gold loan online

Usually, as a middle-class family, we get a gold loan to meet our basic needs and requirements. Gold loan is one of the safest and easiest gold loans to get if compared with other loans like home loans, personal loans, etc. You can easily get a gold loan online and offline, but make sure to get the best gold loan service, provider. There are many private, public and non-banking financial institutions offering plenty of gold loans. There are many reasons to go for the gold loan, and some of the reasons are fast processing, lower interest rate, no processing fees, no foreclosure charges, no income proof required, and also does not require a credit score.

Under the income tax act, 1961, you can enjoy tax benefits on loans like home loans. But it is not the same with the gold loan. You can get the tax benefit on the gold loans depending upon their end-use. However, the lender has nothing to do with the end-use of the gold loan, unlike other loans. Gold loans can be used in any aspect where you want to. If you want to avail the tax benefits, it is important to utilize the gold loan amount in the below-mentioned fields:

  • Home renovation- Our home usually requires renovation after a few years. Here a small fund will be sufficient to meet the repair or the renovation expenses. To meet these expenses, you can pledge your gold ornaments to meet these expenses. You will reap the tax benefits of spending the gold loan amount on home renovation.
  • Business expenditure- You can enjoy the tax benefit if you use the gold loan amount on your day-to-day business expenses. 
  • Construction or purchase of residential property- You can spend your gold loan amount on construction or purchase of the residential property to avail the benefit of tax benefits. Know that you can claim the tax deduction of nearly Rs. 2 lakhs in an accounting year. In case you have placed your residential property on rent, you can claim the entire interest paid in that accounting period, which will be an exemption from your taxable income.
  • Purchase assets- You can also use the gold loan amount to invest in the stock market. You will avail of the tax benefit in that assessment year when you will sell the shares or at the maturity of the shares.

So above are some areas where you can use the gold loan amount to avail of the tax benefit. It is important to find the gold loan service providers that offer the highest gold loan per gram in Hyderabad and other places. You can contact ‘Ruptok’ and get customized solutions to all your needs by using our gold loan calculator. Gold/loan amount differs upon the government rates and will be confirmed post appraisal of your gold jewels. At Ruptok, you will get the best services at lower interest rates without any hassle.