What is a Home Loan ?
A Home Loan is a loan taken to
Who is Eligible for a Home Loan ?
You can avail a Home Loan from Tata Capital if you are:
How much Home Loan amount can you avail ?
The Minimum Home Loan amount is Rs 2 Lakhs ( Rs 2,00,000 ) and the Maximum Housing Loan amount is Rs 10 Crores ( Rs 10,00,00,000 ) subject to 80% of the market value of the property.
What are the current Home Loan Interest Rates ?
The current home loan interest rates are different for different classes of borrowers. The current rates are
How much EMI do you have to pay ?
Your equated monthly installments or EMI would depend on 3 variables: the amount of loan, the interest rate charged and the tenure of the loan. To understand how much EMI you would need to be paid, you can use our Home Loan EMI Calculator to understand the outflow for your home loan.
How to Apply for a Home Loan Online ?
Applying for a home loan is as easy as saying 1, 2, 3. In three easy steps, you can submit your application for a home loan from Tata Capital. The three steps are:
What are the documents needed to avail a Home Loan ?
Standard documentation required for a Home Loan would include:
If you are self-employed, you would need to furnish the following documents with the above:
You can check the detailed requirement of documents needed for a home loan.
Why choose Tata Capital Home Loan ?
A Tata Capital Home Loan has three main advantages and they are
Besides these three main advantages, there are many more that would help you to acquire your dream home.
What are Flexi EMI Home Loans ?
Tata Capital gives you the option of repaying your home loans through Flexi EMI options. Through this option, you can increase your EMI every year to keep pace with your earnings. This way you could clear off the loan much faster.
Different types of Flexi EMI Plans
Home Loan Balance Transfer
A Home Loan balance transfer is for those of you who have an existing home loan with another financial institution. It is possible that you have taken the home loan on a fixed interest rate and now the interest rate has come down and you cannot take advantage of the lower interest rate. With Tata Capital's balance transfer facility you can transfer your home loan to Tata Capital and enjoy great benefits such as
With our attractive balance transfer features, you can use the top up loan to undertake repairs or extend your home with additional built-up area. You could also reduce your EMI by opting for a longer tenure.
How to Top-up your Home Loan ?
A top-up loan is provided to borrowers to put cash in their hands to utilize it for renovation or conducting repairs on their homes. A top-up loan is available when you transfer your home loan from another lender to Tata Capital. The top-up is available up to 25% of the original housing loan amount with the earlier lender. Learn more about a top-up loan.
What are different modes to pay your Home Loan EMIs ?
You can pay your EMIs using different modes to repay your housing loan such as
Tata Capital presents Government Scheme - Pradhan Mantri Awas Yojana 2017
We at Tata Capital are enthused by the government's initiatives to encourage lower income borrowers to obtain home loans to realize the dream of owning homes. The government has notified that borrowers whose income is less than Rs 6 lakhs per year would be given home loans at a concessional rate of 4% under the Pradhan Mantri Awas Yojana 2017.
We extend these loans under our sub-brand Prapti Home Loans which is a part of our key focus area of providing affordable housing finance.
How Credit Score plays a vital role in getting a Home Loan ?
Credit score is a parameter that would help to assess your credit worthiness. We recommend that your score is above 750 so as to get the best terms for your home loan. Higher the credit score, lower would be the interest rate charged. While a lower credit score may not hinder your chances of obtaining a home loan, it would impact your ability to get good terms especially in regard to interest rates.
Home Loan Prime Lending Rate Trends
|Effective Date||Prime Lending Rate (PLR)|
|1st November, 2015||16.50%|
|1st May, 2015||16.65%|
|10th December, 2013||16.75%|
|1st September, 2013||16.65%|
|1st March, 2013||16.40%|
|1st October, 2011||16.50%|
|1st July, 2011||16.00%|
|1st April, 2011||15.50%|
|20th December, 2010||14.75%|
|15th November, 2010||14.25%|
|1st January, 2009||13.75%|