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.

 

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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.

 

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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.

 

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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.

 

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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.

 

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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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Now Buying a Home Together Can Act as a Tax Saving Instrument



While home loans have improved the affordability of purchasing your dream house, but on occasions where the need for funds is substantial or you fall short of the eligibility criteria, opting for a joint Home Loan can seal the deal for you.

 

In a joint home loan, you have a co-applicant who can be your immediate family member - father, mother, children, or spouse. In a nutshell, there is more than one applicant in a joint Home Loan.

 

Joint Home Loan Benefits

 

A joint home loan brings multiple benefits to the table. Some of the prominent ones are:

 

  • Higher Loan Eligibility
    Lenders closely gauge your eligibility before disbursing funds. A co-applicant significantly enhances your eligibility as both your incomes and creditworthiness are pooled together to calculate your eligibility.

     

Note that the lender considers the income level of both applicants in such a case. It also allows you to avail more funds towards buying your home.

 

  • Lower Rate of Interest
    When you add your spouse or mother as a co-applicant in a joint home loan, you can avail a slightly lower rate of interest. This is because most lenders lower the rate of interest for women borrowers, which can range from 10 to 25 bps (0.1% to 0.25%). As Home Loan is a long-term commitment, it results in significant savings.

     

  • Tax Benefits
    In a joint home loan application, both the applicants can avail home loan income tax rebate towards the payment of principal and interest. This entails higher tax benefits.

     

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

 

The principal amount paid towards a home loan qualifies for tax exemption under section 80C of the Income Tax Act, 1961. The maximum deductible amount is INR 1.5 lakhs.

 

Similarly, the interest paid qualifies for deduction under section 24, which is INR 2 lakhs (max). When you jointly apply and pay EMI towards a home loan, both you and your co-applicant can individually claim the deductions while filing your IT returns. So, as a family, the combined savings towards principal and interest are INR 3 lakhs and 4 lakhs.

 

  • Conditions to Claim Joint Home Loan Tax Benefits
    However, certain conditions need to be fulfilled before both applicants can avail tax benefits on Home Loan. These are:

 

  • You should be the property's co-owner: When a joint home loan is taken, often the co-applicant is not the property's owner as per the documents. In such a case, you can't claim tax benefits.

     

  • You must be the loan's co-borrower: If you are listed only as a co-owner and not a co-borrower, you can't claim tax benefits on Home Loan. The condition is in place because a co-owner may not necessarily contribute towards EMI payment.

     

  • The property's construction should be completed: Both borrowers can claim tax deduction from the financial year in which the property's construction is completed. Tax deductions are not available for an under-construction property.

 

As evident, opting for a joint home loan has multiple advantages. Often times, joint owners pre-pay their entire home loan, also known as foreclosure of loan. This saves joint home loan applicants considerable amount of money. In some case, joint applicants also split the downpayment cost.

 

However, check your co-applicant’s credit history to be aware of his/her creditworthiness before applying. Also, note that if your co-applicant doesn’t serve his EMIs, your credit score will be equally affected.

 

It will impact your loan eligibility criteria should you apply for a loan in the future. Read the fine print and go through the terms and conditions well before signing.

 

Also Read: What Can You Do To Improve Your Credit Score

 

Disclaimer: The contents of this article are for information purposes only & not a financial advisory. For more details, please refer to the product or service document and/ or connect with our customer representative prior to making any financial decision. The information is subject to update, completion, 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 financial decisions based on the contents and information mentioned. Please consult your financial advisor before making any financial decision.

 

Financing through Godrej Finance/Godrej Housing Finance Limited. Product Terms & Conditions apply, for details visit https://www.godrejcapital.com