Home Loan Prepayment Process & Charges
Tata Capitals provides you with competitive foreclosure and prepayment charges. Tata Capital offers convenient repayment options to its home loan customers. Following are the foreclosure, prepayment charges and repayment options.
- Foreclosure & Prepayment Charges
- Payment Options
No foreclosure charges are applicable on home loan:
Where housing loan is on fixed interest rate basis and pre-closed other than own sources, 2% plus taxes will be charged on the principal outstanding and all part payments, if any, made within immediate preceding 12 months of such foreclosure.
No Pre-payment charges on Floating Rate term loans sanctioned to individual borrowers
Fixed Rate term loans:
Repaying, the easy way
At Tata Capital, we offer convenient and flexible home loan repayment options that allow you enough freedom to choose when and how to repay your loan.
Up to 30 years for salaried applicants and 20 years for others, subject to age at the maturity of loan; not exceeding 65 years or retirement, whichever is earlier.
Options of MI payment:
Pre Monthly Installment (MI) interest payment:
Pre MI interest is payable in cases of part disbursement only on the disbursed portion of the sanctioned loan every month up to the final disbursement of the loan.
Pre MI interest payments can be made by ECS, Auto Debit Facility, PDC's or DAS as explained above. PDC's are accepted only if Auto Debit or ECS is not possible.
Alternately the customer can also opt for servicing full MIs depending upon the financial leverage of the customer.
Looking for a Home Loan? Calculate your EMI in 3 Easy Steps Using our Home Loan EMI Calculator.