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Home Loan in Surat

Tata Capital offers instant home loans so you can easily purchase or build your dream house. Here are some features of a home loan in Surat:

 

  1. 1.Competitive Interest Rates

Tata Capital offers some of the lowest interest rates on home loans in Surat. So, your monthly instalments are much more manageable, and repayment costs are low.

 

  1. 2.Get the Right Loan Amount for Your Needs

With Tata Capital, you can take a loan of Rs. 2 Lakhs to Rs. 5 Crores depending on your housing needs. You can use our Home Loan Eligibility Calculate to calculate the amount you will be eligible to borrow.

 

  1. 3.Flexible Tenure

Tata Capital ensures loan repayment is not a burden on your shoulders. You can opt for a flexible tenure of up to 30 years and easily repay the loan.

 

  1. 4.Secure Investment

Getting a house in Surat is a secure investment. The city is a hub of the diamond and textile industry. At the same time, it houses an IT sector with ample career opportunities. So, a house in Surat is an investment that can be your valuable asset.

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 Surat Advantages

Burgeoning job and academic opportunities

 Surat accommodates more than 90% of the world’s diamonds and has the biggest hub for diamond cutting, refining, and polishing. But that’s not it! The city is also home to over 300 dyeing and printing mills and silk fabric and cotton mills. Along with that, Surat houses an IT sector with job opportunities in a range of industry verticals.

That’s why millennials are choosing to settle down in the city. With easy access to home loan in Surat, property buying is easier as well. Besides that, the Silk City of India also offers excellent options for pursuing higher studies, thanks to the presence of numerous top colleges and universities.

High quality of living

 With a well-established economy, Surat packs the perfect blend of tall buildings, picturesque beaches, and greenery. What’s more, the residential localities are looked after well by the residents and administration alike. This way, the city’s quality of life is top-notch when combined with the availability of affordable housing loans in Surat.

Burgeoning job and academic opportunities

 Surat accommodates more than 90% of the world’s diamonds and has the biggest hub for diamond cutting, refining, and polishing. But that’s not it! The city is also home to over 300 dyeing and printing mills and silk fabric and cotton mills. Along with that, Surat houses an IT sector with job opportunities in a range of industry verticals.

That’s why millennials are choosing to settle down in the city. With easy access to home loan in Surat, property buying is easier as well. Besides that, the Silk City of India also offers excellent options for pursuing higher studies, thanks to the presence of numerous top colleges and universities.

High quality of living

 With a well-established economy, Surat packs the perfect blend of tall buildings, picturesque beaches, and greenery. What’s more, the residential localities are looked after well by the residents and administration alike. This way, the city’s quality of life is top-notch when combined with the availability of affordable housing loans in Surat.

What are Interest Rates for Home Loan in Surat?

The rate of interest, typically expressed as a percentage, applies to your home loan in Surat. It is the rate at which the interest gets charged on your principal loan over the specified loan term. The home loan interest amount tells you how much you’ll pay over and above the borrowed sum during repayment.

When looking for the lowest home loan rates in Surat, compare multiple lenders and their lending terms before aggreging to a loan offer. Since interest rates directly impact your monthly instalment and the overall repayment costs, choosing the right lender is a must. Moreover, with interest rates at an all-time low, this is the right time to make a property purchase.

Tata Capital provides the most affordable home loan interest rates in Surat, starting at 6.70%* at minimal documentation requirements, easy-to-fulfil eligibility terms, and quick processing. With us, you can avail of a housing loan in Surat at competitive rates of interest to easily buy your desired home.  

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

To avail a Tata Capital Home Loan in Surat, you must meet the basic home loan eligibility criteria:

  • You should be aged between 24 to 65
  • You must be salaried or self-employed
  • Work experience for a salaried professional is two years along with a monthly salary of Rs. 30,000
  • As a self-employed individual, you need three years of work experience in your current field
  • Your credit score should be 750 or more

 

Use our Home Loan Eligibility Calculator to quickly determine your home loan eligibility.

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

Following home loan documents are essential for getting a housing loan

  • Age Proof (Passport, Driving License, PAN Card, Birth Certificate)
  • Address Proof (Bank Statement/ Voter ID)
  • Identification Proof (Aadhar Card/ PAN Card/ Voter ID/ Driving License/ Passport)
  • Income proof (Bank account statement for the last six months for salaried professionals and self-employed individuals: last three years' Projection Statement / Six months statement from current account)
  • Processing Fee Cheque
  • Property Documents

How to Calculate EMI for Home Loan Online  

 Before you apply for a home loan in Surat, it’s prudent to figure out your repayment amount in advance. The total sum depends on your rate of interest applicable, loan term, and the amount borrowed. Since you repay the loan with EMIs, you should have a fair idea of how much you’ll shell out on a monthly basis during the repayment tenure.

Before applying for a housing loan in Surat, you can use a home loan EMI calculator available online to get hold of your interest payable along with your future EMIs. This way, you can create a monthly budget and chalk out the expenses you will incur while repaying your loan.  

Calculating home loan EMI in Surat is important because housing loans typically extend over terms worth 15-30 years. Here, the total interest sum turns into a sizeable cost. That's why knowing your home loan repayment costs in advance helps you comfortably close the loan on time.

HOW TO APPLY FOR A HOME LOAN ONLINE IN SURAT

Offline Application Process

  • Customer care –18602676060
  • Email – contactus@tatacapital.com
  • Registered Branch – TCHFL, Office No 102, 103 and 208, 209, 210, 211 & 212, 1st and 2nd Floor, Eco Futurz, New Citylight Road, City Light, Surat – 395007

 

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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