Is it possible to switch home loan EMI options?

Yes, it is possible to switch home loan EMI options. You can either choose to – Have a reduction in yourhome loantenure orHave a reduction in your home loan EMI

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How to Decide the Right EMI for You?

A faster and easier way to pay off home loans is EMIs but choosing the right EMI option is vital as it will determine how fast you can repay your loan and aim at other financial goals. Though determining the right EMI amount is a subjective call and will differ for each borrower, you can always check your financial capacity by using a home loan emi calculator. Additionally, answering a couple of important questions can help you determine the right home loan EMI option for yourself. These questions are as follows -

How Soon do You Want to Pay Off Your Home Loan?

The tenure within which you wish to pay off your home loan will play a huge role in deciding the EMI. Do you want to pay it off early or wish to extend the tenure? Here, it is important to consider the period you expect to live in the home you are about to purchase. If you wish to take a home loan for extremely long periods, say, 15 or 30 years, it is important to consider whether or not you plan on staying in the home for that long. If not, it is better to pay off your house loan EMI sooner and enjoy true homeownership. Moreover, you can enjoy lower interest cost.

How Much can You Afford to Pay in a Month?

Another major home loan EMI deciding factor will be your ability to repay in a month. You certainly have other fixed monthly obligations and statutory deductions to attend to. It is important to be certain that the house loan EMI will not cause great disturbances with your other monthly commitments.

How Much of an Interest Rate are You Comfortable with?

Lower interest rates naturally convert to lower interest to be paid on the loan amount. Meaning, lower home loan EMIs. Different banks and financial institutions offer different interest rates. Tata Capital offers lower interest rates on Home Loan. Compare your options and opt for the interest rate where the EMI will be compatible with your ability to repay.

Standard EMI Plan

Standard EMI Plan allows you to pay the principal amount along with the interest consistently for your defined period.

EMI amount remains the same for the entire home loan period

Ideal if

You have a consistent income

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We have made the process of getting a Home Loan simple. You just have to follow these easy steps:

Check your home loan eligibility online
Select your home loan amount and period
Submit your application & documents
Get your money

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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

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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

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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.

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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!

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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

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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

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Popular FAQs

Yes, it is possible to switch home loan EMI options. You can either choose to –

Have a reduction in your home loan tenure or
Have a reduction in your home loan EMI

Out of the two, reducing the tenure is a relatively better option. Not only will this option help you to pay off your loan faster, but will also spare you from paying higher interest amounts.

You can reduce your home loan EMI in the following ways –

Choosing a Good Lender

Making a Careful Tenure Choice

Improving Your Home Loan Eligibility

* Offer applicable only for customers availing a Home Loan via the online Home Loan application process.

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