Avail Home Loan Balance Transfer at attractive interest rates

Q: What are the eligibility criteria to get a home loan?

To be eligible to avail a home loan , you should meet the following criteria – Age Limit – 24 to 65 years Salaried Individuals – Minimum salary of Rs. 30,000 and at least two years of work experience Self-Employed Individuals – At least three years of work experience in the current field

What is Home Loan Balance Transfer?

Home loan balance transfer takes place when the entire outstanding principal amount of home loan is transferred from an existing lender to a new one offering a lower rate of interest. In such cases, the lender who originally extended the loan gets the unpaid principal amount and the borrower is now required to pay EMIs at the rate offered by the new lender.

Why Should You Transfer Your Home Loan to Tata Capital?

The following are the compelling reasons why you should transfer your home loan to Tata Capital –

A Brand You can Trust

Trust is the most solid foundation to build you home upon. And Tata Capital is a companion you can trust. Tata’s trust and legacy gives you the flexibility to build more, and build better.

Interest Rate

Perhaps, the primary reason for home loan balance transfer is lower interest rates offered by the new lender. Because the lower the interest rate, lower will be the EMI that you need to pay for its repayment. Tata Capital’s home loans are one of the most lowest in the market, starting at just 6.90%!

Loan Amount

You need to ensure that the new lender will extend you the amount you need to cover your needs. Tata Capital offers home loans that cover a wide range of Rs. 5 lakhs to Rs. 5 crores.

Loan Tenure

Further, it is important to consider the loan tenure offered by the new lender so that you can pay off your EMIs comfortably. Tata Capital‘s home loans can be taken for a period as long as 30 years!

Processing Fee

Before opting for home loan balance transfer, consider processing fee involved lest the transfer ends up being costlier than before. At Tata Capital, the processing fee is a mere 0.5% of the loan amount!

Home Loan Top-Up

Another thing to consider is whether or not your new lender offers top-up loans over and above your existing home loan that will help you in times of additional needs such as home renovation. Tata Capital provides home loan top-up at relatively lower interest rates to help you meet such additional needs with ease.

What are the Eligibility Criteria for Home Loan Balance Transfer?

To get a home loan balance transfer to Tata Capital, you must meet the following eligibility criteria –

Your property for which you have taken a home loan must either be occupied or at least ready to be occupied
You should not have any outstanding dues on your existing home loan

Note – The eligibility criteria may differ from case to case on the basis of the customer profile

There are other Home Loan eligibility criteria also involved for a Home Loan Balance Transfer with Tata Capital. For further details, please visit our home loan eligibility page.

What are the Documents Required for Home Loan Balance Transfer?

The following documents are required when you plan to transfer your home loan to Tata Capital –

Age Proof documents – valid Passport/Driving License/PAN Card/Birth Certificate/ Life Insurance Policy/School Leaving Certificate
Identity Proof documents – Voter ID/Passport/Driving License/Aadhar Card/PAN Card
Address Proof documents – Utility Bills/Bank Statements/Property Registration Documents/Property Tax Receipt/Voter ID Card
KYC Documents
Income Proof documents – Last six months’ operative current account statement/copy of the last three years’ P/L Projection Statement/Bank statements for the last six months of CC, OD facilities (if taken)
Foreclosure Letter/Latest Principal outstanding
Home Loan Approval Letter
Interest Certificates from the initial lender

Note – The documents required may differ from case to case on the basis of the customer profile.

Is it Possible to Get a Home Loan Balance Transfer with Top-Up?

Yes, several lenders offer the facility of top-up with home loan balance transfer. Using this unique facility, you can increase your loan limit. The amount of top-up you receive will be based on your eligibility.

What is a Home Loan Balance Transfer Calculator?

A home loan balance transfer calculator is a simple online tool using which you can easily find out the total monthly savings that you can make on transferring the principal balance on your home loan from one lender to the other.

You can enter the relevant details either by adjusting the sliders or by simply entering in the details in the box given for each.

Requested Loan Amount – This is the principal loan amount that you had borrowed from your original lender
Requested Tenure – This is the period (in number of months or years) for which you need the loan from your new lender
Net Salary/Income – In case of net salary, it is the amount of take-home pay left after deducting recoveries and deductions. Net income is the amount that remains after deducting the cost of goods sold from your sales total
Monthly Obligations – is the amount of money that you need to shelve aside to meet necessary commitments and requirements, including EMI payments for other loans
Cost of Property – This is the cost of the home for which you took a loan plus all expenditures required to prepare it for its intended use
Loan Principle Outstanding – refers to the remaining portion of the original loan principal amount plus any interest that accrues on the outstanding principal balance
Existing EMI – refers to the amount of money you pay as monthly EMI for loan repayment with your original lender

Once you enter in the above mentioned information, the home loan balance transfer calculator will display the Balance Transfer Amount and the Total Savings you will be making by getting a home loan balance transfer.

Home Loan Eligibility

You have to meet some basic conditions to get a home loan. Our easy-to-use home loan eligibility calculator will let you determine your housing loan eligibility in a quick and seamless manner. You can use our Home Loan Eligibility Calculator to find out your eligibility. To be eligible for Tata Capital Home Loan, you have to meet a few basic home loan eligibility criteria.

You should be between the ages of 24 to 65 (at the time of completion of your home loan)
You should be a salaried individual or a self-employed professional
Your CIBIL score should be about 750 or above

Home loan eligibility criteria will further differ depending on whether you are a salaried individual or a self-employed individual

Home Loan Eligibility for Salaried Individuals

For salaried individuals, home loan eligibility criteria is as follows –

Monthly salary must be a minimum of Rs. 30,000
A minimum of two years of work experience is a must

Documents required for Home Loan

Age Proof

A Copy of your Passport, Driving License, Life Insurance Policy, Birth Certificate, PAN Card & School Leaving Certificate

Photo Identity Proof

A copy of your Voter ID / Passport / Driving License / Aadhaar Card / PAN Card

Address Proof

A copy of your Utility Bill / Bank Statements / Property Registration Documents / Property Tax Receipt / Voter ID

Salary Slips

A Copy of your Salary slips for the last three months / Appointment letter / Yearly increment letter / Certified true copy of Form 16

Income Proof

A copy of your Salary account bank statements for the last six months

Existing Loan Details

Existing loan details should be provided through bank statements

Processing Fee Cheque

To be issued from the salary account for Salaried customer or the business account in case of Self

Home Loan Eligibility for Self-Employed Individuals

For self-employed individuals or entrepreneurs, home loan eligibility criteria are such that they have must at least three years of experience in their current field.

Documents required for Home Loan

Age Proof

A Copy of your Passport, Driving License, Life Insurance Policy, Birth Certificate, PAN Card & School Leaving Certificate

Photo Identity Proof

A copy of your Voter ID / Passport / Driving License / Aadhaar Card / PAN Card

Address Proof

A copy of your Utility Bill / Bank Statements / Property Registration Documents / Property Tax Receipt / Voter ID

Business Proof

A copy of the last two years' Income Tax Returns / your Business profile on letter head / Registration certificate for business commencement

Income Proof

A copy of the last three years' Profit & Loss (P/L) Projection Statement / Operative current account statement for the last six months / Bank statements for the last six months of CC/OD facilities, if taken.

Existing Loan Details

Your existing loan details should be provided through bank statements

Processing Fee Cheque

To be issued from your business account

Home Loan Eligibility for NRIs

For Non-Resident Indians, the following is the home loan eligibility criteria –

Must be within the age group – 24 to 65 years
Must be a salaried individual with at least three years of work experience

Documents required for Home Loan

Age Proof

A Copy of your Passport, Driving License, Life Insurance Policy, Birth Certificate, PAN Card & School Leaving Certificate

Photo Identity Proof

A copy of your Voter ID / Passport / Driving License / Aadhaar Card / PAN Card

Address Proof

A copy of your Utility Bill / Bank Statements / Property Registration Documents / Property Tax Receipt / Voter ID

Salary Slips

A copy of your pay slips for the last six months along with employment stability documents such as appointment letter/previous employment history

Income Proof

Overseas salary account details for Indian NRE/ NRO account statements for the last six months

Credit Report

NRI applicants should submit a Credit Report of their current country of residence, wherever it is applicable as per Tata Capital norms.

Existing Loan Details

Existing loan details should be provided through bank statements

Processing Fee Cheque

To be issued from the salary account for Salaried customer or the business account in case of Self

PMAY Calculator

Balance Transfer Top Up Calculator

Calculate your Eligibility

Area Conversion Calculator

Ways to Improve Your Home Loan Eligibility

There are four major ways in which you can improve your home loan eligibility. They are –

Opting for a Longer Tenure
Improving Your CIBIL Score
Having an Additional Source of Income
Adding a Co-applicant

Let us look at each in detail -

Opting for a Longer Tenure

Home loans with a longer tenure can improve your home loan eligibility as the EMI amount will be lower. Hence, you are more likely to make on-time payments. Home loans with a longer tenure will give you more time for repayment. Home loans with a longer tenure will give you more time for repayment.

Improving Your CIBIL Score

Your loan amount and loan approval are dependent on your CIBIL score or Credit score. If your Credit score is above 750 then it makes you a good candidate for home loans. A good CIBIL score also leads to low home loan interest rates. Repaying debts in a timely manner will improve your CIBIL score and in turn, your home loan eligibility.

Having an Additional Source of Income

Your eligibility for a home loan can be improved by having an additional source of income. This will indicate that you have a higher repayment capacity. An additional source of income can include part-time business, rental income, rent from equipment or machinery, etc.

Adding a Co-applicant

You can improve your home loan eligibility by adding an earning family member with a good credit score as a co-applicant. This will increase the loan amount that you can borrow because your EMI affordability will increase.

FAQ

What are the eligibility criteria to get a home loan?

To be eligible to avail a home loan, you should meet the following criteria –

Age Limit – 24 to 65 years
Salaried Individuals – Minimum salary of Rs. 30,000 and at least two years of work experience
Self-Employed Individuals – At least three years of work experience in the current field

How does your CIBIL score affect home loan eligibility?

CIBIL or Credit Score parameter has the greatest impact on home loan eligibility. CIBIL score is a number assigned to you based on your credit history and a track record of your previous loan repayments, credit card bills, and the likes. Generally, a CIBIL Score ranging between 700 and 900 is considered to be good. CIBIL Scores help in determining the credit-worthiness of home loan applicants or borrowers. The higher your credit-worthiness, the easier it will be to get a home loan.

How to calculate my home loan eligibility?

Home Loan eligibility is calculated after considering a number of factors such as monthly income, current age, fixed monthly obligations, type of employment, academic qualifications and work experience, and credit and payment history.

To calculate your home loan eligibility, you can use a home loan eligibility calculator – a simple online tool using which you can find out your home loan eligibility within seconds.

Does a co-owner help to increase home loan eligibility?

Yes. A co-owner helps to increase home loan eligibility. In fact, one of the ways to increase your home loan eligibility would be to add co-applicants who have an independent source of income. Tata Capital will consider the co-applicant(s)’ income before assessing your repayment capacity. This will naturally increase the amount of home loan that you can be eligible for.

Which factors affect my home loan eligibility?

There are several factors that affect your home loan eligibility –

Age – must be within 24 to 65 years
Income – The greater your monthly income, the higher your home loan eligibility
CIBIL Score or Credit Score – A good CIBIL or Credit score, generally in the range of 750 and above, will improve your chances of getting a home loan
Fixed Monthly Obligations – Must be restricted to 50% of the monthly income
Type of Employment – Home loan eligibility will differ depending on whether you are a salaried individual or self-employed individual
Academic Qualifications and Work Experience – High academic qualifications and impressive work experience increase home loan eligibility

At Tata Capital, we believe in extending home loans that involve minimal paperwork, reasonable interest rates, and flexi EMI plans.

How different is the home loan eligibility of a salaried person as compared to a self-employed person?

Home loan eligibility of a salaried person is as follows –

Applicant should ideally be earning at least Rs. 30,000 per month
Applicant should ideally have at least two years of experience in their current field of work

For a self-employed individual or entrepreneur, there are no conditions in terms of their earnings; however, there is one criterion that must be met for home loan eligibility -

Applicant should ideally have at least three years of experience in their current field

Do the documents required for home loan differ from place to place?

Yes, the documents required for home loan may vary among lenders based on your loan scheme, loan purpose, and individual credit profile. To avail a home loan with Tata Capital, an applicant must present the following documents as valid proofs –