Tata Capital Limited is a subsidiary of Tata Sons Limited. Tata Capital allows you to take a home loan with a co-applicant. The co-applicant to take the home loan can be any family member like your spouse/parents/children/ siblings. Taking a home loan with a co-applicant is beneficial as his/her income will also be considered which will help to enhance your home loan eligibility.Tata Capital offers eligible customers instant e-approval on home loan applications on BankBazaar.com. View details below
At least 25 years old
Less than 58 years old
with regular income
Earn more than the minimum
Earn more than the minimum
Loan capped @ 75% of property value
EMIs of other loans lower
Make your spouse a co-applicant,
and her income will add
to your eligibility
Choose longer tenure loan 1 year to 30 years
Alternatively add your parents
|Interest Rate||8.75% to 8.85%|
|Loan Tenure||30 years|
|Pre Closure charges||2% of LA|
When it comes to buying property, most people start looking at their savings accounts for support. Usually, the plans are dropped when they see that they do not have enough finance to invest in a property. However, with home loans, anybody can realize their dream of buying a new house.
With the branding of Tata, Tata Capital Housing Finance Limited (TCHFL) has been able to gain the trust of many people in the home loan sector. Apart from this, the various features and benefits of itshome loans have been a big plus point for its success in the financial market.
The primary thing a prospective home loan customer will look at is the interest rate. As of 18 Feb 2019, the applicable interest rate for Tata Capital home loan 8.75% to 8.85%. Mentioned rates are irrespective of the loan amount.
The interest rates applicable on Tata Capital home loans are as follows:
|Home Loan Slabs||Effective Rate of Interest*|
|Loan Amount up to Rs. 30 Lakhs||9.05% p.a.|
|Loan Amount greater than Rs. 30 Lakhs||9.20% p.a.|
|Home Loan Slabs||Effective Rate of Interest*|
|Loans up to Rs.75 lakh||8.90% p.a.|
|Loans above Rs.75 lakh||9.05% p.a.|
Note: For Women applicants or co-applicants, the rates offered are 0.05bps lower.
*Interest Rates are subject to change
|For Businessman||For Salaried Individuals||For Self-Employed Professionals|
|Filled Application form with photograph||Filled Application form with photograph||Filled Application form with photograph|
|Education Certificate and proof of business existence||Latest salary-slip||Education Certificate and proof of business existence|
|Identity and Residence Proof||Identity and Residence Proof||Identity and Residence Proof|
|Business profile||Form 16||Last 3 years Income Tax returns (self and business)|
|Processing fee cheque||Processing fee cheque||Processing fee cheque|
|Last 6 months bank statements (self and business)||Last 6 months bank statements||Last 3 years Profit/Loss statement and Balance Sheet|
|Last 3 years Income Tax returns (self and business)||Last 6 months bank statements|
|Last 3 years Profit/Loss statement and Balance Sheet|
Some of the main features of Tata Capital home loans are:
Be it a Chennai Home Loan or a Kolkata Home Loan, customers living anywhere in India need to fulfil the below criterion to become eligible for home loans from Tata Capital.
|Salaried Individuals||Professionals||Self Employed Individuals|
|Should be above the age of 24 years at the time of loan sanction and the tenure of the loan should end before 65 years or retirement, whichever is earlier||Should be above the age of 24 years at the time of loan sanction and the tenure of the loan should end before 65 years or retirement, whichever is earlier||Should be above the age of 24 years at the time of loan sanction and the tenure of the loan should end before 65 years or retirement, whichever is earlier|
|A good credit score||A good credit score||A good credit score|
|Employment stability should be more than 2 years|
Tata Capital Flexi EMI Home Loan allows borrowers to restructure their payment schedule in accordance with their present and future expected financial situation. This does not let the EMIs for the home loan place undue stress on the borrower’s income and allows them to make investments and take care of other expenses during their loan period. This option is most suited to individuals who have recently started working, because it allows the borrower to increase the amount he/she pays as EMIs in accordance with his/her income.
Step Up: This plan allows the borrower to gradually increase the amount he/she pays as EMIs in proportion to an increase in his/her income. This gradual increase allows the individual to service his/her loan without taking
Step Down: This plan allows the borrower to pay large amount of EMIs during the initial phase of the loan and gradually reduce the amount paid per EMI. This reduces the cost of the total loan incurred by the borrower.
Bullet: This plan allows the borrower to prepay his/her loan partially at periodic intervals of time. These prepayments reduce the borrower’s EMIs considerably and there are no charges levied on prepayment of loans.
Ballooning: This plan allows the borrower to make small payments to service the loan initially and pay a lump sum at the end of the loan tenure.
Some of the Key Features of Tata Capital Home Loans are:
Tata Capital offers its customers a Home Loan Balance Transfer feature to help reduce the monthly EMIs a borrower needs to pay, it will also provide borrowers with a Top Up facility to manage any extra expenses incurred. The various features of the Balance Transfer and Top Up facility have been listed below:
Many Indians have moved abroad in search of jobs or other commitments but would still like to buy a house in their motherland. To service the financial needs of NRIs to buy their home Tata Capital has introduced Tata Capital NRI Home Loans. These loans are specially designed for Tata Capital’s NRI customers and are offered at attractive interest rates. The various features and interest rates associated with these loans have been listed below.
Prepayment of your home loans is often a good idea once you evaluate the advantages and disadvantages of doing so. Not only does it reduce the outstanding principal on your loan but also reduce your loan repayment period. Tata Capital offers housing loans at competitive rate of interests with no prepayment penalties on partial prepayment of up to 25% of the outstanding principal during the year. One of the instances where zero pre-payment and foreclosure charges are applicable is if the home loan is on a fixed rate of interest basis and prepayments are made through the customers own financial sources.
|Rate||Description||Floating Rate Scheme||Fixed Rate Scheme|
|Party to the Agreement||-||All individuals||Non-individuals as a party to the agreement||Individuals/Non-individuals|
|Partial Prepayment Charges||Closure through own funds||No Charges||2% on the prepaid amount or Over 25% of the Principal Outstanding||No Charges|
|Foreclosure charges*||Closure through Home Loan Balance Transfer||No Charges||2% plus applicable taxes||2% plus applicable taxes|
|Closure through own funds||No Charges||2% plus applicable taxes||No Charges|
*In case the individual makes any partial prepayment before the completion of 12 months after the preceding payment, foreclosure charges shall be applicable.
*If the home loan is a semi-fixed loan, i.e. fixed interest rate during the initial period and then floating rate of interest during the later period, prepayment and foreclosure charges for floating rate type loans will be applicable on the housing loan being converted to a floating rate home loan.
You can track the the status of your home loan application by visiting the Tata Capital ‘Track My Application’ website and entering the required details on the portal. You can either track your home loan application through your loan application number or your registered mobile number. Enter your date of birth as per the format and click submit. You should be able to track the status of your home loan application.
Tata Capital has introduced a scheme to provide for the financial needs of customers who would like to purchase or construct a house in Tier 2 and Tier 3 cities across India. The Rural Housing Finance scheme allows customers to avail Home Loan products from Tata Capital at attractive interest rates and relaxed repayment schedules. The various features and interest rates applicable to Tata Capital Rural Housing Finance have been listed below.
Tata Capital’s Prapti Home Loan under the Pradhan Mantri Awas Yojana – Housing for All scheme is set up by Tata Capital to ensure the availability of funds to economically weaker sections of society and low income groups at low interest rates and charges with the objective of providing housing for all in India. The scheme will allow the recipient to use the funds for the construction of additional rooms, kitchen, toilet etc. It also allows the recipient to utilize the funds to purchase a new house or flat or to start a new construction. This scheme will cover all 4041 Statutory Towns as per the Census of 2011.
Features of Capital Prapti Home Loans
Tata Capital Switching and Refinancing Options
Tata Capital is continually endeavouring to give customers a transparent, customer centric experience. Tata Capital’s brand proposition is “We only do what’s right for you.” Keeping their brand proposition in mind Tata Capital offers its customers the option to switch how their interest is calculated to reduce their total interest payment on a loan. All Tata Capital Home Loan customers are eligible to avail this facility by paying a nominal switching fee. Customers can opt to reduce their Equated Monthly Instalments (EMIs) by increase their loan tenure or increase their EMI payments by reducing their loan tenure.
A customer may change his/her interest from a fixed interest rate to the prevailing floating rate of interest by paying a nominal switch charge. The switching fee will be calculated up to 50% of the differential interest rate on the principal amount outstanding. The switching fee can be a maximum of 1% of the principal amount outstanding. Additional service tax is applicable to this fee.
Tata Capital offers its customers insurance for their home loan. Home Loan Insurance protects the borrower’s interests and the interests of his/her family. In case an event arises where a customer is unable to pay the EMIs on a home loan, the home loan insurance will protect the customer’s family from taking on the liability of the outstanding loan amount.
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