With the branding of Tata, Tata Capital Housing Finance Limited (TCHFL) has been able to gain the trust of many people in the home loan sector. Apart from this, the various features and benefits of its home loans have been a big plus point for its success in the financial market.
The primary thing a prospective home loan customer will look at is the interest rate. The interest rates applicable on Tata Capital home loans are as follows:
Interest Rates Applicable to Salaried Individuals and Doctors
| Loan Amount | Semi-Fixed 2 to 3 years Interest Rates |
|---|---|
| Loans up to Rs.75 lakh | 8.70% – 8.80% p.a. |
| Loans above Rs.75 lakh | 8.75% – 8.85% p.a. |
Interest Rates Applicable to Self-Employed Professionals/Non-Professionals
| Loan Amount | Semi-Fixed 2 to 3 years Interest Rates* |
|---|---|
| Loans up to Rs.75 lakh | 8.90% p.a. |
| Loans above Rs.75 lakh | 9.05% p.a. |
Interest Rates are calculated on a Monthly Rest basis.
*Interest Rates are subject to change
The documentation required for Tata Capital home loans is as follows:
| Businessman | Salaried Individuals | Self-Employed Professionals |
|---|---|---|
| Filled Application form with photograph | Filled Application form with photograph | Filled Application form with photograph |
| Education Certificate and proof of business existence | Latest salary-slip | Education Certificate and proof of business existence |
| Identity and Residence Proof | Identity and Residence Proof | Identity and Residence Proof |
| Business profile | Form 16 | Last 3 years Income Tax returns (self and business) |
| Processing fee cheque | Processing fee cheque | Processing fee cheque |
| Last 6 months bank statements (self and business) | Last 6 months bank statements | Last 3 years Profit/Loss statement and Balance Sheet |
| Last 3 years Income Tax returns (self and business) | Last 6 months bank statements | |
| Last 3 years Profit/Loss statement and Balance Sheet |
Features of Tata Capital Home Loan
Some of the main features of Tata Capital home loans are:
- Based on the specific needs of the customer, the loan can be customized accordingly.
- The attractive floating interest rates do not affect the pocket of the customer.
- The processing of the loan is done at a faster pace to ensure the satisfaction of the applicant.
- Loan tenures range from 12 months to 360 months.
- The available loan amount range starts from Rs.2 Lakh to Rs.10 Crore for any type of residential property.
Tata Capital Home Loan Eligibility
Be it a Chennai Home Loan or a Kolkata Home Loan, customers living anywhere in India need to fulfil the below criterion to become eligible for home loans from Tata Capital.
| Salaried Individuals | Professionals | Self Employed Individuals |
|---|---|---|
| Should be above the age of 24 years at the time of loan sanction and the tenure of the loan should end before 65 years or retirement, whichever is earlier | Should be above the age of 24 years at the time of loan sanction and the tenure of the loan should end before 65 years or retirement, whichever is earlier | Should be above the age of 24 years at the time of loan sanction and the tenure of the loan should end before 65 years or retirement, whichever is earlier |
| A good credit score | A good credit score | A good credit score |
| Employment stability should be more than 2 years |
Tata Capital Flexi EMI Home Loan
Tata Capital Flexi EMI Home Loan allows borrowers to restructure their payment schedule in accordance with their present and future expected financial situation. This does not let the EMIs for the home loan place undue stress on the borrower’s income and allows them to make investments and take care of other expenses during their loan period. This option is most suited to individuals who have recently started working, because it allows the borrower to increase the amount he/she pays as EMIs in accordance with his/her income.
Tata Capital Flexi EMI Home Loan Plans
Step Up: This plan allows the borrower to gradually increase the amount he/she pays as EMIs in proportion to an increase in his/her income. This gradual increase allows the individual to service his/her loan without taking
Step Down: This plan allows the borrower to pay large amount of EMIs during the initial phase of the loan and gradually reduce the amount paid per EMI. This reduces the cost of the total loan incurred by the borrower.
Bullet: This plan allows the borrower to prepay his/her loan partially at periodic intervals of time. These prepayments reduce the borrower’s EMIs considerably and there are no charges levied on prepayment of loans.
Ballooning: This plan allows the borrower to make small payments to service the loan initially and pay a lump sum at the end of the loan tenure.
Features
Some of the Key Features of Tata Capital Home Loans are:
- Tata Capital Home Loans can be used to purchase a plot of land for the purpose of constructing a residential unit.
- The loan can be used to construct a house/flat.
- This loan can be availed to purchase a house/flat.
- Borrowers can avail this loan to renovate or remodel an existing house/flat.
- Tata Capital will provide home loans to take over existing loans from borrowers.
Home Loan Balance Transfer and Top Up Facilities
Tata Capital offers its customers a Home Loan Balance Transfer feature to help reduce the monthly EMIs a borrower needs to pay, it will also provide borrowers with a Top Up facility to manage any extra expenses incurred. The various features of the Balance Transfer and Top Up facility have been listed below:
- Tata Capital offers attractive interest rates to transfer Home Loan and cheaper EMIs.
- The top up facility will give customers 25% of the original loan amount as additional monies.
- Tata Capital can offer a higher tenure of up to 30 years.
- Customers will be able to avail Tata Capital’s Flexi EMIs and its customised repayment options.
- Tata Capital has no hidden charges on its Home Loans.
- The documentation required for Tata Capital Home Loans in minimal and the procedure is simple.
- Tata Capital has special schemes for employees of select corporates.
Advantages of Tata Capital Home Loans
- Loan Amount: Tata Capital offers Home Loans ranging from Rs.2 lakh to Rs.10 crore for the purpose of construction of a residential property.
- Flexible Tenure: Tata Capital offers flexible tenures on its Home Loans, ranging from 12 months to 360 months.
- Customized Options: Loan Advisors from Tata Capital study the applicant’s financial needs and other variables involved in the servicing of the loan to arrive at the best Home Loan products for its customers.
- Quick Processing: As most of the application process is online, the processing time for Tata Capital Home Loans is very low.
Tata Capital NRI Home Loans
Many Indians have moved abroad in search of jobs or other commitments but would still like to buy a house in their motherland. To service the financial needs of NRIs to buy their home Tata Capital has introduced Tata Capital NRI Home Loans. These loans are specially designed for Tata Capital’s NRI customers and are offered at attractive interest rates. The various features and interest rates associated with these loans have been listed below.
- Loan Amount: Tata Capital offers Home Loans ranging from Rs.2.10 lakh to Rs.10 crore for the purpose of construction of a residential property.
- Flexible Tenure: Tata Capital offers flexible tenures on its Home Loans, ranging from 12 months to 120 months.
- Customized Options: Loan Advisors from Tata Capital study the applicant’s financial needs and other variables involved in the servicing of the loan to arrive at the best Home Loan products for its customers.
- Quick Processing: As most of the application process is online, the processing time for Tata Capital Home Loans is very low.
Tata Capital Rural Housing Finance
Tata Capital has introduced a scheme to provide for the financial needs of customers who would like to purchase or construct a house in Tier 2 and Tier 3 cities across India. The Rural Housing Finance scheme allows customers to avail Home Loan products from Tata Capital at attractive interest rates and relaxed repayment schedules. The various features and interest rates applicable to Tata Capital Rural Housing Finance have been listed below.
Features
- Interest rates applicable to these schemes are reasonable.
- This loan facility is available in all Tier 2 and Tier 3 cities across India.
- The Documentation, Verification and Loan Disbursement process is quick and hassle-free.
- Tata Capital provides its customers with timely assistance to answer any questions posed by its customers.
Tata Capital Prapti Home Loans (Affordable/Urban Housing Finance)
Tata Capital’s Prapti Home Loan under the Pradhan Mantri Awas Yojana – Housing for All scheme is set up by Tata Capital to ensure the availability of funds to economically weaker sections of society and low income groups at low interest rates and charges with the objective of providing housing for all in India. The scheme will allow the recipient to use the funds for the construction of additional rooms, kitchen, toilet etc. It also allows the recipient to utilize the funds to purchase a new house or flat or to start a new construction. This scheme will cover all 4041 Statutory Towns as per the Census of 2011.
Features of Capital Prapti Home Loans
- Under the Pradhan Mantri Awas Yojana scheme the beneficiaries will receive a subsidy between Rs.1 lakh and Rs.2.3 lakh from the central government treasury. This subsidy will allow people from Low Income Categories and Economically Weaker Sections of society to afford housing.
- From the date of disbursement of the loan for 15 years the beneficiary will enjoy a subsidized interest rate of 6.5%.
- The subsidy will be available for loans up to Rs.6 lakhs. Loan amounts higher than Rs.6 lakh will not be subsidized.
- This scheme is targeted towards female applicants, therefore, female applicants will get houses allotted faster.
- Differently abled and aged applicants will receive preference for allotment of ground floor houses.
- The Net Present Value of the subsidy on interest will be calculated at a discounted rate of 9%.
- This scheme has no charges for processing or documentation.
Tata Capital Switching and Refinancing Options
Tata Capital is continually endeavouring to give customers a transparent, customer centric experience. Tata Capital’s brand proposition is “We only do what’s right for you.” Keeping their brand proposition in mind Tata Capital offers its customers the option to switch how their interest is calculated to reduce their total interest payment on a loan. All Tata Capital Home Loan customers are eligible to avail this facility by paying a nominal switching fee. Customers can opt to reduce their Equated Monthly Instalments (EMIs) by increase their loan tenure or increase their EMI payments by reducing their loan tenure.
Switching Charges
A customer may change his/her interest from a fixed interest rate to the prevailing floating rate of interest by paying a nominal switch charge. The switching fee will be calculated up to 50% of the differential interest rate on the principal amount outstanding. The switching fee can be a maximum of 1% of the principal amount outstanding. Additional service tax is applicable to this fee.
Switching Procedure
- The customer will need to contact Tata Capital via email or telephone to initiate a switching request.
- Once the request is accepted by Tata Capital, a response indicative of the revised rate of interest and switching fee will be sent to the customer.
- The customer will need to pay the switching fee via cheque in the name of TATA CAPITAL HOUSING FINANCE LIMITED.
- The revised rate of interest will take effect on the date of realization of the cheque
Tata Capital Home Loan Insurance
Tata Capital offers its customers insurance for their home loan. Home Loan Insurance protects the borrower’s interests and the interests of his/her family. In case an event arises where a customer is unable to pay the EMIs on a home loan, the home loan insurance will protect the customer’s family from taking on the liability of the outstanding loan amount.
