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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.
Chennai is a quick-growing city that keeps developing with each passing day. This phenomenon has also led to a quick appreciation of real estate in the city. Simply put, if you buy an apartment in Chennai today, the value will quickly escalate in the near future.
Given that Chennai offers several job opportunities and boasts several premium educational institutions, you’ll always find professionals and students looking for houses to rent here. This is why taking a home loan in Chennai to buy a good quality home can earn you a significant and steady rental income.
Loan amount offered
₹5,00,000 - ₹5,00,00,000
Loan tenure
Up to 30 years
Interest rate starting @
9.15%* p.a.
If you plan to get a house in Chennai, Tata Capital offers customized home loans so you can get one. Here are some features of home loans in Chennai.
Not sure if you know that home loan interest rates in Chennai and all over India are at an all-time low! So, now is the ideal time to avail of housing finance. Getting a home loan at a low rate of interest will reduce your total EMI cost, and you will be able to borrow more, and home loan repayments won't feel like a burden.
If you’re looking for a credible lending institution to extend one of the lowest home loan interest rates in Chennai, turn to Tata Capital! You can check out our interest rates mentioned below. Know that we try our best to offer you affordable housing finance, that too, at flexible repayment tenures and with minimal documentation.
You must be between 24 and 65 years of age
Salaried employees must draw a minimum salary of Rs. 30,000 with at least two years of work experience.
Self-employed professionals must possess at least three years of work experience in their current field.
Use our home loan eligibility calculator to calculate your eligibility in no time.
Check out the complete list of home loan documents
Not sure how much home loan in Chennai can you afford and at what rate of interest? Rid yourself of all dilemmas by calculating your tentative monthly instalment with the help of a home loan EMI calculator.
Using the one available on our website is straightforward! All you need to do is input three values, namely, your total loan amount, tenure, and interest rate, to know the exact EMI you'll pay each month. Don't worry if you're presently not sure of the amount you wish to borrow.
A home loan EMI calculator lets you try different amount, tenure and ROI variations until you reach the ideal one for your borrowing nature.
Customer care: 18602676060
Email – contactus@tatacapital.com
Registered Branch – Centennial Square, 1st Floor, 6A Dr Ambedkar Salai, Kodambakkam, Chennai - 600024.
Our interest rates begin from 9.15%* 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 –
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 –
The time taken for the sanctioning of home loans varies depending upon whether you are a salaried individual, self-employed individual or entrepreneur. Typically,
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 -
If your home loan interest rate hikes, you can reduce your housing loan tenure in the following ways –
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 –
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 –
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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