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Loan Restructuring for COVID-19 related stress
Loan restructuring can be availed by borrowers to manage financial stress caused by the COVID-19 pandemic. Customers eligible under RBI circular, having any of the retail loans can apply for restructuring of the loan via the Tata Capital website.
A home loan, which is also known as a house loan, is a sum of money borrowed from a financial institution to buy or construct a house. It offers high-value financing for longer tenures at fixed or variable interest rates to help homebuyers. A home loan falls under the secured loan category since the property which is being bought is kept as collateral with the lender until the borrower has repaid the complete loan amount.
At Tata Capital, we provide loans for homes of up to Rs. 5 crores at affordable interest rates starting from just 8.60% per annum*. Our housing loans are tailor-made to help you purchase or construct a new house without any hassles. We provide you with the flexibility to choose your loan amount, tenure, and EMIs as per your specific requirements. On top of everything, we will ask for minimum documentation and ensure instant approval.
Disclaimer: Housing Loans are brought to you by Tata Capital Housing Finance Limited and are at its sole discretion. Terms and conditions apply.
Loan amount offered
₹ 5 lakhs to ₹ 5 crores
Loan tenure
Upto 30 years
With a Tata Capital home loan, you can buy your dream house and repay the amount in monthly installments. You can also avail of a house loan to construct a house on a piece of plot or remodel your existing house. Following are the components of a house loan:
Your house loan eligibility depends upon several factors, including your age, employment status, employment type, monthly income, and credit score. Below are the eligibility requirements for the Tata Capital home loan:
Please note that this list is indicative. To know your exact eligibility, you can use our online housing loan eligibility calculator or get in touch with our customer care executive.
A house loan can involve a significant amount of funding that can run into several lakhs or even a few crores of rupees. Hence, it’s prudent to know your EMIs before applying for a loan. A home loan EMI calculator is an online tool that can help you to do so. All you have to do is simply enter your loan amount, rate of interest, and duration, and your housing loan EMIs would be displayed instantly.
You can avail of a house loan to purchase or construct a house, refinance an already-purchased house, or transfer your home loan balance from another lender. Below are the reasons to apply for Tata Capital housing finance:
With Tata Capital, you can apply for housing finance in any of the following ways:
With Tata Capital, you can apply for a housing loan in any of the following ways:
The best way to calculate your housing loan EMIs is by using an online home loan EMI calculator. It simply asks you to enter your loan amount, interest rate, and tenure, and then it displays your housing finance EMIs within a few seconds. With Tata Capital’s house loan EMI calculator, you can evaluate your housing loan EMIs without any hassles.
Pradhan Mantri Awas Yojana, or PMAY, is an affordable housing scheme launched by the Government of India in 2015. Under this scheme, the Government plans to provide an interest subsidy of up to 6.5% on loans for homes through a Credit Linked Subsidy Scheme (CLSS).
The beneficiaries of the PMAY scheme are divided into four categories as per their annual income:
Eligible beneficiaries under this scheme can avail of housing loans at subsidized interest rates and reduce their homeownership costs.
While applying for a house loan, you need to be smart enough to ensure that it doesn’t create a burden on you. Here are a few tips you can follow when you apply for a housing loan:
The last thing you would wish for is for the lender rejecting your home loan application. Such an instance can not only hamper your plan of buying a house but also damage your credit score. Below are some do’s and don’ts that you can follow to avoid this situation:
Do’s
Dont's
At Tata Capital, we aim to ensure that you can buy your dream house without feeling the burden of repayment. That is why we allow you to repay your house loan in two ways:
A house loan can help you purchase or construct your dream house without worrying about the requisite finances. At Tata Capital, we understand your housing finance requirements and provide you with the best housing finance.
Some benefits of a Tata Capital Housing Loan include:
Tata Capital Home Loans are tailored to help you meet all your housing finance requirements. You can use our housing finance for the following purposes:
Yes, you can cancel your house loan even after it has been sanctioned. However, the lender may not refund the housing loan processing fees that are charged during the house loan sanction process.
If you want to cancel your house loan after receiving your loan sanction letter, you can write to us or contact us on our helpline number. But make sure you do this well before the loan is disbursed.
Yes, you can extend your housing loan tenure as long as it is within the maximum loan tenure offered by your lender. At Tata Capital, we offer loans for home with maximum tenures of up to 30 years.
By extending your housing loan tenure, you can reduce your EMI burden. To increase your house loan tenure, you can contact us on our customer helpline number or visit your nearest Tata Capital branch.
Some common reasons for the rejection of a house loan could be:
If your housing finance application is rejected by the lender, find out the exact reason behind it. If a low credit score is responsible, take steps to improve your credit score before reapplying. Also, make sure you check your housing finance application thoroughly before submitting it.
At Tata Capital, we provide two types of housing loan repayment plans – Standard EMI Plan and Step-Up Flexi EMI Plan. The Standard EMI Plan allows you to pay fixed EMIs for your entire housing loan tenure. On the other hand, the Step-Up Flexi EMI Plan offers greater flexibility for housing loan repayment. With the latter option, you can choose to pay lower EMIs initially and then increase them gradually as your income increases.
With Tata Capital, you can apply for housing finance in the following ways:
To apply for a Tata Capital Home Loan online, follow these steps:
Yes, you can cancel your housing finance even after it has been sanctioned. However, you need to do it before the disbursement of the loan amount.
If you wish to cancel your house loan after receiving the loan sanction letter, you can write to us or call our helpline.
Yes, you can extend your housing loan tenure. At Tata Capital, we provide a housing loan tenure of up to 30 years. By extending the housing loan tenure, you can benefit from lowering your EMI burden.
Contact us through our helpline or visit the closest Tata Capital branch to extend your house loan tenure.
There are many reasons why a lender may turn down your house loan application. A few of them are listed below:
There may be some other reason as well. So if your lender rejects your house loan application, it's advised to find out the reason behind it so that you can work on it because there are ways to improve your chances of getting a home loan approval.
Tata Capital offers two ways to repay your home loan - the Standard EMI Plan and the Step-Up Flexi EMI Plan.
With the Standard EMI Plan, you pay the same monthly amount until your house loan is fully paid.
The Step-Up Flexi EMI Plan allows you to start with lower payments and gradually increase them as you earn more.
You can save money on taxes when you take a housing loan by using certain schemes mentioned in the Income Tax Act 1961.
Section 80C allows you to get a housing finance deduction of up to Rs 1.5 lakhs on the principal amount you repay. And section 24(b) allows you to get a deduction of up to Rs 2 lakhs on the interest amount you pay.
You can choose from different types of loans for homes based on what you need:
Tata Capital provides a house loan tenure of up to 30 years. You can select the loan duration that works best for you. You can also use the Tata Capital home loan EMI calculator to determine the monthly EMI amount you need to pay to repay your house loan. This way, you can choose a tenure and EMI amount that is affordable for you.
It's not mandatory to get an insurance policy while taking a home loan, but having one can be helpful. Here are some benefits of house loan insurance:
When you take a house loan, the home you're buying is typically the collateral. But other types of properties can be used as collateral too. Such as:
However, they must meet certain criteria before being accepted as collateral.
If you take a joint housing loan, you can have anywhere from 2 to 6 applicants, depending on what the bank allows. Co-applicants can be family members, like spouses, parents, siblings, or children.
Having a co-applicant can help increase your housing finance eligibility because Tata Capital considers all your co-applicants income and credit scores while determining the loan eligibility.
Yes, you can avail of tax benefits on your house loan. Here's how:
Yes, you can sell a property that still has an outstanding loan on it. However, you'll need to get a No Objection Certificate (NOC) from the lender first. This means you need to inform your bank of your plans to sell the property or when you start the process.
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