STAY UPDATED!

We're constantly crafting offers and deals for you. Get them delivered straight to your device through website notifications.

All You Have To Do Is Click On "Allow".

CHECKING FOR OFFERS AGAINST

Are you sure?

You will not be eligible for exclusive offers from Tata Capital

thank you for SUBMITTING THE DETAILS

We will notify you in case any special offers are available

Home Loan in Vishakhapatnam

Features of Home Loan in Vishakhapatnam

Tata Capital brings you instant home loan offerings for you to purchase or construct your dream home. Here are some of the salient features of a home loan in Vishakhapatnam-

 

  1. 1.Competitive interest rates

With Tata Capital, you can avail an affordable home loan as we offer some of the lowest interest rates in Vishakhapatnam. Check out our competitive home loan interest rates and be ready to move into your new home sooner!

 

  1. 2.Highest home loan eligibility

Tata Capital's easy-to-meet eligibility criteria ensure a smooth loan approval and disbursal process. Use our home loan eligibility calculator to determine your eligibility within seconds!

 

  1. 3.Investment for your Future

In a developing city like Vishakhapatnam, owning a home is more than just a dream you need to fulfil. Thanks to its thriving industrial and commercial sector, buying a property in Vishakhapatnam is an excellent investment opportunity. Tata Capital's affordable home loans will make this future investment convenient for you, as you can receive the required funds in no time!

 

  1. 4.Multipurpose

Whether you want to construct a house, purchase a ready-to-move-in apartment, or redesign your home to reflect your lifestyle, we have tailor-made home loan offerings for all your needs.

 

  1. 5.Flexible tenure

Tata Capital's customised home loans come with an extended tenure of up to 30 years, making loan repayment extra convenient! 

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 VISHAKHAPATNAM ADVANTAGES

Ample business and job opportunities

In addition to tourism and shipping industries, Vishakhapatnam also houses thriving fishing, pharmaceutical, IT, and import-export industries. This compels individuals from all across South India and other locations to buy residential real estate within the city.

Experiencing a real estate boom

Since the division of Telangana and Andhra Pradesh, the Andhra Pradesh State Government is pooling efforts to further develop Vishakhapatnam. This has led to an increase in the demand for real estate within the city, and subsequently, the demand for home loan in Vishakhapatnam.

Ample business and job opportunities

In addition to tourism and shipping industries, Vishakhapatnam also houses thriving fishing, pharmaceutical, IT, and import-export industries. This compels individuals from all across South India and other locations to buy residential real estate within the city.

Experiencing a real estate boom

Since the division of Telangana and Andhra Pradesh, the Andhra Pradesh State Government is pooling efforts to further develop Vishakhapatnam. This has led to an increase in the demand for real estate within the city, and subsequently, the demand for home loan in Vishakhapatnam.

What are the Interest Rates for Home Loan in Vishakhapatnam?

Your loan's interest rate is one of the most important components as it increases or decreases your total monthly instalment amount. Fortunately, taking a housing loan in Vishakhapatnam has never been easier, as the interest rates are at an all-time low.

What’s more, by availing of some of the lowest home loan rates in Vishakhapatnam at Tata Capital, you can increase your total loan amount and buy a house that was going out of your budget range before.

Check out our affordable home loan interest rates in Vishakhapatnam, and file your housing finance application today!

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

To avail a home loan in Vizag, you need to meet some fundamental home loan eligibility criteria:

  • You should be aged between 24 to 65
  • You must be salaried or self-employed
  • As a salaried professional you must have two years of working experience and your minimum monthly salary should be Rs. 30,000.
  • As a self-employed individual, you must have three years of working experience in your current specified field.
  • Your credit score must be 750 or above

 

Use our Home Loan Eligibility Calculator to find out your eligibility quickly.

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

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

How to Calculate EMI for Home Loan Online     

Calculating your loan’s EMI or monthly instalments has never been easier, thanks to a home loan EMI calculator. You can find this tool on our website and figure out the exact EMI you’ll need to pay. Simply input the loan amount you wish to borrow, the tentative tenure you’d be comfortable with, and the interest rate you think you qualify for.

The minute you input these three values, the calculator will show you your EMI. You can also keep readjusting the values on the calculator till you reach a more desirable figure. A home loan EMI calculator can help you decide how much home loan in Vishakhapatnam to borrow. You can also figure out a repayment plan once you know your tentative EMI.

HOW TO APPLY FOR A HOME LOAN ONLINE IN VISHAKHAPATNAM

Offline Application Process

  • Customer care –18602676060
  • Email – contactus@tatacapital.com
  • Registered Branch – TCHFL, Krupa Biz House, 49-24-51, 4th Floor, Shankarmattam Road, Madhura Nagar, Vishakhapatnam - 530016

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.

WHY CHOOSE US

CUSTOMIZED PRODUCTS

MINIMUM DOCUMENTATION

EASY APPLICATION PROCESS

STRONG AFTER SALES SERVICE