Home Loan for government employees
With Tata Capital, you can apply for a home loan for government employees in a few easy steps and get housing finance at competitive interest rates.
A home loan top up is a facility offered by lenders under which a borrower can take an additional loan over and above their existing home loan. The home loan top up facility is available only for existing home loan borrowers without the need for any additional security or guarantee. A top up loan on a home loan is a multi-purpose loan that can be used for any purpose.
For example, if the property builder overshoots the initial budget and you need money to fulfill this price gap, you can opt for a housing loan top up. With Tata Capital, you can avail of a home loan top up and pay for your various requirements, such as buying furniture, extending or renovating your house, and planning the interiors of your house.
A top-up loan on a home loan allows you to avail of financing at lower interest rates and meet your additional financial requirements. Here are the reasons why you opt for a housing loan top up:
The eligibility for top up home loan varies from one lending institution to another. Therefore, you must confirm your home loan top-up eligibility with your lender before approaching it for a top-up on your home loan.To get a top-up home loan with Tata Capital, you must fulfill the following eligibility criteria:
You must be an existing customer with us. This means that you must have already taken a home loan from Tata Capital
Your home loan payment history should not reflect any outstanding dues or defaults on EMIs
You should have a good credit score, preferably over 750
Note that our home loan top up eligibility may differ from case to case based on the customer’s profile. Hence,
you may need to fulfill some additional eligibility requirements to avail of a home loan top-up with us.
A home loan top-up is calculated on the basis of your existing home loan amount, tenure, credit score, and other similar factors. Most lenders assess your Fixed Obligation to Income Ratio (FOIR), a metric commonly used by loan providers to determine your ability to repay a loan.
In addition to this, you also have to pay an interest rate on top-up loans, which can differ based on your credit score and the loan amount and tenor.
A home loan interest calculator can help you understand how to calculate a top-up loan in greater detail.
Applying for a home loan top up with Tata Capital is easy and convenient. All that you have to do is follow the steps mentioned below:
Choose how you want to apply for a home loan top-up - online, via phone call, or via WhatsApp.
Tell us about your personal, employment, and financial details.
Check your home loan top up eligibility and home loan top up interest rate.
Mention the home loan top up amount that you want to borrow.
Furnish the details of your existing home loan.
Submit the necessary documents and fees involved
Once you complete these steps, your home loan top-up amount will be transferred directly into your bank account.
I had applied for a home loan at Tata Capital & got the it approved quickly. The process was smooth and sanctioned with sufficient amount with tenure period of 20 yrs.
The submission of my home loan application was very simple and easy. Even the documentation process was very simple and ended in very less time.
The customer support service is good as they responded to my queries without any wait time. With their help, my home loan was approved in very less time.
I got my home loan approved from Tata Capital. The reason behind going with Tata Capital home loan is they were offering home loan at best price and zero processing fee.
The rate of interest is moderate. Pre closure is applicable but there is locking period. Their customer service is very good.
The home loan was sanctioned on time and I easily uploaded the documents through online.
Interest rate is a bit high when I compared to Government banks, but processing time and charges for my home loan were less. Loan was sanctioned soon as well.
The process for my housing loan was immediate. Interest rates were normal at X%. The documentation process was hassle free. What else can I expect!?
The processing fee was nominal for my home loan. It was processed hassle free. I am satisfied with the service.
A home loan top-up is an additional loan that you can take on top of your existing home loan. You will qualify for it only if you are an existing Tata Capital home loan customer. The top-up loan can be used for any purpose or reason.
On the other hand, a personal loan is an individual loan. You need to apply for it separately. You can use a personal loan for several needs, such as purchasing electronics, booking a vacation, renovating your home, repairing or buying a vehicle, etc.
To qualify for an increase in your loan through the top up on your home loan, you need to meet these three criteria:
At Tata Capital, we offer home loans starting from Rs 5 lakhs and ranging up to Rs 5 crores. You can pick any amount based on your financial needs, credit score, budget, etc.
The top-up on home loan interest is usually calculated based on the prevailing interest rates on your home loan. However, it is on essential to note that the interest rates for a top-up loan may be higher or lower than the interest rates for the original home loan. It is best to discuss this in detail when applying for the top up home loan.
The processing time for it is reasonably quick. These loans are generally pre-approved and granted quickly, so you do not have to wait long.
The top-up on home loan can be repaid with your existing EMIs within your original home loan tenure. At Tata Capital, we offer a maximum home loan tenure of up to 30 years. You can select the tenure that best fits your budget.
It is a multi-purpose loan and can be used for any purpose. As long as you have an existing Tata Capital home loan, you can apply for it and use it as you see fit.
Yes, you can apply online by using the following steps:
Since the top-up loan is a pre-approved loan, you will be shown the details of the loan amount you are eligible for. You can then proceed to apply for it.
You need to submit the following documents:
Yes, your credit score plays a critical role in all your loan applications. To qualify for a top-up on your home loan, you must have a credit score of 750 and above. The higher the credit score, the easier it gets to avail of a top-up on home loan of your preferred amount.
At Tata Capital, we charge a nominal processing fee of 0.5% of the loan amount + Goods and Services Tax (GST) for all home loans. You can reach out to our home loan customer care service to understand the applicable fees and charges involved in processing the top-up loan.
Yes, you can deduct the interest paid on the top-up loan and save money spent on tax under Section 24 of the Income Tax Act 1961. A top-up on a home loan is treated like a regular home loan for tax purposes. You can claim income tax deductions on the interest paid on the top-up loan as long as you use the funds for renovation or improvement of the concerned property. Section 24 offers tax deductions of up to Rs 2 lakh on a home loan.
The repayments towards a top-up on a home loan must be made on time. If you fail to make the payments, you will incur a late penalty fee of up to 2.00% per month over and above the prevailing home loan interest rate. You may also receive legal notice if you are unable to pay the EMIs over a period of time. It is advised to pick a loan amount and tenure that comfortably fits your budget to avoid late payments and hassles later.
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