Tata Capital Home Loan Interest Rates

Tata Capital Home Loans Interest Rates

Tata Capital Limited is a subsidiary of Tata Sons Private Limited. It is the flagship financial services providing company belonging to the Tata Group. It was founded in 2007 and is registered with the central bank of India, RBI (Reserve Bank of India) as a Non- Deposit Accepting Core Investment Company. Tata Capital is based in Mumbai with more than hundred branches across the country.  This huge network of Tata Capital Limited helps them to serve maximum number of people in the country.

Tata Capital home loans are designed for the purpose of purchasing or constructing a home. Tata Capital also offer their customers transfer of their balance home loan. Tata Capital home loans range from INR 5 lakhs up to INR 5 crores and start with an affordable and reasonable interest rate of just 6.90%. The customer has the advantage of choosing the loan amount, term and EMI period as per his/her convenience. Also, their process of sanctioning home loans requires least documentation and is extremely simple and hassle-free. The years of industry experience of Tata makes them the most trusted home loan provider. 

Advantages of Tata Capital Home Loans

Tata Capital offers a lot of advantages to their customers, which makes them the ultimate go to option, whenever an individual is planning to get a home loan. Some of the key advantages provided by Tata Capital Home Loans are:

• • Tata Capital provides home loan eligibility to a huge amount to help with the purchase or construction of any property which the customer wants.
  • They make the process easier by providing door-to-door service according to the convenience of the customer.
  • Flexi EMI allows the customer to opt for the EMI based on their needs. 
  • Getting a home loan from Tata Capital allows the customer to claim a tax deduction under Section 80C in the amount of loan up to Rs1.50,000 / -. Accompanied by an additional deduction of Rs50,000 / – under section 80EE. But, this benefit is only available for the first time buyers.

All about interest rates

Tata Capital Limited is one of the leading housing finance companies in India offering the lowest home loan interest rate of just 6.90%. 

Home Loan interest rates for both salaried and self-employed individuals:

For a long time, there has been no change in Tata Capital Home Loans interest rate, which remains in the range of 6.90 percent to 8.20 percent. This is currently the lowest interest rate offered by any finance provider in India. Their lowest interest rate is their main feature which attracts the people to avail a home loan from them. 

Along with this, Tata Capital Limited provides concessional rates of interest to women beneficiaries. They also provide subsidised home loans to low-income groups under their PMAY scheme.

Tata Capital Home Loans Processing fee and other charges

Tata Capital Home Loans processing fee is up to 0.20% of the loan amount which is charged by the company to cover their credit appraisal and the technical evaluation expenses of the property. Tata Capital Home Loans charges a minimum processing fee of 500 on a home loan which is generally non-repayable and must be paid at the time of the loan application. In addition to the processing fees, Tata Capital charges technical and legal fees. This is explained to the borrower during loan process and paid once the application is proceeded further.

Eligibility criteria for Tata Capital Home Loans

The customer has to meet some basic conditions of Tata Capital Limited to be eligible for home loan: 

• • The age of the applicant must be between 24 and 65 years at the time of completion of the home loan.
  • The applicant must be either a salaried employee or a self-employed professional.
  • The applicant must have a CIBIL score of at least 750.

Tata Capital Home Loan eligibility criteria is further divided into two categories:

For salaried individuals

• • A minimum monthly salary of INR 30,000 is required.
  • The applicant should have a work experience of at least two years to be eligible for the home loan scheme.
  • For the age proof, the applicant should have a copy of his/her passport, DL, Insurance policy, Birth Certificate, PAN card and also a school leaving certificate.
  • For the photo identity proof, the applicant should have a copy of his/her voter ID/ passport/DL/ Aadhar Card/ PAN card. 
  • For the address proof, the applicant should have a copy of the salary slips of the previous three months or an appointment letter or a yearly increment letter or a certified copy of Form 16.
  • For the income proof, the applicant should have a copy of the bank statement of the salary account of the previous six months. 
  • Bank statements of the existing loans should be provided.

For self-employed individuals

• • The applicant should have an experience of at least three years in the same field.
  • For the age proof, the applicant should have a copy of his/her passport, DL, Insurance policy, Birth Certificate, PAN card and also a school leaving certificate.
  • For the photo identity proof, the applicant should have a copy of his/her voter ID/ passport/DL/ Aadhar Card/ PAN card. 
  • For the income proof, the applicant should have a copy of either of the following:  last three years’ Profit & Loss Projection Statement / Operative current account statement for the last six months / Bank statements for CC/OD facilities for the last six months, if availed.
  • As the business proof, the applicant should have either of the following: copy of the previous two years’ ITR (Income Tax Returns), the applicant’s business profile on letter head, the registration certificate of business commencement. 
  • Bank statements of the existing loans should be provided.

How to Apply for Tata Capital Home Loans

Tata Capital Home Loans offers various ways to the customers to apply for a home loan according to their convenience.

• • Online: The applicant has to fill out an online loan application to apply for a home loan and get instant approval. If the applicant begins to fill the online application form but does not finish it, Tata Capital will contact the applicant to see how they can assist the applicant.
  • Phone: If the applicant has any query regarding the home loans, then the customer can directly contact Tata Capital Limited by just giving a call on their customer care number, 18602676060 from 9am to 8pm from Monday to Saturday. One call will get all the queries of the customers answered.
  • Virtual Assistant: If the customer does not want to wait for their call to get answered, then the customer can get all their queries solved anytime according to their convenience by using Tata Capital’s 247 virtual assistant.

Tata Capital Home Extension Loan

Tata Capital Home loans offers a variety of options one of which is the home extension loan. The Home Extension Loan from Tata Capital is a great way to provide one’s family the extra space they need.  Tata Capital’s procedure is extremely simple, and the customer also has the option of repaying them according to their convenience. 

Key features:

Tata Capital Home Loans for NRIs

The first place that one ever named home will always be special, no matter where he/she is in the world. The NRI Home Loan from Tata Capital can assist one in purchasing a home in India without facing any problems or difficulties. The NRI can enjoy the benefits of Tata Capital home loans from the country they are residing in while applying for the loan without having to face the difficulty of flying to India to initiate the application process. Tata Capital Limited offers the customers a tailored NRI home loan with flexible repayment options, minimal paperwork, and expert advice at every stage. 

Key features:

Advantages of availing a Tata Capital Home Loan for NRIs:

1. 1. Affordable and attractive interest rates
   2. Availability of high loan amount
   3. Specially designed home loan options
   4. Fast and smooth process of availing home loans
   5. The processing fee for NRIs is just up to 1.50%

Tata Capital Limited repayment methods

With changes in income and a person’s ability to repay the loan, Tata Capital Limited gives them the opportunity to adjust the EMI amount (at their discretion) and pay the loan off sooner than the decided loan tenure. 

• • Flexi EMI: The borrower can adjust the EMI (raise them) and reduce the number of payments under this plan if he/she anticipates an increase in his income. By doing so, the loan will be repaid in a shorter period of time.
  • Bullet Flexi EMI: This EMI plan is ideal for people who receive regular bonuses or incentives at work. They can utilise the extra money to pay off a portion of the loan at no additional expense, lowering the EMI amount.

Tata Capital Limited offers their customers a variety of financial services to assist them in achieving their goals and fulfilling their dreams. Tata Capital provides loans for the diverse and unique needs of their customers. Their financial services ranges from providing home loans to providing funds for setting up one’s own business. 

The loans offered by Tata Capital are structured in a way that is convenient for the customers. The Tata Capital home loans are trouble free, customisable and designed to cater to the needs of the various people in the country. Tata Capital Home Loans is not another home loan providing scheme, instead it is a home loan provider on which the customers can count on to be partner in their life. 

FAQs

Does Tata Capital Limited provide the option of choosing between fixed rate home loan and floating rate home loan?

For the first three years, customers have the option of choosing between a Fixed Rate Home Loan or a Home Equity Loan, which will be automatically switched to Floating Rates at the conclusion of the three years.

Can the applicant reduce home loan tenure if there is a hike in the interest rate?

The applicant can reduce the home loan tenure by the following ways:

1. 1. Increasing the amount of EMI
   2. Doing a pre-payment of the home loan.
   3. Opting for a combination of the above two options. 

The applicant has to visit the nearest loan serving branch if he/she wants to shorten the term of his/her loan. He/ She should submit new Electronic Clearance Service (ECS) mandates/Post Dated Cheques (PDCs) with the updated amount after the EMI changes.

Can the applicant get a copy of his/her home loan agreement?

Along with the welcome letter, the applicant will receive copies of his/her loan agreement. The applicant can call Tata Capital at 1860 267 6060 or email them at contactus@tatacapital.com if the applicant requires a second copy of the home agreement.

What is the reason behind the fluctuation in the interest rate on home loans?

Some of the reasons behind the fluctuation in the interest rate are:

1. 1. The company’s Prime Lending Rate has been revised.
   2. At the end of the fixed period of the loan, as agreed at the time of disbursement, your interest rate will change from a fixed rate to a variable rate.
   3. On request, the Return on Investment (ROI) is switched.
   4. When submitting changeover costs, the applicant will receive a discount over the Prime Lending Rate.

Who can become co-applicants for the home loan?

As a co-applicant for the Home Loan, the applicant can include his/her spouse, parents, children and siblings. Tata Capital Limited takes his or her salary into account while determining the house loan eligibility.