Tata Capital Home Loan
Home Loan Bank Information
Table of Contents
- Tata Capital Home Loan Interest Rates
- Eligibility Criteria for Tata Capital Home Loan
- Tata Capital Home Loan Schemes
- Tata Capital Home Loan Types
- Tata Capital Home Loan for NRI
- How to Apply for Tata Capital Home Loan
- Document Checklist for Tata Capital Home Loan
Introduction
Tata Capital set up in 2007, is a subdivision of Tata Sons Private Limited. It is registered as a Non-Banking Financial Institution with the central bank of the country -Reserve Bank of India. Tata capital has over 190 branches across the country.
Some of the services provided by Tata Capital include investment banking, commercial finance, consumer loans, treasury advisory, private equity and credit card.
Tata Capital has few subsidiary companies. These are listed below.
- Tata Capital Financial Services Limited (“TCFSL”) – Financial needs of any kind of corporate, retail and institutional customers are addressed here.
- Tata Capital Housing Finance Limited (“TCHFL”) – TCHFL provides Home loans, budget friendly Housing Finance loans, Loan against property and Loans to Builders for building residential areas.
- Tata Cleantech Capital Limited (“TCCL”) –TCCL offers finance and advisory services for projects in Waste management, Energy Efficiency, Renewable Energy, water Management etc.
Tata capital offers loans as per your requirement. These includes home loan which can be used to purchase a home, home construction loan which can be used for constructing house, home improvement loan which can be used to make improvements in the existing house and home extension loan which can be used to extend the area of the existing house.
However, the decision to take a loan involves various parameters like amount of loan, tenure of the loan, rate of interest, EMI etc.
With facilities like simple loan disbursement formalities, budget-friendly and reasonable home loan interest rates, customise loan options involving the ease to choose your loan amount, loan period, and the EMI, tailor-made loans and minimum documentation make Tata Capital Home Loans a suitable option to look at while taking home loans.
Some of the other benefits of taking a home loan from Tata Capital are as mentioned below.
- Tata Capital provides home loan eligibility of a greater amount to assist in the purchase of or construct any property.
- They facilitate the process by providing service at your doorstep as per the time of your convenience.
- Flexi EMI allows you to choose EMI as per your need pay accordingly.
- Availing loan from Tata Capital makes you eligible to apply for tax deduction under section 80C of an amount up to Rs1,50,000/-. And, an additional deduction of Rs50,000/- under Section80EE which can be availed by only people buying for the first time.
Tata Capital home loan can be used to fulfil the following requirements
- Purchase of a home, apartment, (ready to move in) or plot.
- Building an apartment or a house on a plot
- Extensions if any on the existing home.
- Repair or maintenance.
Tata Capital Home Loan Interest Rates
Interest rates are as of 2019
Salaried Individuals can avail home loans from Tata Capital at extremely low-interest rates ranging from 8.7% to 8.8%. And for an amount ranging between Rs 2 lakhs to Rs 3crores for properties of residential use.
| Loan Slabs | Variable or Semi – Fixed for 2 to 3 years Rates* |
|---|---|
| Loan Amount up to 75 Lakhs | 8.70% – 8.80% |
| Loan Amount above 75 Lakhs | 8.75% – 8.85% |
Interest Rates for Self Employed Professionals or Non-Professionals
| Loan Slabs | Variable or Semi – Fixed for 2 to 3 years Rates* |
|---|---|
| Loan Amount up to 75Lakhs | 8.90% |
| Loan Amount above 75Lakhs | 9.05% |
The table below shows different loan amounts with corresponding EMI to assist prospective customers with loan amount and EMI related information.
| Loan Amount | Interest Rate | EMI Per Month |
|---|---|---|
| 5 Lakh | 8.70% | ₹ 3915.66 |
| 6 Lakh | 8.70% | ₹ 4698.79 |
| 7 Lakh | 8.70% | ₹ 5481.92 |
| 8 Lakh | 8.70% | ₹ 6265.06 |
| 9 Lakh | 8.70% | ₹ 7048.19 |
| 10 Lakh | 8.70% | ₹ 7831.32 |
| 12 Lakh | 8.70% | ₹ 9397.58 |
| 15 Lakh | 8.70% | ₹ 11746.98 |
| 18 Lakh | 8.70% | ₹ 14096.38 |
| 20 Lakh | 8.70% | ₹ 15662.64 |
| 22 Lakh | 8.70% | ₹ 17228.91 |
| 25 Lakh | 8.70% | ₹ 19578.30 |
| 30 Lakh | 8.70% | ₹ 23493.96 |
Some of the features which make home loan from Tata Capital favourable is that the entire process for applying for a loan is quick, simple and hassle-free with the benefit of repayment period which can be extended up to 30 years.
Eligibility Criteria for Tata Capital Home Loan
The eligibility criteria to avail home loan from Tata Capital varies for the different individual based on the work profile of the individual.
| Age | Employment |
|---|---|
| Home Loan – 24 years to 65 years. | Salaried – Must be earning at least Rs.30,000 per month with a minimum of two years of work experience |
| Home Extension Loan – age between 21 to 65 years. | Entrepreneur– Minimum 3 years work experience in the current field is required. |
In simpler representation, the eligibility criteria can be bifurcated under two parts
Eligibility Based on Income
This includes Self-employed professionals, Salaried people working in good organisations or Businessmen. In short, the borrower should be earning enough as required to avail a home loan.
Eligibility Based on Age
The applicant desirous of availing home loan from Tata capital must be of age more than 24 years and below 65years (if salaried).
Tata Capital Home Loan Schemes
Tata Capital provides home loan through three categories -Home Loan, Home Extension Loan, Affordable Housing Loan.
| Tata Capital Home Loan Schemes | Interest rate |
|---|---|
| Home Loan | 9.25% onwards |
| Home Extension Loan | 9.60% onwards |
| Affordable Housing Loan | 9.50% onwards |
Which can be represented below also with a few key features.
Tata Capital Home Loan
Features
- Simple and quick processing of loan application.
- The convenience of choice of interest rates -fixed or floating rate.
- Advantage of having the choice to reduce loan term while the loan is running.
- The loan can be paid back within 30 years (subject to the retirement age of salaried individuals), or if the person is self-employed, the age of the individual must be 65 years at loan maturity.
Charges
- Tata Capital does not charge any foreclosure charges in case you wish to pay back the entire amount before the completion of the loan tenure, provided the funds used are yours. If the funds belong to someone else, they will charge foreclosure charges.
- Any delay in payment of EMI is charged at 2% over the existing rate.
- The processing fee is 0.5% of the loan amount +GST
| Loan Amount | Interest Rates | Processing Fee |
|---|---|---|
| Rs.2 lakh to Rs.5 crore | Starts at 9.25% p.a. | Up to 2% of the loan amount |
Tata Capital Home Extension Loan
Features
- Provided to change, extend or add to the existing area of the property, for instance, adding a room or a floor or garage.
- Hassle-free documents and EMI options which are adjustable as per customers need.
- An amount of Rs30,000 as tax benefit can be availed against the interest paid during that year.
- Charging an extremely low processing fee.
- Repayment of Home extension loan made easy as you can decide how and in how much tenure you want to pay back.
- Whatever the cost of the extension, this loan provides up to 75% of the total cost.
| Loan Amount | Interest Rates | Loan Tenure |
|---|---|---|
| Min. Rs.1 lakh | Starts from 9.60% p.a. | 12 to 60 months |
Tata Capital Home Loan Types
Tata Capital helps by providing Home loans for different purposes at different interest rates with flexible repayment period. Irrespective of whether you are purchasing a house first time or planning to construct, Tata capital Home Loan provides with a perfect answer to all your home-related queries. With simple and convenient documentation and low-interest rate combined with flexible EMI taking a home loan from Tata Capital suits all our requirements.
In addition to the above-mentioned home loans, Tata Capital disburses the following categories of loans also.
Tata Capital Rural Housing Finance
- Applicants desirous of buying a house in the non-urban area can avail this loan.
- Under this scheme, applicants can use the loan amount to buy a new property or carry out construction on that property.
Tata Capital Urban Housing Fund
- The major aim of the Tata Capital Housing Fund is to assist the individuals in the lower- and middle-income groups with their housing loan requirements.
Tata Capital Switching and Refinance
- This scheme allows you to change or alter the interest rate of the loan as a result of a change in your income or market fluctuations.
- Similarly, the scheme allows raising the EMI with raise in salary to lower the number of EMI instalments
Tata Capital Repayment method of Housing Finance
With changes in income and an individual’s capacity to pay back the loan, Tata Capital provides individuals with the option to vary the EMI amount (as per their convenience and pay the loan earlier than the fixed loan tenure.
Flexi EMI Plan: Under this plan, the borrower anticipating an increase in his income can change the EMI (increase them) accordingly and reduce the number of instalments. Thus, repaying in a shorter period.
Bullet flexi EMI: This EMI plan is suitable for people getting regular incentives or bonuses at work and can thus use that surplus income to pay off a part of the loan with no additional cost thereby lowering the EMI amount.
Tata Capital Home Loan for NRI
Tata Capital goes the extra mile to ensure Non-Resident Indians are assisted in all their home loan requirements. An NRI can avail home loan from Tata Capital from the comfort of the country they are residing in and purchase property in India with hassle free home loan process.
Benefits For NRIs
- Suitable Interest Rate: Non-Resident Indians have the option to choose from floating or fixed interest rate for their EMI.
- Loan Amount: The amount of loan that can be disbursed to NRI for purchase or construction of property starts from Rs2 lakh and goes up to Rs 10 crores.
- Adjustable Tenure: NRI’s have the choice to decide the loan tenure, that is by when they want to repay the loan. Tata Capital provides them with ten years to repay the loan.
- Tailor-Made Loan Options: Tata Capital assists NRI in offering them a personalised loan to match their requirements.
- Speedy and Effortless Loan Processing: The processing of loan application is smooth, convenient and with minimum paperwork that makes it convenient to process the loan online only themselves.
- Interest Rates: The interest rate for NRI home loan offered by Tata Capital are at par with the peers in the industry, starting at 9.00%. There are, however, factors like eligibility, income etc. which influence the determination of interest rate.
- The processing fees in case of NRI home loans is up to 1.5%.
EMI to be paid
EMI or Equated Monthly Installments Equated Monthly Instalment (EMI) is dependent on factors like interest rate, Tenure of the home loan and Principal amount. The NRI’s have the advantage to fix the EMI as per their convenience with the aid of the NRI Home Loan Calculator.
Three important factors which are crucial in deciding the EMI amount are
- The tenure over which you want to pay off the loan.
- What is the amount you can pay each month easily?
- What interest rate suits you best.
Repayment of NRI Home Loan
Tata Capital home loan for NRI has many benefits for the NRI. The NRI’s have the option to choose the loan repayment period as per the EMI since a longer loan repayment period will mean a smaller EMI. Prepayment of the entire loan is also available. They have the freedom to choose from payment modes like auto-debit or ECS for payment of EMI or even post-dated cheques as preferred by the NRI.
Reasons why NRIs Prefer Tata Capital Home Loans
Caring Attitude
Tata Capital is known to provide NRI Home Loans as per the requirement of the borrower with minimal formalities which includes the legal requirements to be fulfilled.
Lucrative Interest Rates
Customised and Tailor-made Home loans with economical interest rates and the convenience to choose the repayment period.
Flexible Options
Tata Capital Home Loans for NRI gives you the comfort to choose the various loan parameters as per your comfort, which includes the loan amount, loan period and EMI. Providing this kind of flexibility is one of the main points which sets it apart from its peers.
No Red Tape in Loan processing
Tata Capital aims to disburse loans with ease and flexibility in a manner that is convenient and suitable for us. Other than some compulsory information such as the purpose of seeking loan and source of income, the entire process is smooth and customer friendly.
Custom Made Loans
Since one loan may not suit all, Tata Capital provides personalised loan facility for the benefit of the customers.
Non-Resident Indians are always on the lookout to purchase property in India. Either for purchasing a readymade flat or apartment or constructing a house for their personal use. There are many factors which make Home Loan from Tata Capital a lucrative prospect.
A house in India helps the NRI to stay attached to their place of origin or their motherland. It will give them a reason to look forward to their visit here.
Also, the boom in the economy makes it more reason to purchase a house the price value of the house keeps rising.
The house in India can be rented out used to generate passive income for years.
Having a home gives you a reason to return to your motherland. The Tata Home Loan is a great means to keep the NRI’s connected to their home and even return post-retirement.
Amount of Loan that can be Taken Under the Schemes
The amount of loan offered by Tata Capital varies with the category of Home Loan. The home loan for NRI offers an amount of Rs 2 lakhs to 10 crores. With loan period extendable up to 10 years.
Home Loan Eligibility for NRI
NRI or Non-Resident Indians can avail loans from Tata capital provided they are Non-resident Indians. Which if put means that the borrower should be staying in a country outside India and on his visit to India stays for a period less than 182 days. Also, he/she should be between the age of 24 years and 65 years. Another important criteria is that the borrower must be a salaried individual with a work experience of at least three years.
Based on the fulfilment of these criteria, NRI’s can apply for a home loan from Tata Capital and avail its benefits.
In addition to the criteria above, NRI’s must provide with the following documents to apply for a loan.
Age: For a Non-Resident Indian to avail home loan from Tata Capital age should be less than 65 years
Age and Photo Identity proof: Voter id/ Passport/ Driving License/Aadhaar Card / Pan card, Birth Certificate, Life Insurance policy. Passport should have valid Visa arrival stamps.
Address proof documents: Utility Bill / Bank Statement/ Property Registration /Property Tax Receipt /Voter Card
Salary Proof: Appointment letter, employment history of places worked before, salary slip of the previous six months.
Income Proof: Statement of the last six months of NRE / NRO account.
Credit Report: A credit report about the country they reside in should be provided by NRI’s desirous of applying for a loan from Tata Capital.
Existing Loan Details: Bank statement of existing loan (if any) to be provided
Processing Fee Cheque: Cheques to be provided from the business account or salaried account as per profession of the NRI.
NRI Proof Document: Valid visa or work proof documents to prove NRI status
All Financial documents like Power of Attorney, KYC and Salary Slip and Bank Statements should be attested by the Notary Public of the country where the NRI is residing or Consulate attestation.
In short, the basic documents required by Tata Capital to processing Home Loan for NRI can be represented as below.
| Document | Salaried individual |
|---|---|
| Application | Yes |
| Photograph | Yes |
| Identity Proof | Yes |
| Residence Proof | Yes |
| Latest Salary Slip | Yes |
| Form-16 | Yes |
| 6-month Bank Statement | Yes |
| Education Proof | No |
| Business Existence | No |
| Last 3-year ITR of Individual | No |
| Last 3-year ITR of Profession | No |
| Last 3-year P/L Statement | No |
| Last 3-year Balance Sheet | No |
| Business Profile | No |
The interest rates on Home loans for NRI starts from 9.00% per annum, and processing fees can go up to 1.5%.
The pre-closure fee ranges up to 1.5%
The EMI options available under NRI Home Loan scheme of Tata Capital are broadly categorised under two types.
Standard EMI Plan: This plan is suitable and generally chosen when the income is to remain the same and regular over a period of time . In this case, the EMI amount remains the same throughout the loan period and payments are made till all the EMI’s are paid, and the loan is cleared.
Step up Flexi EMI Plan: This scheme of EMI is especially useful when the borrower expects the income to grow over time. Hence the borrower pays a lower amount EMI in the initial years of the loan period and gradually with a rise in income the EMI amount is also increased.
Another important point here is that the processing fee charged is nonrefundable and is extremely minimal.
How to Apply for Tata Capital Home Loan
Applying for Tata Capital home loan is an easy and convenient process. And can be done ourselves.
Check your Eligibility
Where in before applying for a home loan we must check for our eligibility to avail home loan. The eligibility must be met in both the parameters of age and source of income which ensure that the borrower can pay back the loan.
The eligibility criteria for resident and non-resident Indians must be met as per the category of the borrower before applying for a loan.
Once the eligibility is established, you must select the amount of home loan you wish to apply for and the period in which you would return the amount. The home loan EMI calculator will help you with the EMI options. You can even change the EMI over time with a change in your income and reduce the EMI amount. The customised option helps you to select the EMI as per your convenience.
Apply for the Loan
Apply online
After this, we must download the online application form available at their website and fill all the details. If you need any assistance while filling the form or are doubtful about any point you can call their tollfree number and get the queries resolved.
Once this is done, attach the relevant documents along with the application and submit the application form for further processing.
Post application submission the application form and documents are checked by a team of experts from the Tata Capital Home Loan department. Who will check the details mentioned in the application form along with the documents submitted and verify the genuineness of the information provided?
In the next step, the experts from Tata Capital pay a visit to the property you wish to buy either to stay or to construct.
Once it is established that everything is in order, the loan is approved and sanctioned and is disbursed into the bank account number provided by you.
Apply by Visiting a Branch
The second and the traditional method of applying for a home loan is by visiting their branch with all the relevant documents. The loan advisor or the expert assists with the entire process of loan application and explains all the features and benefits of Home Loan with Tata capital.
Apply via Phone
Another mode of applying is via phone wherein the NRI applicant who wishes to take home loan can call on their toll-free number 1800 209 6060 from Monday to Saturday anytime between 8 am to 7 pm.
Another important point to mention here is that while applying for Tata Capital Home Loan, all the fee and charges involved like processing fee or foreclosure charges are mentioned upfront and are not hidden from the borrower. The entire process of applying for loan through Tata Capital is clear and transparent.
Document Checklist for Tata Capital Home Loan
To apply for a home loan, the applicant or borrower must submit certain documents to process the loan application.
The documents have been divided into the following categories
Salaried
Age: For a salaried individual to avail home loan, Tata Capital age should be more than 24years and less than 65 years of age.
Age and Photo Identity proof: Voter id/ Passport/ Driving License/Aadhaar Card / Pan card, Birth Certificate, Life Insurance policy.
Address proof documents: Utility Bill / Bank Statement/ Property Registration /Property Tax Receipt /Voter Card
Salary Slips: Last three months’ salary slip or Annual raise letter / Form 16 or Appointment letter
Income Proof: Latest 6-month bank statement of salary account
Existing Loan Details: Bank statement of existing loan (if any) to be provided
Processing Fee Cheque: Cheques to be provided from the salary account.
Tata Capital may, in some cases, ask for the following documents when there is a loan transfer involved.
Sanction Letter: The organisation from where the existing loan is going on issues a sanction letter for the loan to be transferred to Tat Capital.
Loan outstanding letter: It is a letter issued by the existing organisation from where the loan is to be transferred with the amount of loan outstanding mentioned.
Submission of Property Papers: Papers related to property have to be submitted by the borrower to the existing organisation financing.
Self Employed Individuals
Age: For a self-employed individual to avail home loan, Tata Capital age should be less than 65 years of age.
Age and Photo Identity proof: Voter id/ Passport/ Driving License/Aadhaar Card / Pan card, Birth Certificate, Life Insurance policy.
Address proof documents: Utility Bill / Bank Statement/ Property Registration /Property Tax Receipt /Voter Card
Business Proof: Income tax returns of the last two years or Registration certificate of starting a business
Income Proof: Profit and Loss (P/L) projection Statement of the previous three years/ latest six-month statement of running current account or 6 months statement of CC/OD facility (if taken).
Existing Loan Details: Bank statement of existing loan (if any) to be provided.
Processing Fee Cheque: Cheques to be provided from the business account.
NRIs (Non-Resident Indians)
Age: For a Non-Resident Indian to avail home loan from Tata Capital age should be less than 65 years
Age and Photo Identity proof: Voter id/ Passport/ Driving License/Aadhaar Card / Pan card, Birth Certificate, Life Insurance policy. Passport should have valid Visa arrival stamps.
Address proof documents: Utility Bill / Bank Statement/ Property Registration /Property Tax Receipt /Voter Card
Salary Proof: Appointment letter, employment history of places worked before, salary slip of the previous six months.
Income Proof: Statement of the last six months of NRE / NRO account.
Credit Report: A credit report about the country they reside in should be provided by NRI’s desirous of applying for a loan from Tata Capital.
Existing Loan Details: Bank statement of existing loan (if any) to be provided
Processing Fee Cheque: Cheques to be provided from the business account or salaried account as per profession of the NRI.
If the NRI applying for a home loan is holding an NRE or NRO account, a statement of account is essential to process the loan application.
NRI Proof Document; Valid visa or work proof documents to prove NRI status.
The basic checklist can be represented as below in the tabular form.
| Age Proof | Photo Identity Proof | Address Proof |
|---|---|---|
|
|
|
Income Proof
| For Salaried Individuals | For Self-Employed Individuals |
|---|---|
|
|
In brief the documents required to be submitted when applying for home loans.
- Loan application form complete in all respects.
- Passport size photographs -3
- Identity proof-Xerox of Voter id card, passport, Driving license or Pan card
- Address Proof -Xerox of Utility bill (Electricity or telephone)
- Bank account statement of last six months.
- Income Tax returns of the previous two financial years or Form 16 for salaried employees.
- For self-employed professionals, Income Tax returns of 3 years are required.
- Proof of depositing property tax via receipts of Property Tax.
- Evidence of the address of business of non-salaried individuals.
- Personal assets and liabilities statement
In case of Guarantor (if applicable)
- Statement of assets and liabilities. Personal Assets and Liabilities Statement
- Passport size photographs 2.
- Identity proof-Xerox of Voter id card, passport, Driving license or Pan card
- Address Proof -Xerox of Utility bill (Electricity or telephone)
- Signature attestation from the bank where he holds the account.
With all the documents in place and eligibility criteria met once the loan is sanctioned and approved the home loan amount will be disbursed in your account.