Buying a home is not an easy affair. It is a matter of long-term financial commitment and perseverance. As the price of houses runs into lakhs and crores, most buyers opt to take a loan to fulfil the dream of owning a house. Home loans are one of the main services offered by banks and non-banking financial companies. In order to acquire a home loan, the borrower has to meet certain eligibility criterions laid down by the bank or the non-banking financial company from where the borrower is seeking a loan. Usually, the basic criterions and terms and conditions remain same across all lenders such as age, the source of income, the rate of interest, repayment period, credit score and similar aspects. However, slight variation can be found from lender to lender in terms of rate of interest and schemes of loan offered. The rate of interest plays a crucial role in deciding the total amount of loan to be repaid thereby affecting the amount of money you need to shell out every month in the form Of EMI. Among several reputed lenders, Tata Capital is a major player. It is a non-banking financial company offering various types of loans. It is one of the lenders offering the lowest interest rate on loans. Here we will focus on affordable housing loan of Tata Capital.
Tata Capital Affordable Housing Loan
In line with the Pradhan Mantri Awas Yojana – an initiative introduced by Government of India to offer subsidized home loans at attractive interest rates, Tata Capital’s Prapti is a home loan scheme for the affordable housing segment. Under this scheme the interest rate on home loans start at 4% provided the annual income of the household is Rs. 6-lakh or below.
Focus areas of Tata Capital Affordable Housing Loan
The key focus areas of this scheme are to support Tier II and Tier III cities, semi-rural areas, and the urban poor segment of the society. As more and more people are aspiring to have their own homes, there has been a rise in the demand in this segment of housing, and with Tata Capital’s affordable housing loan, these demands and aspirations can be met.
Benefits of Tata Capital Affordable Housing Loan
In order to benefit maximum borrowers, Tata Capital has introduced special offers and schemes at best interest rates with hassle free processing of loan requests. Tata Capital has a dedicated vertical to cater to around 50 locations to meet the needs of especially Tier II and Tier III cities, semi-rural areas and the urban poor segment. This will empower the borrowers of lower income group, economically weaker sections, scheduled caste and scheduled tribes and women residents of the suburbs or peripheral regions of metros and tier-I cities, including eligible residents of tier-II and tier-III cities.
The Larger Picture
As Tata Capital’s Affordable Home Loan scheme – Prapti, is in alignment with the Pradhan Mantri Awas Yojana, the scheme will propel the government’s vision of ‘Housing for all by 2022’. The effective low-cost interest rate and flexible loan repayment options will enable more people of the lower income segment to buy their own homes resulting in an increase of home ownership. In addition, the pan-India presence of Tata Capital will further cater to the relevant customers in this segment across Tier II and Tier III cities of the country. With Prapti, a larger base of the Indian residents will be able to fulfil their dream of owning a home. All in all, Tata Capital’s Affordable Home Loan will in the real sense enable the ‘housing for all ‘objective – a move that will benefit the borrower as well as the nation at large.