Get the Tata Capital App to apply for Loans & manage your account. Download Now

Blogs SUPPORT

Equipment Finance

Avail Digital Equipment Loans
up to Rs. 1 Crore

  • Attractive ROIs
  • Customizable Loan tenure

Equipment Leasing

Avail Leasing solutions
for all asset classes

  • Up to 100% financing
  • No additional collateral required

Tata Capital > Blog

Top Trends in New Construction Home 2021

The coronavirus pandemic had a considerable impact on the home construction sector with social distancing, cash flow interruptions, supply chain disruptions and business closures. These factors have contributed to altering the workings of the industry and compelled the builders to adopt techniques for smarter, safer and more sustainable homes.

Modern homes have become so much more affluent thanks to developments in building methods. Every year we witness new home construction trends arrive to make the lives of residents a bit more comfortable. Moreover, construction technologies have advanced by leaps and bounds, making way for efficient building techniques.

Have a look at the new home construction trends 2021 driving this industry into a new decade.

A shift towards eco-friendliness

Industries, as well as people, are becoming increasingly mindful towards the environment. This reflects in an inclination towards bio-design, which utilises natural materials for constructing houses. Usage of recyclable materials like wood, gypsum, concrete and metals not only lowers the stress on nature but also reduces the overall material costs.

Green home construction techniques have become very popular among homeowners as they are also renovating their old homes, keeping sustainability as a target. You can also renovate your current house according to green building trends using a home loan if you are short on funds.

Additional Read: Will Green Homes be the New Smart Way towards Real Estate Investment in 2021?

Technology takes centre stage

Technology has penetrated arguably every industry imaginable. Home construction is no exception. Augmented Reality (AR) proves to be highly useful in creating a 3D visual model merged with reality for your home project. Furthermore, drones help survey the ongoing project remotely from aerial angles.

Building Information Modelling (BIM) is gaining traction as a 3D model-based process that is insightful for the construction, engineering and architecture professionals. 3D printing is also going mainstream, as it is already being used in creating buildings. With home loan interest rates getting transparent, it is wise to opt for a loan as these technologically intensive home construction techniques demand a high budget.

Energy efficiency

Energy-efficient home designs are trending as they have long-term benefits for home-owners. Installation of solar panels can make your house independent from external supplies for electricity. Also, energy-efficient glasses and building materials minimise the heat transfer between indoors and outdoors. This helps keep the home maintain suitable temperatures in both – winter and summer, thereby decreasing the load on air conditioners and heaters.

High-quality windows are in-demand as they allow more natural light to enter and cut dependence on artificial lighting. These beneficial energy saver materials can drill a hole in your pocket, though. But, you need not exhaust your savings as you can check your home loan eligibility calculator online and apply for the same for some extra assistance.

Additional Read: Why 2021 is the Best Time to Make a Real Estate Investment in Smart Cities?

Conclusion

Are you in search of a loan to construct your trendy home? Let Tata Capital assist you with its best housing loan offerings. With attractive home loan rates, our reliable services will let you build the house of your dreams.

Also, with our home loan EMI calculator, you can easily calculate your potential EMI to repay the loan amount. What’s stopping you? Know more about our diverse plans by logging on to our website today!

Top Reasons Why Tier-2 Cities Are Worth the Investment

As potential home hunters, we are picky and prudent, and rightly so! Primarily we look for two things while searching for a home – affordability and facilities.

If you feel that the bustling metros and tier-1 cities are the places to be, you might be surprised to know that the sentiment is fast changing. With low property costs and emerging smart technology, tier-2 cities have become a popular investment option for home buyers.

But that’s not all. Let’s dive a tad bit deeper into what’s drawing people to these cities for property investment.

Additional Read: Home Loan in Chandigarh

Modern Amenities

Many are of the belief that smaller cities are investment-friendly because their facilities are basic, just about necessary for a satisfactory standard of living. This is not true. Highly urbanized, the tier-2 cities of India today have excellent healthcare facilities, growing job opportunities, and developed infrastructure – all at an affordable price. And unlike popular belief, these cities aren’t just for retired folks. Lately, they are seeing a significant influx of young population in search of homes.

Growing Job Opportunities

Thanks to the reduced operational costs and availability of office spaces they offer, these cities are fast becoming commercial hubs. What makes it better is also the ease of doing business here. So, if you are fretting about the lack of career opportunities here, there is good news! With significant infrastructural development, there has been an immense push for commercial development in cities like Pune and Aurangabad, making them perfect for settling down in.

Additional Read: home loan in jaipur

Infrastructure Development

If you were to look at the top 10 tier-2 cities in India, you would find that they house advanced public and private infrastructure. There is easy connectivity through roads, highways, and airports. Electricity, telecommunication, waste management, et al – India’s second-tier regions are fast advancing in all areas. Furthermore, the emergence of smart cities is transforming their face, giving tough competition to tier-1 cities.

Affordability of Market

Cities that fall under the tier-2 category are typically untapped housing markets. With relatively lower property costs, you’ll find these cities an affordable option for buying a house. What’s more, the easy availability of home loan means you can own a house of your own without difficulty, should you choose to settle down in any of these cities.

Growing Retail Investment

Over the years, cities such as Chandigarh, Jaipur, Pune, etc. have been experiencing a major shift in lifestyle. With their populace’s disposable incomes rising, they have become a growing market for many luxury and premium brands. Additionally, the emergence of mall culture has also changed the face of these cities extensively.

Additional Read:  List of Reasons Why You Should Buy a House in Smart City

So, if you are ready to settle down in a tier-2 city in India, Tata Capital is here to erase your financial woes. After all, good planning is central to good investment!

Visit us today for competitive home loans, designed to help you come closer to your dreams. Check your home loan eligibility on our website and use our home loan EMI calculator to plan your investment with more clarity.

Top Business Ideas Which Will Flourish in 2023

Many abandon their dreams of building, creating, and innovating small business ideas in the face of competition. And, to add to the struggles, the hunt for funding has been the bane of an entrepreneur’s existence for long. However, it is ideas that bring the people, the company and the market together.

As Walt Disney once said, “If you dream it, you can do it”. On that note, here are a few start-up ideas that we believe will flourish in 2023.

Rideshare drivers

For challenging times like these, when starting a business seems daunting, you can become a rideshare driver. All you need is a driver’s license, car, and good interpersonal skills. The overheads and responsibilities involved in running the business fall on the parent company. It is a great way to test the entrepreneurship waters before entering big time and shouldering more responsibilities.

Co-working space

Here is one of the top business ideas in 2023– co-working spaces!Now when employees are working from home, several employers recognise the high rental expenses they used to incur for separate offices. This is where co-working spaces pop out. They not only reduce rental expenses but also shares expertise and skills. If you have free space, you can start cracking on this idea.

Digital marketing/ Content writing

Growing media and the internet maze makes it harder for businesses to search and reach for customers. If SEOs, content marketing, pay-web development, or social media management are your tools, you could freelance as most companies prefer to outsource such skills – as long as you have an internet connection.

Additional Read: What Should Be Your Business Growth Strategy for 2021?

Online teaching

Demands for online education have opened up a wide possibility for entrepreneurs to start their ventures. Since this is an online business idea, you can choose any subject you have knowledge about and teach a course regardless of your location. If not, you can always consider teaching English as a foreign language online to students overseas.

And, when the time comes to expand your business, you can easily avail of a loan. If you are looking for business loan for your online teaching portal right away, you can use an online business loan calculator to understand your financial requirements first.

Online reselling

With an eye for fashion and dedication, you may consider starting an online reseller business. It is a great venture to start as a side hustle and then pick up full-time. However, it is wise to opt for financial aid before battling inventories and supply. To do so, you can choose a loan with a lower business loan interest rate.

E-commerce Indian culture store

Authentic and decorative pieces that reflect the Indian culture is a huge favourite. You can pitch in an e-commerce store for this niche market and target customers with an innovative and profitable venture. With business loan eligibility, you can establish your market and operations.

Additional Read: Top Small Business Trends for 2021

To sum up

Do you have a solid business idea but are falling short on finances? Don’t fret! Simply turn to one of India’s most trusted lenders – Tata Capital. Our customisable loans, attractive interest rates and flexible repayment terms suit every borrower.

You can also log on to our website and use our business loan EMI calculator to accurately figure out a monthly instalment you are comfortable paying.

Get in touch with us today!

Types of Home Loans available in India

“Owning a home is a keystone of wealth – both financial affluence and emotional security”, aptly says Personal Finance Expert, Suze Orman. However, soaring real estate prices have made it tough to buy one in India. That’s where a home loancan provide you with the essential financial assistance to build or maintain the home of your dreams.

Different home loan types

But, before applying for a loan, do ask yourself this question – Which home loan will be best for me? To meet the specific requirements of a variety of individuals, financial institutions offer a host of different options. Therefore, it helps to stay informed about the various plans so that you can choose the best alternative that aligns with your exact needs.

So, let’s take a look at some types of home loans in India.

Standard home purchase loan

This basic home loan is one of the most prevalent kinds of home loans in India used for buying a pre-approved or new home, residential property – bungalow, townhouse, apartment, flat, etc. It is a fairly common home loan option with floating, fixed or hybrid interest rates levied on it. Financial institutions can sanction up to 80 – 90% of the current monetary value of the property as the loan amount.

Home extension loan

If you feel the need to add space to your existing residence, a home extension loan is perfect. You can avail of this option to build some new rooms, add another floor or simply want to expand your home according to your necessities.

Additional Read: Top Things to Know about Home Extension Loan from Tata Capital

Land purchase loan

This is one of the most widely used types of home loans. As its name implies, a land purchase loan helps you to buy a piece of land or a plot on which you can construct later as per your wish. You can also simply keep the land as an investment. Usually, lenders can approve up to 80 – 85% of the market value of the land or plot as the loan amount.

Home construction loan

This type of loan is designed to provide funds for those who own or co-own a plot of land and want to construct a house on it. The application and approval procedure for such a home loan is dissimilar to other options as it includes the cost of the plot. Also, the plot should have been purchased within a year. If you meet the home loan eligibility, then the loan amount may be disbursed in several instalments or all at once. You may also consider this option to complete the construction of a partially-built home.

Additional Read: Home Loan vs. Home Construction Loan

Balance transfer home loan

You may be having an existing home loan and unhappy with its home loan interest rates or lender’s services. Thankfully, you can always switch from one lender to another through a balance transfer option.

Searching for the best home loan provider? Your search ends here as Tata Capital’s bespoke home loan offerings are perfect for all your home-related needs. With attractive interest rates and home loan tenures up to 30 years, you can also choose the loan amount and home loan EMIperiod as per your convenience.

Our industry-standard services will provide you with a seamless experience to meet your requirements without any hassle.

Top 5 Tier 2 Cities for Buying Property in India

We are moving from an era when people wanted to settle down in bustling metros, to one where they are preferring calmer and less crowded neighbourhoods. Of late, there is an emerging shift towards buying properties in tier-2 cities of India because of multiple reasons. Home buyers, in particular, are choosing these cities for their immense growth potential in terms of the standard of living and employment.

Let’s take a look at some of the most popular cities emerging as real estate investment hubs.

Coimbatore

Over the years, Coimbatore, affectionately referred to as the Manchester of South India, has risen in popularity as a city to buy property in. It houses a large collection of property inventory, currently available at affordable rates. Here you’ll find excellent infrastructure facilities, an efficient public transportation system, and modern amenities, making it a go-to place to settle down!

Additional Read: Home Loan in Chandigarh

Vishakhapatnam

Vishakhapatnam is yet another popular option when it comes to tier-2 cities for buying property in. Located in the southern part of India, this quaint city has turned out to be an investment-friendly paradise over the years. It boasts of a large number of affordable properties that are up for sale. The Metro project that has come about in the city has made it a preferred destination for industries as well.

Additional Read: Your Detailed Guide for Buying a House in Top Indian Cities

Chandigarh

A vibrant and extremely well planned city, Chandigarh scores high on popular tier-2 cities in India. The city has attracted top developers that have flooded the real estate market with attractive housing options. Affordable property prices, an organised water supply system, and an efficient road network are some of the reasons that have led to folks flocking to Chandigarh in search of their dream home.

Vadodara

The government of Gujrat has been relentlessly working on transforming Vadodara into its industrial capital and lo! The city is not far from it. The city is home to top-notch residential townships, world-class public infrastructure, and modern commercial spaces. In fact, many home buyers on the hunt luxury properties at an affordable price range are choosing Vadodara for its many advantages.

Trivandrum

Adorned with rich cultural heritage, the magnificent capital of Kerala has seen some incredible highs concerning its real estate sector. Popular for its apartments and villas, Trivandrum has good infrastructure capabilities that have drawn real estate developers to it. Being one of the biggest IT hubs in India, it brings great opportunity for its working population. This city has been attracting young people over the years who find it excellent for settling down in.

Additional Read: Five Real Estate Rules All Home Buyers Must Know

Planning to buy a house in one of these cities? Apprehensive about your finances? Be it any city in India, buying a home would entail responsibly planning for the future. At Tata Capital, you will find easy home loan with competitive home loan interest rates. Wondering where to start?

Make use of our home loan EMI calculator to understand your loan obligations. Start your home buying journey with checking your home loan eligibility on our website today!

Things to Keep in Mind before Applying for a Business Loan in a Tier 2 City

It is no secret that the tier 2 cities have been emerging as the fastest-growing economies within India. While starting a business in a major city has its advantages, economic growth and opportunities in metropolises have been on the brink of saturation over the past decade. But, the tier 2 cities continue to be untapped assets of the country with the availability of land, skilled labor and ample growth opportunities.

If you aspire to start a business venture in a tier two city, you will likely apply for a loan to finance your enterprise. Here are a few things to keep in mind before availing of a business loan in a tier 2 city.

Keep your business plan ready

For your businessfinance application to be approved, you must have a concrete business plan. Start-ups in a tier 2 city must develop an on-ground model before approaching investors. Lending institutions have now penetrated the tier 2 cities in the country, and new credit profiling methods have been developed. Having a business plan will help potential investors decide whether investing in your venture will be fruitful.

Additional Read: Things you should know for a Great Business Plan

Start big

When you begin your business in a metropolitan city, yours will be one of many such ventures and getting in the spotlight might be quite difficult. In a tier-2 city, exclusivity is the key. Therefore, start big, grab potential customers’ attention instantly, and be identified as a robust and reliable player.

So, while applying for a loan, keep in mind the expenses involved in kick starting your business. Secure a loan at reasonable business loan interest rates to stay within budget even when you grandly launch your business.

Know the available loan options

To ensure a steady flow of funds for your business, choose a business loan structure most suitable for you. Meaning, if you need a lump sum to fund your business needs, term loans should suffice. If you need a small amount of funds and are looking for a shorter repayment tenure, avail short-term loans. Personal loans and equipment loans are also good options suitable for financing a start-up. Before applying, check your business loan eligibility for the perfect loan solution to sustain your business.

Maintain a good credit score

Having a high credit score can fast track the borrowing process and help you secure a higher loan amount with lower interest rates. A good credit score exhibits your credibility and increases the chances of loan approval.

While starting a business, you will need excess funds for buying capital or renting factory spaces. A high credit score will help you negotiate a higher loan amount as well as lower interest rates to meet these expenses.

Additional Read: Tips to Improve your Credit Score to Get Business Loan

Parting thoughts

Need help selecting the perfect loan for your start-up in a tier 2 city? Tata Capital is here to assist you in your journey. We offer businessfinance at attractive interest rates with flexible tenures and easy repayment options.

Before applying, you can also use our business loan EMI calculator to check your potential monthly instalments by logging on to our website.

To know more, reach out to us today!

MHADA Lottery Scheme 2020-21: Here’s All You Need to Know

If you live in Maharashtra, most of you must already be familiar with MHADA and its lottery scheme. If not, then this article will cover everything you need to know about the MHADA lottery scheme 2021.

What is the MHADA scheme?

MHADA stands for the Maharashtra Housing and Area Development Authority. This government body is accepting applications for its affordable housing policy under a lottery scheme. The idea is to award low-cost houses to the residents of different Maharashtrian cities.

Besides, this isn’t the first time that MHADA has launched such a project. In June 2019, under the MHADA lottery scheme of 2019 for Mumbai, the authority allotted 217 housing units to the lottery scheme winners. Now, the MHADA upcoming lottery will provide a budget-friendly housing plan covering a considerable ground in areas such as Mumbai, Pune, Kolhapur, and Solapur.

Additional Read: Home Loan in Mumbai

What all categories does this scheme shelter? It includes the Economically Weaker Section (EWS), Lower-Income Group (LIG), Middle-Income Group (MIG), and Higher-Income Group (HIG). Several financial institutions offer attractive home loan interest rates for furnishing your financial needs.

Additional Read: What is MHADA How Does It Benefit Home Buyers

Are you eligible for the scheme?

The authority has been diligent in identifying the appropriate beneficiaries of the scheme. So, there exist specific eligibility criteria that one must meet to become eligible for this scheme.

According to the MHADA prerequisites, the applicant must be above 18 years with a PAN card. The board will entertain no application in a child’s name.

Furthermore, the applicant must possess a Domicile Certificate to prove his/her stay for 15 consecutive years in any part of Maharashtra. There is also a set income bracket for different categories.

  • Monthly income for EWS category should fall under Rs. 25,000
  • Monthly income for LIG flats should be between Rs. 25,001, and Rs. 50,000
  • For the application of MIG flats, your monthly income must be from Rs. 50,001 to Rs 75,000
  • Those with monthly income over Rs. 75,000 can apply for HIG flats

Additional Read: Step-by-Step Guide to Apply for Mumbai MHADA Scheme

What documents do you require for the MHADA lottery scheme 2020-21?

You must hold all the following documents if you are applying for the scheme:

  1. Aadhaar card
  2. Domicile certificate
  3. PAN card
  4. School leaving certificate
  5. Voter ID card
  6. Driving license
  7. Birth certificate
  8. Passport

The online application process is relatively straightforward. You must register on the MHADA lottery website and furnish the form with your income, contact, and other details. By paying a nominal fee, you can confirm your application.

If you win the lottery, you can gain possession of your flat by paying its cost. To help you with the same, lending institutions like Tata Capital can help you finance your house with a home loan. However, you must satisfy the home loan eligibility criteria to apply for a loan.

Our home loan interest rates are highly competitive and can be the key to your dream abode!

The tentative flat pricing starts from Rs. 15 lakh and touches Rs. 6 crores. You can use our home loan EMI calculator to determine the exact details of the monthly instalments and tenure of the loan if you become a lucky winner of the scheme. So, don’t wait any longer! Log on to our website today and use our home loan calculator to make an informed decision.

Knowing the Difference between Carpet Area, Built-Up Area and Super Built-Up Area

What is super built-up area, carpet area, and built-up area? In this blog, we find out.

When purchasing a house, you’ll come across several real estate terminologies you may not be familiar with. Carpet area, built-up area, and super built-up area are terms used back and forth to refer to the area occupied by the house. When you go house hunting, you should clearly know these, so you aren’t misled and can make a smart decision.

In this article, we understand the difference between carpet area and built-up area and super built-up area.

Carpet Area

As the name suggests, the carpet area is the area that is covered by a carpet laid out across the house. The room sizes are often specified in terms of carpet area. This includes all areas – the living room, bedroom, dining room, dressing room, kitchen, bathrooms, stores, balconies, and any other room or area that is generally used by people.

It is worthy to note that the carpet area does not include external and internal walls, common areas, or terraces. This is the most important terminology as it tells you the usable space in your home. Simple math will make it clear that if your room is 5m x 6m, then your carpet area will equal 30 sq. mt.

Area of Carpet = Total Area (Bedroom + Living Room + Bathroom + Kitchen) – Wall Thickness

For example, if your unit’s built-up space is 1300 square feet, your carpet area should be roughly 900 square feet. The property’s dimensions are measured from one inner wall to the next inner wall.

Carpeted areas account for 70% of the total built-up area.

Built-Up Area

The built-up area includes additional spaces to the carpet area. For example, the thickness of the wall. Briefly, this area includes the carpet area, internal and external walls, and utility ducts. This term is comparatively used in fewer instances as opposed to the carpet area.

In simple words, the difference between carpet area and built-uparea is that 25-30% of the carpet area can be assumed to be the latter. Therefore, if your realtor tells you that the built-up area of your apartment or house is 900 sq ft, then it’s safe to say that the total usable area is about 650 sq ft.

Super Built-Up Area

As the name suggests, the super built-up area is a little more than the built-up area. For any space that you purchase, there would be certain common areas for which you will be required to pay maintenance. This can include your lift, lobby, staircases, pipe ducts, community centres, and similar spaces. Spaces like roof terraces, parks, gardens, and such are excluded while calculating super built-up area. This area will account for about 25% of your built-up area. It is also the measurement that developers and realtors take into consideration while calculating the final cost of the building.

In short, it is safe to assume that the proportion of your carpet area vs built-up area vs super built-up area will be 70:20:10.

Built-up area vs Carpet Area vs Super Area

Builders routinely exploited the super-built-up area as the space-measuring unit to take advantage of the lack of clarity on space computation. This was before the RERA made it essential for them to sell flats based on carpet area. They were able to reduce the property’s per sq ft cost by using a super built-up area as the measurement unit. It also gave the customer the idea that they were purchasing a large home when they weren’t.

Super built-up area is the total they arrive at after combining common and built-up regions. Because it becomes a benchmark for developers to quote their buyers, the super built-up area is also known as the saleable area.

What is covered in the Super Area vs Carpet Area?

Super built-up area comprises

  • The flat’s built-up area
  • Pipe
  • Lobby
  • Lift
  • Swimming pool
  • Gymnasium
  • Clubhouses
  • Staircases
  • Air ducts
  • Event hall
  • Lobby

According to the RERA Act of 2016, it is the builder’s responsibility to inform buyers about the carpet area and propose pricing based solely on that, rather than the super built-up area.

Buyers can inquire about the carpet area to super built-up area ratio from the developer. Space is estimated based on the carpet area to the super Built-up area ratio.

A lower cost may not always imply a better bargain. Prior to the implementation of RERA, it was typical to base the price of an apartment on the super built-up area. But that is no longer the case.

Built-up Area vs Carpet Area

A carpet area refers to the space that can be covered by a carpet, whereas a built-up area refers to the area that remains after the carpet and wall areas have been added.

Over to you

Buying a house can be financially exhausting, so when you start on your purchase journey, it is important to plan your finances meticulously. Home loans these days are a popular option among home buyers.

At Tata Capital, we offer competitive home loan interest rates that make owning a home much easier than it looks! You can avail a Tata Capital Home Loan worth Rs. 5 crores. Use Online Tata Capital’s home loan EMI calculator and compute your monthly instalments along with interest payable.

Choose us for easy home loan EMIs, flexible tenures, and a quick disbursal process.

Is It Better to Get a Furnished Apartment or an Unfurnished Apartment?

Have you been rounding up multiple apartments for purchase lately? If so, you must have faced the challenge of deciding whether is it better to get a furnished or unfurnished apartment! Several new homebuyers face this dilemma.

Therefore, we have jotted down the positives and negatives of both to guide you through the furnished vs unfurnished apartment debate. Here’s our conclusion on the topic:

The affordability factor

While you search for the perfect housing property, your budget can be the most significant deciding factor. You indirectly pay for the furnishings as an added cost in a furnished apartment’s overall property price. Moreover, if you have high expectations from your place, you might consider hiring an interior designer for an unfurnished apartment.

Simply put, an unfurnished apartment typically costs less than a furnished one. Also, how much home loan can you availmay help you decide the type of house you can afford to buy.

The time factor

Furniture and household essentials are a tough buy. It requires endless shopping cycles to furnish a home for a comfortable living. So, a furnished apartment saves you the hassle when you are in a time crunch.

You save additional time with a furnished home by eliminating the hassle of packing, shifting, and unpacking furniture from your previous pad. As a bonus, you save expenses on movers and packers.

Control or no control over home décor

A furnished apartment leaves little-to-no choice in terms of design and furniture. As a result, you get restricted in your décor choices. And, ideally, all the furniture and accessories are already in the best possible placements. So, if you happen to be an interior design fanatic, then a furnished apartment is not for you.

On the contrary, an unfurnished apartment gives you the freedom to splash your style and customize the blank canvas. It may come at a cost, but financial aid at attractive home loan interest rates can help you here.

Moreover, such loans have simple home loan eligibility criteria, which you can easily meet.

If you are unsure whether you qualify for low-interest housing finance, a helpful tool called the home loan eligibility calculator can be convenient to check your eligibility beforehand.

Additional Read: Find Out the Right Time for Your Home Extension

“Furnished” is a varying term

When we speak of a furnished space, there are no set standards to measure the quality. A furnished home may or may not have a sofa and TV in the living space, or a modular kitchen with crockery and appliances. 

Therefore, you may end up needing your old furniture or buying new ones to fill the vacant spaces in a “furnished” apartment as well. Besides, the builders/developers usually place substandard furnishings meant for superficial appearance.

Additional Read: 7 Questions to Ask When Buying A House

Final thoughts

Now you are ready to make a well-informed choice between buying a furnished and an unfurnished apartment.

For managing finances for the same, lending institutions, provide lucrative housing finance. Before applying, it is recommended you use an online EMI calculator for home loans to estimate potential monthly instalments.

Whichever of the two you select, you can always rely on Tata Capital to assist with financial aid at enticing home loan interest rates.

Our product offerings will allow you to arrive at a profitable solution at the earliest. Our online home loan EMI calculator can also be a handy tool. Use our home loan calculator to make an informed choice regarding the loan tenure, amount, and monthly instalments. Acquire the best offers by getting in touch with us today!

All You Need to Know about the Coir Udyami Yojana

Did you know that the coir industry employs more than 7 lakh workers across all the principal coconut-producing states in India? This labor-intensive industry is majorly export-oriented and has earned the nation a whopping Rs 2,192 crores of foreign exchange until 2019.

To further promote the coir industry’s workings, the Government of India introduced the COIR Udyami Yojana.  

What is it?

This credit-linked subsidy scheme is a mix of business loan and interest subsidy offered by the Central Government to aid entrepreneurs in setting up coir units. Project costs up to Rs. 10 lakhs and one cycle of working capital (that should not exceed 25% of the project cost) will be covered under this scheme.

Also called CUY, this Yojana launched and implemented by the Coir Board and the Ministry of MSME, meant good news to all families that derive their income from this activity.

Here’s everything you need to know about the scheme.

Features of the scheme

  • This Yojana has been launched, keeping in mind the need to establish micro-level coir units in the country.
  • The applicant needs to pay for only 5% of the project cost, initially.
  • Entrepreneurs can avail 40% of the project costs in the form of subsidy assistance from the government.
  • Grants in the form of CUY business loans with concessional interest ratesshall cover the remaining 50% of the project costs.
  • This scheme covers costs that include all kinds of purchases made towards capital establishment. 

Additional Read: How to Get a Small Business Loan from the Government

Eligibility criteria

The following individuals and organizations are deemed eligible for the scheme:

  • Citizens of India aged 18 and above
  • Companies
  • Self Help Groups
  • Non-Government Organizations
  • Institutions registered under Societies Registration Act, 1860
  • Production Co-operative Societies
  • Joint Liability Groups
  • Charitable Trusts

Please note that if you already own any other enterprise for which you have availed government subsidies under any central or state government schemes, you will not be eligible to claim assistance under this Yojana.

How to apply?

Offline applications can be collected from your nearest Coir Board office, district industry centre, Coir Project Office, Panchayati Raj Institution or the Nodal agency offices approved by the Coir board. You can find the contact details of these centres here.

Documentation required

  • Proof showing your experience in the coir industry
  • Certificate of training availed from the Coir Board
  • A proposed list of machinery along with invoices
  • Certificate of Industrial Establishment issued by the District Industries Centres (DIC)
  • A copy of the title deed of the site on which the proposed unit is to be set up/already located
  • Profile of the proposed project
  • Caste certificate (if you belong to SC/ST)
  • Copy of plan and estimate for construction of worksite duly signed by chartered engineer
  • Any other relevant documents

Additional Read: How to Submit Your Business Loan Documents like a Pro and Get Them Approved?

In conclusion

Not sure if you qualify to avail the benefits of this scheme but still want business finance at attractive business loan interest rates? Well, then turn to Tata Capital – one of India’s most reputed lending institutions!

With our flexible repayment terms, speedy processing, competitive interest rates, minimal paperwork and relaxed business loan eligibility criteria, you will indeed find a loan offer that suits your pocket. Here is what we recommend; before applying for business finance with us, log on to our website, read the eligibility requirements, use a business loan EMI calculator to accurately evaluate your potential EMIs, and apply.