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If you’ve taken a home loan to buy a fully constructed housing property or a ready-to-move-in house, your house loan amount would be disbursed in full. However, if you’ve taken a housing loan for an under-construction property, your home loan amount would be disbursed in tranches, adhering to the stages of construction of the building. This process is known as subsequent disbursal or tranche disbursal of home loans.
The request for subsequent disbursement of housing finance can be made by a builder who is providing a Construction Linked Payment (CLP) facility for its under-construction properties. Under this facility, the payment for the property has to be made to the builder in tranches or installments upon reaching certain stages of construction of the building. These stages of construction are pre-agreed between the builder and the buyer.
If you’re planning to buy a property with the CLP facility, you can avail of a home loan with subsequent disbursal from Tata Capital. Your home loan EMIs will be calculated only on the disbursed home loan amount.
Home loans with subsequent disbursals are only available for customers who have booked under-construction properties with the CLP facility. Subsequent disbursement requests can only be made by the builders offering this facility, and the disbursals will be done directly into the builders’ bank accounts.
Tata Capital will verify the stage of construction, payment of customer’s contribution (if any), the overdue status of the loan account, etc., before making home loan subsequent disbursals into the builder’s account. Tata Capital reserves the right to reduce the disbursement amount or reject the disbursement request from the builder on account of non-fulfillment or non-adherence to home loan subsequent disbursement guidelines.
You can visit your nearest Tata Capital branch to place a request for subsequent disbursal of your home loan. You can also request for home loan subsequent disbursal online by following a few simple steps mentioned below:
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The lenders consider various factors to determine your housing loan disbursement amount. These factors include your age, monthly income, credit score, existing financial liabilities, and the cost of the property you are planning to buy. Based on the analysis of these factors, the lender decides your home loan amount.
Yes. A lender determines the maximum home loan amount that can be disbursed based on your age, monthly income, credit score, existing financial liabilities, and the cost of the property you are planning to buy. Usually, lenders provide home loans of up to 80% of a property’s market value.
The interest rate for a home loan is decided based on your age, monthly income, credit score, and the property you are buying. A home loan interest rate may vary from one lender to another, and it usually ranges between 10% and 13% in India. With Tata Capital, you can get housing loan disbursement at a highly competitive interest rate, starting from just 8.75%* per annum.
The repayment of a home loan is usually made in Equated Monthly Instalments (EMIs). The EMIs of a home loan depend on the loan amount, tenure, and the applicable rate of interest. The higher the tenure of a home loan is, the lower the EMIs will be. You can take the help of a home loan EMI calculator to know your home loan EMIs.
Yes. You can make the full or partial prepayments of your housing loan disbursement anytime during its tenure. Whether or not you will have to pay the charges for it depends on the lender. At Tata Capital, we levy zero prepayment charges if you use your own funds to make a prepayment of your home loan.
Home loan disbursement involves several stages, which may take time. It may take anywhere between 10 and 15 working days to get your home loan disbursal. However, if you want to get quick disbursement, you can apply for a pre-approved home loan with Tata Capital.
Yes. With Tata Capital, you can take a home loan for varying purposes, including:
Yes. Home loans are provided for under construction properties as well as fully-constructed ready-to-move-in apartments. However, in the case of an under construction property, the home loan is disbursed in tranches based on the construction status of the project.
The repayment tenure for a home loan is determined based on your age, loan amount, and the construction status of the property you are buying. If you have taken a home loan for an under construction property, you will get the disbursement in tranches and can repay accordingly. At Tata Capital, you have the flexibility to choose your home loan tenure for up to 30 years.
When you take a home loan disbursement, you become eligible for the following tax benefits:
A home loan disbursement refers to the process of the transfer of the initial home loan amount. It can be taken for buying a new property, renovating an existing property, or constructing a house. On the other hand, a home loan top-up is the additional amount that is given to the borrower over and above their home loan amount. You can take a top-up home loan if your original home loan amount is insufficient to meet your housing financial requirements.
When you apply for a home loan with a lender, you are given a reference number or an application number. You can use these reference numbers to track the status of your home loan disbursement on a lender’s website. You can even log into your home loan account using a unique ID-Password combination to track your housing loan disbursement status.
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