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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.
With the Mumbai Coastal Road project, the New Sea Link between Vihar and Versova, and the Metro Line 2 construction, ease of travel and connectivity have improved radically citywide. This way, the real estate demand at almost any place in Mumbai, especially around the city's outskirts, Kandivali, which is connected via multiple commute modes, etc., have cropped up.
Similarly, with the Monorail's development, Wadala, Lower Parel, and other housing clusters between Chembur and Jacob Circle are witnessing an uptick in property investments. Using a housing loan in Mumbai to invest in a property is an undeniably clever choice today.
With all the major MNCs and Indian business giants holding an office in Mumbai, the job opportunities in the city are always on the rise. If you're looking for a new job or switching to the finance and banking industry, Mumbai is an excellent place to settle in. With affordable home loans in Mumbai, easily finance your property in your desired location in Mumbai.
Loan amount offered
₹5,00,000 - ₹5,00,00,000
Loan tenure
Up to 30 years
Interest rate starting @
8.60%* p.a.
Mumbai is known for its great skyscrapers and real-estate prices that stand higher than those skyscrapers. Fortunately, Tata Capital makes it easy for you to own your dream house in the “City of Dreams”.
Expressed as a percentage, interest rates applicable on your home loan in Mumbai is the rate at which the interest is charged on your borrowed home loan amount over the loan tenure. The home loan interest gives you an idea of the amount you’d pay over and above the principal loan amount.
Tata Capital extends the most competitive home loan interest rates in Mumbai, starting at just 6.70%*. Currently, the rates of interest on home finance are at a 15-year low and range between 6.5% and 12%.
With Tata Capital, you can get a housing loan in Mumbai at affordable interest rates and comfortably own your dream home. The lower your interest rate, the smaller the monthly instalment you pay. That's why it's crucial to compare various lenders to find the lowest home loan rates in Mumbai.
To avail a Tata Capital Home Loan in Mumbai, you should meet some basic eligibility criteria:
You must be between 24 and 65 years of age
Use our Home Loan Eligibility Calculator to determine your eligibility in seconds!
Visit home loan documents to get complete details on the documents required for your home loan application.
Interest rates play a pivotal role in determining your home loan repayment costs when you get a home loan in Mumbai. Moreover, since home loans are typically long-tenured, extending anywhere from 15 years to 30 years, the overall interest turns into a sizeable sum over time.
The interest amount on a housing loan is typically computed on the outstanding borrowed sum at the end of each day. It is charged on a monthly basis. Your financier takes the outstanding principal amount per day and multiplies it by the current rate of interest.
Here, even a minor difference in the home loan interest rate percentile becomes significant across the loan tenure. As the loan tenure increases, the interest payable rises as well. Therefore, while a longer tenure decreases your home loan EMI in Mumbai, it also increases your overall home loan interest.
That's why it's prudent to check home loan interest rates and calculate potential EMIs in advance before applying for a housing loan in Mumbai. With a home loan EMI calculator, you can figure out your repayment cost precisely.
Customer care: 18602676060
Email – contactus@tatacapital.com
Registered Branch –
Address 1: 4th Floor, I-Think Techno Campus, Bldg. 'A', off Pokharan Road, No.-2, Thane (W), Mumbai - 400607.
Address 2: 2nd Floor, AFL House, Lok Bharati Complex, Marol Maroshi Road, andheri (East), Mumbai: 400059.
Address 3: Office No A-12 (Part-1), 1st Floor, Sarvodaya Mall, Opp. APMC Market, Kalyan West, Kalyan - 421301.
Our interest rates begin from 8.60%* 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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