusion
Home loans not only help you buy your dream home, but the associated tax benefits also aid in lowering your tax outgo. Utilise the different sections of the Income Tax Act to maximise tax benefits from your home loan and plan your finances for a better and secure tomorrow!

 

The contents of this article are for information purposes only and not a financial advisory. The information is subject to update, revision, and amendment and may change materially. The information is not intended for distribution or use by any person in any jurisdiction where such distribution or use would be contrary to law or regulation or would subject Godrej Capital or its Affiliates to any requirements. Godrej Capital or its Affiliates shall not be responsible for any direct/indirect loss or liability incurred by the reader for making any decisions, financial or otherwise based on the contents and information mentioned. For more information, please visit www.godrejcapital.com