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Home Loan

What is a Home Loan ?

A Home Loan is a loan taken to

  • Buy a plot of land or property and construct a house on it
  • Buy an already constructed house or apartment
  • Renovate your home into your dream house (Home Improvement)
  • Conduct Home Repairs in your house
  • Add new built-up area to an existing house (Home Extension)

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Who is Eligible for a Home Loan ?

You can avail a Home Loan from Tata Capital if you are:

  • Above 24 years of age at the time of borrowing the loan
  • Within 65 years of age or superannuation (for salaried individuals) whichever is earlier at the time of maturity of the loan
  • Salaried individuals working in reputable companies
  • Self-employed professionals
  • Self-employed non-professionals or businessmen

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

  • For salaried professionals and doctors, the lowest rate is 8.75 to 8.8% for a loan amount up to Rs 75 lakhs, and 8.8 to 8.85% for a loan amount above Rs 75 lakhs
  • For self-employed professionals and non-professionals, the lowest rate is 8.9% for a loan amount up to Rs 75 lakhs and 9.05% for a loan amount above Rs 75 lakhs

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:

  • In the first step, enter personal details sought for such as full name as per PAN, gender, date of birth, residential status, email id, mobile number, city, PIN code and profession
  • In the second step, select the housing loan amount and loan tenure
  • In the third step, submit the application to get a home loan

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Steps to Apply for a Home Loan - Infographic

What are the documents needed to avail a Home Loan ?

Standard documentation required for a Home Loan would include:

  • Application form duly filled and signed
  • Photograph
  • Identity proof
  • Proof of residence
  • Latest Salary Slip
  • Bank statement for 6 months
  • Income Tax returns / Form 16 for 3 years
  • Education Proof

If you are self-employed, you would need to furnish the following documents with the above:

  • Business Existence Document
  • P/L Statement for 3 years
  • Balance Sheet for 3 years
  • Business Profile

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

  • You get the highest home loan eligibility so that you can choose a good home for yourself
  • You can start with a lower home loan EMI at the beginning of the loan tenure and increase it gradually to coincide with increase in your income as you grow older
  • You can prepay your home loan without any penalties

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

  • Step Up Flexi EMI Plan: This plan allows you to increase your fixed EMI every year to match the increase in your annual income
  • Step Down Flexi EMI Plan: This plan gives you the option to start your repayment of your home loan at a higher EMI and lower it year after year. This plan is optimum for people with high disposable incomes.
  • Bullet Flexi EMI Plan: You can prepay your EMI in parts at periodic intervals with no additional charges on prepayment.

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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

  • Lower interest rates to reduce your existing EMI
  • Enhancement in your housing loan up to 25% of the original loan amount with your present lender
  • Longer tenure up to 30 years
  • Flexible EMI options suiting your comfort level
  • Transparent terms and conditions without any hidden charges
  • Minimal formalities in the transfer process
  • Special benefits extended to select corporate employees

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

  • Through post dated cheques
  • Electronic clearing services
  • Online transfer of EMIs

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 creditworthiness. 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%

 

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Important Information

Recently there have been cases of fraud being committed under the name of Tata Capital or Tata Finance. Customers are requested to read the attached advisory and be aware of misleading advertisements in the newspapers. Click here to read the advisory and be aware of misleading advertisements in the newspapers.

Click here to read the advisory