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Key Features and Home Loan Solutions
Home Loan - Key Features
We at Tata Capital are delighted that you want to acquire your dream home. We want to help you to finance your home with our feature rich home loan financial product. Our home loan comes with numerous features that help you to minimize the cost of financing your home loan. Our interest rates attractive, formalities minimal, loan process fast, repayment options several, EMIs under your control, disbursal quick, and our support timely.
Our home loan is replete with features that are aimed at making it easy for you to avail a home loan that is perfect for you. They include inter alia
- Loan granted for purchase of site for construction, construction of house, purchase a built apartment or house, renovation, extension or transfer of your existing loan with another lender to Tata Capital
- Inclusion of a family member as a co-applicant which enables you to take a higher loan amount
- Option of choosing fresh loan, adding to existing loan with top up facility, and transfer a loan from another lender
- Option of repaying through ECS, Post Dated Cheques , auto debit and deduction against salary
- Option of choosing EMIs
- Option to purchase or construct a house in rural areas under our rural housing finance scheme
- Low home loan interest (4%) scheme under the Pradhan Mantri Yojna Scheme 2017
- The Tata Capital bouquet of home loan features that make taking a home loan effortless
A home loan from us bestows the following benefits
- Maximum quantum of loan by adding co-applicants' income to your own income
- Loan amount up to Rs 3 crore; can go up to Rs 10 crore in special cases
- Attractive and affordable home loan interest rates; choice of floating and fixed rates
- Loan tenure up to 360 months
- Option to choose your EMIs for repayment
- Choice of standard home loan or flexi EMI loan
- No foreclosure charges
- No prepayment charges for floating rate loan
- 2% prepayment charges if prepayment is in excess of allowed limits on fixed interest loan
- Service at your doorstep
- Fastest processing in the industry
- Hundreds of approved projects
The home loan you avail qualifies for the following tax benefits
- Under Section 80C of the IT Act - on repayment of principal amount towards home loan every year
- Under Section 24 of the IT Act - on repayment of interest towards home loan
- Under Section 80EE of the It Act - additional benefit over and above under Section 24 on repayment of interest towards home loan for first-time buyers
The IT Act prescribes the rules under which the home loan borrower can avail the above tax benefits.
Interested in applying for a Home Loan?
It is easy to apply for a Tat Capital home loan. You will not be burdened with unreasonable charges and fees. You are eligible for a home loan if you satisfy our minimal conditions. What is more, our documentation is quite simple comprising standard documents.
Processing fees and charges
In order to lessen your burden on expenses incurred in taking a home loan, we keep our processing fees and charges to the bare minimum. They include the following
- A small processing fee up to a maximum of 0.5% of the loan amount
- Statutory charges such as stamp duty
- 2% prepayment charge in some cases
- Delayed EMI payment charges
- PDC charges
- Loan cancellation charges
- Dishonour of cheque charges
- Rejection of ECS charges
- PDC swapping charges
- Account maintenance charges
- CERSAI charges
- Legal charges
- Cheque or cash collection charges
We assure you that if the loan is serviced promptly as per terms and condition of the home loan the above charges will not be levied except for the processing fee and stamp duty
Eligibility and documents
Our eligibility criteria are easy to meet as we seek applications from individuals who are
- Aged between 24 years at the commencement of the home loan and 65 years at the time of maturity of the loan
- Salaried persons
- Self-employed professional persons
- Self-employed businesspersons
For more details you can read about the complete eligibility criteria while applying for home loan.
We seek the following standard documents
- Proof of identity and residence, latest salary slip, Form-16 and latest 6-month bank statement in the case of salaried person
- Proof of identity, residence, education, business existence, latest 3-year ITR of individual and profession, latest 3-year P/L statement and balance sheet and latest 6-month bank statement in the case of self-employed professional person
- Proof of identity, residence, education, business existence, latest 3-year ITR of individual and profession, latest 3-year P/L statement and balance sheet, latest 6-month bank statement and business profile in the case of self-employed business person
How to apply for Home Loan
Applying for a home loan is a very simple task and we recommend you take the following steps to decide on the various elements before applying
- Understand the home loan features
- Based on your understanding and your requirement finalize the loan amount, tenure and EMI repayment you are comfortable with
- Apply in the prescribed form along with photograph
- Submit the form with a cheque for the processing fee and enclose copies of relevant documents
A home loan from Tata Capital is more than just a loan. It is a comfortable means of realizing your dream of owning a home.
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.
Home Loan Guide
At Tata Capital, we believe a home is so much more than four walls and a roof. It is your refuge from the world. It is a place where you can let go and truly be yourself. and it is our endeavour to bring you closer to owning your dream home, the place where you can truly express yourself.
However, we also realize that for most people , buying their dream home can be a long and complicated process. This is why it is our aim to simplify this process and give you all the information you require to make your home-buying process completely hassle-free. The home loan guide contains important points you should keep in mind while deciding to purchase a house, so that your home purchase is a landmark you can look back upon with satisfaction and pride.