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A Detailed Guide on Tata Capital Home Loan

Updated on May 18, 2024 , 12526 views

Tata Capital Home Loan is one of the ideal options for those looking to buy a own house. You can get a credit line even if you are planning to construct your house. The home loan offers an attractive interest rate starting from 8.50% per annum with a good repayment period and various EMI options.

Tata capital home loan

Moreover, Tata housing loan involves minimum documentation in a seamless manner. Buying your dream can be easy with Tata Capital Home Loan!

Types of Tata Capital Home Loan

1. Tata Capital Home Loan

Tata Capital Home Loan provides financial help to purchase or construct a home. It offers loans from Rs. 2 lakh to Rs. 5 crores with an affordable interest rate of 8.50% p.a. Tata Capital offers you home loan amount tenure and EMI period as per your convenience.

Features

  • Avail home loan from Rs. 2 lakh to Rs. 5 crore
  • Get loan tenure up to 30 years
  • Interest rates starting from 8.50%
  • Processing fees- Up to 0.50%

Tata Capital Home Loan Eligibility

To avail Tata home loan, you must meet some basic requirements, such as-

  • Age between 24 to 65 years

  • You should be either a salaried or self-employed professional

  • The CIBIL Score must be 750 or above

  • If you are a salaried person, then you must earn Rs. 30,000 a month.

  • Applicant should have a minimum 2 years of experience

  • Self-employed and entrepreneurs must have at least three years of experience in the same field

  • In case of NRI, then you must be within the age group of 24-65 years and should be a salaried individual with at least three years of experience

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Documents for Salaried Individuals

  • Age Proof- Passport, Driving License, Life Insurance Policy, Birth Certificate, PAN Card, School leaving certificate
  • Photo Identity- Voter ID, Passport, Driving License, aadhaar card, PAN Card.
  • Address Proof- Utility Bill, Bank statements, Property registration documents, a Property tax Receipt.
  • Salary Slip- Salary slip of last three months, Appointment letter, Yearly Increment letter, Certified true copy of Form 16.

Documents for Self- Employed Individuals

  • Age Proof- Passport, Driving License, Life insurance Policy, Birth Certificate, PAN Card, School leaving certificate
  • Photo Identity- Voter ID, Passport, Driving License, Aadhaar Card, PAN Card
  • Address Proof- Utility Bill, Bank Statements, Property registration documents, a Property tax receipt
  • Business proof- Copy of last two years ITR, a business profile on letterhead, registration certificate for business commencement
  • Income Proof- Profit and loss projection statement of last three years, Any operative current Account Statement for the last six months, bank statement of last three months.

Documents for NRIs

  • Age Proof- Passport, Driving License, Life Insurance Policy, Birth Certificate, PAN Card, School leaving certificate
  • Photo Identity- Voter ID, Passport, Driving License, Aadhaar Card, PAN Card
  • Address Proof- Utility Bill, Bank Statements, Property registration documents, a Property tax receipt
  • Salary Slips- Last six months salary statement and appointment letter
  • Credit Report- NRI applicants must submit a credit report of the current country residence.

2. Tata Capital Home Extension Loan

This type of Tata Capital Home Loan is an ideal choice for the people who are looking to expand or enhance their home.

The process is simple and you can repay the loan as per your convenience.

Particulars Details
Loan Amount Rs. 2,00,000 - 5,00,00,000
Loan Tenure Up to 30 years
Interest Rate 8.50%

Features & Benefits

  • Low processing fees on home extension loan
  • Easy repayment based on your needs and comfort
  • Loan up to 75% of the cost of extension
  • You can get a tax Deduction of Rs. 30,000 under Section 24(b) of the income tax Act 1961

Eligibility

  • An individual should have an age between 24 to 65 years
  • An individual should earn at least Rs. 30,000 per month
  • An individual should be in the company for at least 2 years or should have a minimum of 3 years in the current profession

Documents

  • Photo Identity- Voter ID, Passport, Driving License, Aadhaar Card
  • Address Proof- Ration Card, Electricity Bill, Passport
  • Bank Statements- Bank statement of the last three months
  • Employment certificate stating two years of employment
  • Salary slips of last three months

Miscellaneous EMI Options

  • Standard EMI Plan

    It enables you to pay the EMI amount, which remains the same for the whole loan period. You can avail this if you have a regular income.

  • Step up Flexi EMI Plan

    It offers full flexibility for the EMIs. It provides you with repayment of lower EMI at the beginning. As your salary increases, you can pay higher EMIs and it is ideal when your income grows at regular intervals.

  • Step Down Flexi EMI Plan

    Under this plan, you can pay higher EMI in the beginning and pay lower EMI at the end. This plan helps you to reduce interest substantially and helps in finance management. The plan is perfect for the ones who have a high disposable income.

  • Bullet Flexi EMI Plan

    This plan enables you to pay a principal amount in parts along with EMIs. It reduces the interest and you will have higher home extension loan eligibility. The plan is perfect for the people those who receive periodic incentives at work.

3. Tata Capital NRI Home Loan

Tata Capital NRI Home Loan assists NRIs to own a house in India without any hassles. NRIs are aided with flexible repayment options with minimum paperwork and you will get expert advice in every step.

Features

  • You can opt for a floating or Fixed Interest Rate when you have monthly EMIs. If you choose the Floating Interest Rate, your EMI reduces, if the base rate moves in the favourable direction.
  • You can get a loan amount ranging from Rs. 2 lakh to Rs. 10 crore.
  • The repayment option relies on you how long you will take to repay the loan. But you can repay the loan in up to 120 months.
  • Loan advisors will assist you in taking the loans that suit your needs.

Eligibility

  • An individual must be a non-resident Indian
  • An applicant should be in the age group between 24 to 65 years
  • A salaried person with a minimum of 3 years of work experience

Documentation

  • Application form
  • A passport showing valid VISA stamp
  • Work permit
  • Last 3-month salary slips
  • Last 6 months bank statements

Interest Rates & Other Charges

For NRIs the pre closure charges is up to 1.50%

The interest rate and other charges for Tata Capital NRI Home Loan are as follows:

Particulars Details
Interest rate 9% p.a. onwards
Loan amount Minimum - Rs. 2 lakh, Maximum - Rs. 10 crore
Processing fees Up to 1.50%
Loan tenure Minimum- 15 years, Maximum- 150 years
Pre-closure Up to 1.50%

Miscellaneous EMI Options

  • Standard EMI Plan

Under this plan, you are allowed to pay the principal amount with a consistent interest for the loan tenure. Your EMI remains the same for the entire home loan period.

  • Step up Flexi EMI Plan

This plan offers flexibility to pay lower EMIs in the beginning of the loan and as there is a hike in your salary you pay higher EMIs. It assists you to manage income flow efficiently and this plan is ideal for the people whose income increases at regular intervals.

4. Pradhan Mantri Awas Yojana

The PMAY scheme is initiated by the Government of India to provide affordable housing for all by the year 2022. The loan is given to the Economically Weaker Section (EWS), Low Income Group (LIG) and Middle Income Group (MIG).

Eligibility

  • The beneficiary or any family member must not own a pucca house in India
  • The beneficiary of any family member must not availed subsidy under the CLSS scheme
  • The borrower must have one female as the owner or co-owner of the property
  • The carpet area must be in the limits as mentioned below-
Category Annual Income Carpet Area (in square meters) Female Ownership or Co-Ownership
EWS Upto Rs. 3 lakhs Must not exceed 30 sq.MTS Mandatory
LIG Rs. 3 lakhs to 6 lakhs Must not exceed 60 sq.mts Mandatory
MIG I Rs. 6 lakhs to 12 lakhs Must not exceed 160 sq.mts Optional
MIG II Rs. 12 lakhs to 18 lakhs Must not exceed 200 sq.mts Optional

Documentation

  • Age proof- Driving license, Passport, Birth certificate, School Leaving Certificate, PAN Card
  • Affidavit cum declaration of the applicant to show that the beneficiary family does not own a pucca house
  • Identity Proof- Aadhaar Card, Driving License, Voter ID, PAN Card
  • Address Proof- Bank Statement, Property Registration Documents, Property Tax Receipt
  • Salary Proof- Last 3 months salary, Copy of Appointment letter, Certified true copy of Form 16
  • NOC from a competent authority or any housing society

Tata Capital Customer Care Number

You can reach Tata Capital customer care with the help of toll-free numbers. You can get connected with the customer care executive to resolve your queries related to Tata products and services.

The customer care numbers are mentioned below:

Particulars Details
Toll-free Number 1800-209-6060
Non-toll-free number 91-22-6745-9000
Disclaimer:
All efforts have been made to ensure the information provided here is accurate. However, no guarantees are made regarding correctness of data. Please verify with scheme information document before making any investment.
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