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Home Loan in Chandigarh

Whether you plan to buy a home or build one, Tata Capital offers instant home loans in Chandigarh. Here are some of its benefits:

 

  1. 1.Low Interest Rate

Tata Capital offers affordable home loans in Chandigarh at the lowest interest rates. Check out our attractive home loan interest rates and compare your best options.

 

  1. 2.Basic Eligibility

Tata Capital has easy-to-meet eligibility criteria so that you can finance your dream house without any hassle. Use our Home Loan Eligibility Calculator to check your eligibility.

 

  1. 3.Multi-purpose

Whether you plan to build your dream house or purchase an apartment, you can do that with Tata Capital’s home loans. Even if you already have a home in Delhi, you can get a loan to renovate your place.

 

  1. 4.Flexible Tenure

Tata Capital’s home loans come with extended tenures of up to 30 years, so it is much easier for you to repay the loan.

 

  1. 5.Investment to Make

Chandigarh is a shared capital of two states that border the national capital. Properties here are always in demand. In addition to that, low-interest rates and extended tenure on the home loan make will make your Chandigarh home a great investment.

Know more about our offering

Key Features

Loan Amount

₹2,00,000 - ₹5,00,00,000

Loan Tenure

Up to 30 years

Interest rate starting at

6.70%*

HOME LOAN IN CHANDIGARH ADVANTAGES

Real Estate is Always in Demand Here

Owing to the city’s diligently planned design, thriving cosmopolitan culture, and job and business opportunities, you’ll always find people who want to buy a house here.

So, if you can get a home loan in Chandigarh at affordable prices, why wouldn’t you invest in a hot piece of property here. Doing this can also bring you substantial rental income. 

Located Strategically

Chandigarh is the shared capital of both Punjab and Haryana. It is also the gateway to the Himalayas. Add to this; you'll always find well-maintained infrastructure like best roads and other facilities, making it an ideal choice to stay and travel around.

Given these amenities and the city’s strategic location, it’s hard to find any flaws when it comes to living or renting here. This is a big reason behind the growth of Chandigarh’s real estate market.  

Real Estate is Always in Demand Here

Owing to the city’s diligently planned design, thriving cosmopolitan culture, and job and business opportunities, you’ll always find people who want to buy a house here.

So, if you can get a home loan in Chandigarh at affordable prices, why wouldn’t you invest in a hot piece of property here. Doing this can also bring you substantial rental income. 

Located Strategically

Chandigarh is the shared capital of both Punjab and Haryana. It is also the gateway to the Himalayas. Add to this; you'll always find well-maintained infrastructure like best roads and other facilities, making it an ideal choice to stay and travel around.

Given these amenities and the city’s strategic location, it’s hard to find any flaws when it comes to living or renting here. This is a big reason behind the growth of Chandigarh’s real estate market.  

What are the Interest Rates for Home Loan in Chandigarh?

The first thing potential borrowers look for while choosing housing finance is the interest rate. But, this element alone should not be your sole deciding factor when applying for a housing loan in Chandigarh. You must also assess the loan tenure and other home loan repayment conditions.

What if your ROI is low, but only for a short tenure? This condition will increase your EMI substantially, and you may require serious alterations to your lifestyle. Therefore, study all components and conditions of a home loan before applying.

At Tata Capital, we extend some of the lowest home loan interest rates to help you purchase homes that you were thinking of discarding due to a high price. Refer to our section on home loan interest rates in Chandigarh to grab these attractive rates. 

What is the Eligibility Criteria for a Home Loan in Chandigarh?

Tata Capital has a simple eligibility criteria in place:

  • Applicant’s age: 24 - 65 years
  • Salaried applicant’s minimum salary: Rs. 30,000
  • Salaried applicant’s minimum work experience: 2 years
  • Self-employed applicant’s minimum work experience in the current field: 3 years
  • NRI (Non-Resident Indians) applicants must be salaried with a minimum work experience of 3 years

What are the Documents Required for Getting a Home Loan in Chandigarh?

Some standard documents required to approve your home loan:

  • Age Proof
  • Address proof
  • Identity Proof
  • Income Statement
  • Processing Fee Cheque
  • Salary Slips

 

Visit our home loan documents page to find out the list of valid documents required for your home loan application.

How to Calculate EMI for Home Loan Online

Your home loan EMI is the monthly instalment you pay to the lending institution. The lower your home loan rate of interest, the lower your monthly EMI.

It’s always ideal to calculate your potential EMI beforehand, so you know how much you should borrow. The most convenient way to accurately calculate your monthly instalment is by using our home loan EMI calculator.

This online tool asks you to input your desired loan amount, tenure, and tentative interest rate and instantly coughs up your potential EMI. You can also try multiple permutations and combinations, toggle with different values through this calculator to reach a desired monthly EMI total.

So, if you’re wondering what your potential EMIs can be while applying for a home loan in Chandigarh, use our online home loan EMI calculator to help yourself out of your confusion.  

HOW TO APPLY FOR A HOME LOAN ONLINE IN CHANDIGARH

Offline Application Process

  • Customer care –18602676060
  • Email – contactus@tatacapital.com
  • Registered Branch – TCHFL, 2nd Floor, SCO 20, Sector 26, Madhya Marg, Chandigarh - 160019

FAQ

Maximum of 30 years is provided to repay a loan. This is subject to retirement age of the borrower or 65 years in the case of self-employed applicant. 

Our interest rates begin from 7.75%* and are highly competitive. We offer concessional interest rates to women beneficiaries. Additionally, we provide subsidized home loans to low income groups under PMAY subsidy.  

Home loans serve the primary purpose of purchasing a property or facilitating the construction of one for home buyers. Different types of home loans are taken for different purposes such as –

  • Purchase of Land 
  • Readymade Home Purchase 
  • Home Construction 
  • House Expansion or Extension 
  • Home Conversion 
  • Home Renovation 
  • Loans Against Property or Mortgage Loan

A co-applicant in a home loan is an individual who will be equally responsible to repay the home loan just as the main borrower. He or she has to apply for the home loan along with the main borrower. Lenders will take the co-applicant’s income and credit standing into consideration as well. 

Home loan co-applicants can only be immediate family members or blood relatives. Up to six co-applicants are permitted per home loan application. The following can be co-applicants in a joint home loan –

  • Spouse
  • Father 
  • Mother 
  • Brother who is not a minor 
  • Sister who is not a minor 
  • Son who is not a minor 
  • Daughter who is not a minor 

The time taken for the sanctioning of home loans varies depending upon whether you are a salaried individual, self-employed individual or entrepreneur. Typically,

  • For salaried individuals, home loans can be sanctioned within 4 to 5 business days
  • For self-employed individuals, it may take around 7 to 8 business days to get home loan sanctioned 

Tax benefits on home loans may be availed during filing of annual income tax returns. Home loan borrowers are eligible for tax benefits on home loan as per Section 80 C of the Income Tax Act. The following tax benefits can be availed by home loan borrowers -

  • Deduction for Interest Paid on Housing Loan - The interest portion of the EMI paid for home loan in the year can be claimed as a deduction from your total income. This amount must not exceed a maximum of Rs 2 lakhs as per Section 24
  • Deduction on Principal Repayment - The Principal portion of the home loan EMI paid for the year is allowed as deduction under Section 80C. The maximum amount that can be claimed is up to Rs 1.5 lakh. However, to claim this deduction, the house property should not be sold within 5 years of possession.
  • Additional Deduction under Section 80 EEA – 2019’s Budget has introduced additional deduction under Section 80EEA for home buyers for maximum up to Rs 1,50,000, provided the stamp value of the property does not exceed Rs 45 lakhs. The loan must have been sanctioned between 1 April 2019 and 31 March 2020 to avail this benefit.

If your home loan interest rate hikes, you can reduce your housing loan tenure in the following ways –

  • Increasing your EMI
  • Making a part pre-payment of your housing loan, or
  • A combination of both the ways mentioned above

If you wish to reduce your home loan tenure, visit the nearest loan-serving branch. Once the EMI has been changed, submit new Electronic Clearance Service (ECS) mandate/Post-Dated cheques with the updated EMI amount to get your home loan tenure reduced. 

Home loan is taken for a property whereas a mortgage loan is taken against a property - For a home loan, an applicant borrows money from a lending institution at a given interest rate for buying, constructing, or upgrading of a property.  

For a mortgage loan, financial institutions or lenders extend the mortgage by securing a property. So, though the property is considered to be the collateral for the loan amount, it is the lending institution that is the actual owner of the property till full loan repayment.

 

A fixed interest rate is completely market independent whereas a floating interest rate varies throughout the loan tenure based on changes in the market forces.   With Tata Capital, you get the flexibility to opt for Fixed Rate Home Loan or Home Equity Loan for the initial three years of your home loan tenure following which there will be an automatic change to floating interest rates for the rest of the tenure.

Yes, it is possible for you to prepay your home loan, either in part or in full, keeping the following in mind – 

  • You need prior written approval of the lending authority
  • You need to consider pre-payment charges levied by your lending institution 
  • There could also be a minimum pre-payment amount limit set by your lending authority that you need to consider

Yes, you can take a joint home loan to increase your home loan eligibility. In case of a joint home loan, the income and credit standing of the co-applicant will also be taken into consideration. You can take a joint home loan with the following –

 

  • Your spouse 
  • Your parents 
  • Your children 
  • Your siblings 

 

Basically, anybody who makes up your immediate family is eligible for becoming a co-applicant.

Yes, a sanctioned home loan can be cancelled. However, the processing fees charged during the home loan sanction process will not be refunded. If you want to cancel your loan after receiving your home loan sanction letter, write to your lender. Make sure you do this well before the loan’s disbursal.

Yes, you can extend your home loan tenure as long as it is within your lenders’ terms and conditions. At Tata Capital, the home loan maximum tenure is 30 years.

By extending your tenure, you can reduce the burden of EMIs. You can contact your lender or visit their branch to apply for a tenure extension.

Some common home loan rejection reasons are unmet eligibility criteria, low income, low credit score, and incomplete or incorrect details in your loan application.

If your application was rejected, find out why. If needed, wait for your income and credit score to improve and apply again. Make sure you check your application thoroughly before submitting.

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