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.

 

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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.

 

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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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How to reduce interest payment on Home Loan?

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



When getting a home loan, one of the most common ways to plan your finances is through a joint home loan. A joint home loan refers to two or more people borrowing money from financing institutions to buy a house together. Opting for a joint home loan is helpful because it shares the responsibility of repaying the loan, while also bringing tax benefits. All the people who jointly own the home can get these tax benefits.

 

Unlocking Tax Benefits on Joint Home Loan

 

  1. Conditions for Claiming Tax Benefits
    1. Ownership Requirement: To unlock tax benefits for a home loan, joint owners must be actual owners of the property. This condition emphasises the importance of aligning legal ownership with financial obligations.

       

    2. Co-Borrower Status: Merely being an owner isn't sufficient; joint owners must also be co-applicants or co-borrowers. This dual role ensures a direct connection between ownership and loan responsibility.

       

    3. Property Construction Completion: Tax benefits can only be claimed once the construction of the property is complete. This condition ensures that benefits are associated with a finished, habitable dwelling.

       

  2. Understanding Tax Benefits
    1. For Self-Occupied Property: Each co-owner, acting as a co-applicant in the loan, can claim a deduction of up to INR 2,00,000 for interest on the home loan in their Income Tax Return. The total interest claimed is allocated based on ownership ratios.

       

    2. For Rented Property: Post the 2017 budget, deductions for interest on a rented property are limited to the amount where the loss from the property doesn't exceed INR 2,00,000.

       

  3. Optimizing Deductions for Principal Repayment

    Co-owners can individually claim a deduction of up to INR 1,50,000 towards repayment of principal under Section 80C, providing an added avenue for tax optimisation.


    You may also like to read about: Home Loan Management

 

Leveraging Co-Ownership for Enhanced Benefits

 

  1. Allocation of Interest Deductions

    The allocation of interest deductions is proportional to the ownership share. In scenarios of equal ownership, the benefits are evenly distributed, providing a fair advantage to each co-owner.

     

  2. Real-life Scenario: Equal Ownership

    Consider Rahul and his father jointly owning a property with a 50:50 share. If they paid INR 4,50,000 in interest, Rahul and his father can individually claim INR 2,00,000 each in their tax returns.

     

  3. Strategic Planning for Varied Ownership Ratios

    Ownership ratios impact tax benefits. A shift from a 60:40 to a 70:30 ownership ratio would also adjust tax benefits, accordingly, emphasizing the need for strategic planning.

 

Unravelling Tax Benefits for Joint Owners

 

  1. Determining Tax Deduction Fraction

    The tax deduction fraction is determined by the ownership proportion. Each co-owner can claim a maximum tax refund of INR 2,00,000 for interest on the home loan.

     

  2. Maximizing Individual Refunds

    Joint owners can maximize individual refunds by understanding their ownership share and optimizing their tax planning accordingly.

     

  3. Essential Requirements for Joint Ownership

    Joint ownership is contingent on both individuals being co-owners of the property, allowing them to claim tax benefits based on their respective shares.

 

Beyond Interest: Claiming Additional Benefits

 

  1. Stamp Duty and Registration Charges

    Joint owners can also claim benefits on stamp duty and registration charges, adding an extra layer to their comprehensive tax planning strategy.

     

  2. Detailed Guide for Comprehensive Tax Planning

    A thorough guide provides insights into maximizing tax benefits for joint owners, ensuring a holistic approach to tax planning.

     

    Within the complex landscape of joint home loan ownership, grasping the intricacies of tax benefits is crucial for maximizing financial advantages. Unveiling complexities and underlining strategic tax planning is essential for joint home loan owners. They should navigate with precision to maximize benefits tailored to their financial situation.

 

Also Read: Link to ITR Home Loan Blog

 

Disclaimer: 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