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Affordable Housing Loan: Apply for Subsidized Housing Loan

Affordable Housing Loans by Tata Capital

At Tata Capital, we believe that owning a house is the right of every person, irrespective of their financial background or family income. That is why we have started an affordable housing policy to help people belonging to the low- or mid-income group buy their own houses in India. Under this policy, we provide affordable home loans with reduced interest rates and lower loan amounts.

Our affordable housing loan interest rates start from just 10.10% per annum.

Loan amount offered

₹ 2 lakhs onward

Loan tenure

Upto 30 years

Interest rate starting @

10.10% p.a.

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Lower Interest Rates

The biggest advantage of Tata Capital's affordable housing loan is the reduced interest rate. Our affordable housing loan interest rates start from just 10.10% per annum. The beneficiaries can get a further home loan interest subsidy under the PMAY scheme.

Housing For All

Under our affordable housing policy, we have collaborated with the Government of India to fulfill our dream of housing for all. We provide low income housing loans to those who would otherwise not be able to afford a home.

Easy Repayment

The repayment of a home loan can also be a big task for people belonging to low-income groups. Hence, we offer easy repayment terms on our affordable home loans. Beneficiaries can choose up to 30 years of loan tenure and repay at their convenience.

Doorstep Services

If someone cannot walk to the branch, we will arrange for doorstep services for them. Our executive will visit the beneficiary in person and will guide them about our low income home loan application process.

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Eligibility Criteria for an Subsidized Housing Loan

To realize our dream of housing for all, we provide affordable housing loans with very easy eligibility criteria. Our affordable home loan eligibility includes:

The beneficiary should not be owning a pucca house in their name anywhere in India

In the case of a married couple, either or both spouses in joint ownership will be eligible for a single low income housing loan

The beneficiary should not have availed of central assistance under any housing scheme of State or Central Government

Affordable Housing Scheme for Salaried - Features and benefits

We provide low-income home loans for salaried individuals to help them realize their dream of owning a house in India. Below are the features and benefits of our affordable housing loans for salaried people:

Simple eligibility criteria

All government and private employees can avail of our affordable housing loan scheme regardless of their monthly salary. They simply need to meet some basic eligibility requirements in terms of age, property ownership, etc. Additionally, we have different schemes for employees belonging to different income categories.

Convenient repayment options

Our low-income housing loans are specially crafted to make repayments easier for low-income salaried individuals. They can either choose to pay fixed EMIs consistently for their entire home loan tenure or start by paying lower EMIs at the beginning and gradually increase them as they get appraisals. They can also make bullet repayments of their home loan when they receive bonuses or other lump sum payments.

Superfast loan disbursal

Once we receive the application for a low-income mortgage loan, our team of legal and technical experts takes over to initiate a verification process. Upon successful verification, the home loan amount is disbursed to the applicant’s bank account within a few working days.

Suitable loan tenure

Our customers have complete flexibility to choose the tenure of their home loan as per their repayment capability. This facility is of great help for low-income borrowers who do not wish their home loan EMIs to be on the higher side. They can choose a long tenure of up to 30 years to keep their EMIs minimum. On the other hand, someone who wants to pay higher EMIs to save on their interest outgo can opt for a lower home loan tenure.

Buy a house anywhere

Our scheme is available for buying a low-cost house irrespective of its location. So, whether you want to buy a house in the heart of a metro city or on the outskirts of a Tier II city, we are here to help. You can apply for a low-income home loan of Rs. 2 lakh or more and convert your dream into a reality. You can also apply for an affordable home loan to construct a house on a piece of plot in regularized colonies or gram panchayats.

Excellent customer service

We take supreme pride in providing the best services to our customers. They can avail of low-income loan assistance at any time and from anywhere by dialing our customer care number, 1860 267 6060, between 9 AM and 8 PM from Monday to Saturday. They can also visit their nearest Tata Capital branch or write to us at customercare.housing@tatacapital.com.

What are the EMI Plans for Affordable Housing Loans?

To make home loan repayment easier for the beneficiaries, we provide Flexi EMI plans for our affordable housing loans. One can choose from the following EMI plans and repay their home loan at their convenience:

Standard EMI Plan

The borrower is required to pay fixed EMIs consistently for the entire home loan tenure.

Step-Up Flexi EMI Plan

The borrower can pay lower EMIs in the beginning and then increase them gradually.

Step-Down Flexi EMI Plan

The borrower can pay higher EMIs in the beginning and then decrease them gradually.

Bullet Flexi EMI Plan

The borrower can pay the principal Home Loan amount in parts along with their EMIs.

Home Assistance Tools

Process Guidance Tool

You can access our Process Guidance Tool to get contextual guidance for the steps that you should follow while buying a housing property.

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Buying Affordability Tool

Our Buying Affordability Tool will help you prepare your overall property budget based on your home loan eligibility and cash in hand. This tool will also suggest localities where you can find housing properties in your budget.

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Property Search Tool

Our Property Search Tool will help you search for your desired housing property in several property portals under one roof.

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Documents Checklist Tool

Our Documents Checklist Tool will help you know your maximum home loan eligibility, the documents required, and the right home loan product for you.

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TDS Filing Guidance Tool

Our TDS Filing Guidance Tool will help you calculate the maximum tax deduction against your home purchase. You will also be able to generate Form 26QB.

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Available payment options

Deduction Against Salary (DAS)

If your employer agrees, you can choose to pay your home loan EMIs directly from your monthly salary. You just need to authorize your employer to deduct the EMI payment from your salary and deposit it with the lender.

Post Dated Cheques (PDCs)

You can provide post-dated cheques for the EMI amounts at the time of loan sanction. You can either provide all PDCs for your entire loan tenure at once or issue fresh PDCs periodically but at least three months in advance. We accept this payment option only if the auto debit or ECS facility is unavailable.

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With Tata Capital, you can apply for a home loan for women in a few easy steps and get housing finance at competitive interest rates.

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What our customers say about us

Service provided by Manoj Patel in Surat vesu Branch was helpful and because of his support we were able to close loan.

Prakash Patil

Home Loan | 23 Aug, 2024

Excellent A1 Services. The Lady at the Customer Desk is very Cooperative and helpful so that my work completed without the time frame. The name of the Lady is Amruta Pathak. God bless her and her family. Thanks and Regards for the entire team of Tata Capital.

Nandlal Lal Arora

Home Loan | 13 Aug, 2024

Very good & prompt service, and we have spoken to Mr. Manish also, and he always helps us to provide our request. Thank you, Ms Apurva Shende & Manish Padwal

Farhang Ahmed Azar

Home Loan | 24 Jul, 2024

I'm happy with the service and the help I got earlier for foreclosure letter. Thank you so much & thanks to Alisha mam for her guidance.

Akshay Anil Pawar

Home Loan | 17 Jul, 2024

Special thanks to Mr. Avinash for his help rendered with full commitment to his job, answering the queries to me clearly, and follow up so that the work is done in given time to get customer satisfaction.

Hannah Grace

Home Loan | 02 Jul, 2024

Mr Avinash who handled my case is well experienced and has courtesy for customers' concerns. However, some of the Tata Capital products are very expensive when compared to other banks' ones!

Mohammed Shakeel Urrahman

Home Loan | 28 Jun, 2024

Start to end of my loan process was simple and guidance of your team members were to the point. My last communication was with Mr. MANOJ PATEL from surat branch he was very polite and helpful.

Anamika Vijaykumar Tiwari

Home Loan | 20 Jun, 2024

We extend our heartfelt gratitude to Mr. Pravin Sagare, Senior Officer of Customer Service, for his exceptional service. His remarkable demeanor and professionalism during telephonic interactions with customers have been truly outstanding. Over the past two years, we have utilized various services, yet none have matched the quality provided by Mr. Sagare. We are deeply impressed by the exemplary service, due to this reaons we has influenced our decision to obtain a second home loan from TATA Capital Housing Finance Limited.

Avinash Vasantbhai Bhesaniya

Home Loan | 07 Jun, 2024

I had applied for a home loan at Tata Capital & got the it approved quickly. The process was smooth and sanctioned with sufficient amount with tenure period of 20 yrs.

Sumeet Verma

Home Loan | 14 Mar, 2022

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Affordable Housing Loan FAQs

An affordable housing loan scheme is different from a regular home loan in several aspects. First, it is offered to individuals belonging to the low- and mid-income categories. Both salaried and self-employed individuals can apply for affordable home loans irrespective of their monthly income.

Secondly, the interest rates for these loans are lower as compared to regular home loans. At Tata Capital, low-income housing loan interest rates start from 10.10% per annum.

And thirdly, these loans entail lower amounts for buying low-cost houses. The minimum affordable housing loan offered by Tata Capital is Rs. 2 lakh.

The following are the eligibility requirements to apply for an affordable home loan with Tata Capital:

The applicant should not own a pucca house anywhere in India

In the case of a married couple, either or both spouses in joint ownership can apply for a single low-income housing loan

The applicant should not have availed of any housing loan scheme of the state or central government

The minimum loan amount offered under Tata Capital’s affordable housing loan scheme is Rs. 2 lakh. However, the maximum loan amount depends on factors such as the price of the property, the age of the applicant, etc. We provide financing of up to 80% of the property’s market price.

The interest rate for this loan is usually lower than the one for a regular home loan. At Tata Capital, the affordable home loan interest rate starts from just 10.10% per annum. We offer the best interest rate in the market based on your eligibility, income, credit score, and some other parameters. Moreover, there are no hidden charges on our home loans.

At Tata Capital, we allow our customers to repay their home loans as per their income and repayment capability. The tenure for our subsidized housing loan can range between 5 and 30 years. If you want your EMIs to be on the lower side, you can choose a higher home loan tenure and vice-versa.

The documents required for an affordable home loan are the same as that for a regular housing loan. They include:

Age proof - A copy of the passport, driving license, birth certificate, PAN card, or school leaving certificate

Photo identity proof - A copy of the voter ID card, Aadhaar card, passport, or driving license

Income proof - Salary slips, bank statements, or Form 16

A processing fee cheque issued from the salary account

Address proof - A copy of your utility bill, bank statement, property registration documents, property tax receipt, or Voter ID card

No. This scheme is available only for those who do not own a pucca house anywhere in India. Additionally, they should not have availed of any housing loan scheme under the state or central government.

At Tata Capital, we provide home loans of up to 80% of the property’s value. However, the exact loan-to-value (LTV) ratio varies on a case-to-case basis.

Apart from the interest rate, we levy certain other charges on low-income housing loans. These include processing charges, foreclosure charges, EMI bounce charges, legal charges, and collection charges, among others. Click here to get the complete list of our fees and charges.

At Tata Capital, we provide our customers the flexibility to repay their housing loans at their convenience. You can choose from our four EMI plans - Standard EMI Plan, Step-Up Flexi EMI Plan, Step-Down Flexi EMI Plan, or Bullet Flexi EMI Plan. You can also choose to prepay or foreclose your low-income housing loan by paying a nominal foreclosure charge.

At Tata Capital, we ensure our customers don’t have to wait for long to fulfill their dreams. Our housing loan applications are processed as soon as we receive them. You can enjoy instant approvals and get the loan amount in your bank account within a few working days.

There is no statutory requirement of a minimum credit score to apply for a subsidized housing loan with Tata Capital. Even first-time borrowers and the ones belonging to the low-income category can avail of this scheme. However, by maintaining a good credit score, you can secure the best interest rate on your home loan.

Yes. In the case of a married couple, either or both spouses in joint ownership will be eligible to apply for a single low-income housing loan. By applying for a joint housing loan with a female co-owner, you can avail of some exclusive benefits.

Those who have borrowed a low-income housing loan can enjoy the same tax benefits as regular home loan borrowers. These benefits are:

Up to Rs. 1.5 lakh under section 80C of the Income Tax Act

Up to Rs. 2 lakh under section 24

Up to Rs. 1.5 lakh under section 80EEA for first-time home buyers

In the case of a joint loan, both borrowers can enjoy these tax benefits individually.

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With this vision, Tata Capital Housing Finance offers affordable home loans at competitive interest rates.

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A home loan for self-construction or simply a home construction loan is a special type of home loan given to help borrowers construct their own house on a piece of land or plot.

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The home loan top-up facility is available only for existing home loan borrowers without the need for any additional security or guarantee.

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At times, you may need additional funds to tackle your personal or business expenses.

With Tata Capital’s home loan overdraft facility, you can avail of a home overdraft loan limit of up to Rs. 2 crores. You can withdraw funds from this overdraft housing loan limit as per your needs and then pay it back at your convenience.

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A home loan balance transfer, or simply a home loan transfer, takes place when you transfer your outstanding home loan amount to a new lender from your existing lender.

With Tata Capital Home Loan Balance Transfer, you can transfer your outstanding home loan balance to affordable interest rates. Our home loan interest rates start from just 7.99% per annum*.

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