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TATA Capital Home Loan

Established in the year 2007, TATA Capital is a subsidiary of the TATA Group, the conglomerate started in the year 1868 by Jamshedji Tata. The company provides services in various fields like Tata Steel, Tata Motors, Tata Consultancy Services, etc. Since the past few years, it has achieved roaring success in the field of finance providing lending solutions to its customers at cheaper rates of interest as compared to the market. Customised home loans tailored for needs of a common man- that is the USP of these home loans by TATA Capital.

Types of Home Loans offered by TATA Capital

TATA Home Loans:

Home loans designed specially to cater to your needs; that's a TATA Home loan for you. The finance company gives loans after checking the applicant's age, income and tendency to pay back loan. The Home loan helps the customers build the house of their dreams and pay back without any burden. 

TATA Home Extension Loans:

The home loan to cater to the needs of a growing family. TATA Home extension loans help you add more space to your house by using your terrace space, build one extra room for seniors/kids/guests of the house, utilise the balcony space more effectively or change any desired space of the house.

TATA Home Improvement Loans:

Repair your house, renovate the roof or floor or paint your house this season. TATA Home Improvement loans finance all these needs for your family. You might have tried your best to construct a perfect house, but it is possible to have run short of money and left some construction mid-way. TATA helps you pursue those unaccomplished home decor dreams as a house is a mirror to your personality. Get this loan to carry out External Repairs, Painting, Plumbing, Tiling, Flooring, Internal Repairs, Waterproofing, Roofing and Painting (Internal & External), Windows and many similar works done in your house.

Features of TATA Capital Home Loan

  • TATA Home Loans come with a host of features to give customised home loans.
  • Loans for home construction
  • Loans for purchase of land and already built houses
  • Loans for renovation of house
  • Loans for buying a resale property
  • Loans for transferred home loans with other banks/FIs/HFCs
  • Joint applicants can apply
  • Loans based on income
  • Loan tenor is 30 years of loan or 65 years of the borrower, whichever is earlier for salaried individuals
  • Loan tenor is 20 years of loan or 65 years of the borrower, whichever is earlier for other borrowers

Benefits of TATA Capital Home Loan

  • Get a loan of INR 200,000 to INR 100 Million for residential properties
  • Loan tenor ranges in a wide range of 12 months to 360 months
  • Loan advisors who get the best home loan deals for you
  • Online processing of loan
  • Quick loan disbursal
  • Lending rates as low as 10.15%

Switching the Home Loans and Refinancing

It is possible that at the time you availed the loan the conditions of the market and your family were different than what they are now. In such a case, you may be getting a loan at a lower rate of interest or with better features. Thus, refinancing and loan switching comes into the picture. You can either switch your home loan from another bank or company. On the other hand, you can also choose for a different lending rate, i.e. by increasing the loan tenor or decreasing as and when necessary.

With refinancing, you can finish your existing home loan and finance it through a better way. Even a slight decrease in the lending rate can be very fruitful. If your income has increased, you can opt for increasing the home loan EMI and decreasing the tenor. Similarly, you can do the vice-versa. 

Insurance Cover for Self and Property of the Home Loan

Insurance is like a protective layer. It gives you the surety that in case of an unwanted incident or calamity, you do not have to bear the financial loss. TATA Insurance Cover for Home Loan is a unique method through which you can benefit even more from the financing company. Not only the customer avails the loan from TATA, but he also gets the option to get the home loan insured from the same company. This means that the chances of rejection of insurance application are close to NIL.

The insurance provides immunity to the individual by saving any extra burden on him and to the property.

Prepayment

Pre-payment is a very effective strategy used by the banks to finish the pending loans quickly. Everyone wants to finish the home loan as soon as possible. Similarly, banks also try to introduce schemes so that the home loans are pre-paid. This means that the customer is making a budget according to the loan paying capacity.

  1. By the method, one can reduce the principal outstanding and thus reduce the burden of EMIs. TATA capital realises the fact that this can help the customers in a dramatic way. Customers can pre-pay the loan amount partly with zero pre-payment charges. If they pay more than the 25% of the principal outstanding of the loan they will pay 2% pre-payment.
  2. A very important savings benefit of refinancing is that you can use your home equity to invest in a better way. Equity is the difference between the balance amount and the market value of the property. One can use that amount to invest in other properties or mutual funds, gold investments, etc. 
  3. Also, one can decrease the loan tenor by increasing the amount of loan pre-paid.
  4. In case of any emergency financial help, the bank can consider giving you the surplus amount back which you can use.

In any case, pre-payment has only the benefits to offer.

Paying Your Loan:

Under the pay your loan option, you can foreclose your loan. This means that you can pay the complete amount of your pending loan and get the papers of your property. 

There are no foreclosure charges in the following two cases:

  1.  Your loan is calculated by the floating rate of interest
  2. The loan is calculated by the fixed rate of interest and was paid by own sources (other than different banks and finance companies).

If the foreclosing amount is paid from other sources, a foreclosure charge of 2% and taxes is levied.

On the floating rates of interest, no pre-payment charge is applied. 

Customers can pre-pay the loan amount partly with zero pre-payment charges. If they pay more than the 25% of the principal outstanding of the loan they will pay 2% pre-payment.

To pay the loan, there can be various payment modes. TATA Home Loan provides you with a host of options through which you can pay your home loan. These options and modes are specially tailored to meet the customer needs and convenience.

Following are the payment modes:

  1. Auto Debit /ECS Facility: Auto-debit is a feature through which the amount can be automatically deducted and ECS stands for Electronic Clearing Service which means that funds are automatically debited. Both these features mean that the borrower can tell their bank to auto-debit the amount of monthly instalment and credit it to TATA Capital bank account. Via this, the customer does not have to remember the MI date. The Auto debit facility is available in 27 different banks with which TATA has agreements. ECS, on the other hand, is available in select cities.
  2. PDC Facility: PDC stands for post dated cheques and is one of the traditional methods to pay the monthly instalments. If the auto debit and ECS is not possible, this method is applied and is usually avoided. Under the mode, the borrower will give 36 post dated cheques to the TATA Capital and before three months of the exhaustion of these cheques, the customer will provide new cheques to the bank or when called by the bank.
  3. Deduction against Salary (DAS): This mode comes into picture when the employer of the borrower and the TATA Capital agree to directly deal for the monthly instalment. The salary of the employed will be given to him/her after deducting the monthly instalment amount. Then, the deducted amount will be credited directly to TATA Capital through the employer.

In case the loan is partly disbursed, that is in case of construction and related home loans, then the Pre Monthly instalment interest can be paid where only the interest on the disbursed amount is given. These can payments can be made through auto debit or ECS method. Pre-MI can be made through PDCs only if the former options are not possible.

Flexi EMI Home Loan

With this feature, the bank takes an extra step and works towards making the loans more personalised for the borrowers. The bank offers loan structuring as per the needs of the borrower, their current and future financial position. The customers don't have to worry that the loan will cost so big on their pocket that they won’t be able to invest for their future. With Flexi EMI Loan, you can plan your future while enjoying the ease of optimised MI.

In case the customer's income rises, he can increase the monthly instalments thereon. 

NRI Home Loans

TATA Capital takes the initiative to bring the NRIs closer to their homes. With this feature, TATA opens avenues of investment by the NRIs in India. With these home loans, customers abroad can feel their homeland closer to their hearts. The expert advisors of the Company help you select your property and suggest you the best loan available. 

Benefits of TATA Capital NRI Home Loans:

  • For residential properties, you can get loan up to INR 100 million.
  • The loan tenor can be as low as 12 months and as much as 120 months.
  • Loan advisors who get the best home loan deals for you.
  • Online processing of the loan.
  • Quick loan disbursal
  • Lending rates as low as 10.15%

Rural Housing Finance & Home Loan Solutions

Through this home loan scheme, customers can make a home in their native town or villages that fall under the rural location category. When one is exhausted from city life, pollution, population and traffic, the sound and silent rural life seems pacifying. For the same reasons, this scheme was introduced so that people who think of retiring to settle down at their rural town, or those who want a second home in their villages as a remembrance of their ancestors have a good option. 

Benefits of this scheme:

  • Cheaper lending rates that is easy to manage
  • Tier 2 & 3 cities across the country have been covered under this scheme
  • Easy loan disbursal
  • Quick processing
  • Easy documentation
  • Hassle-free loan verification criteria
  • Timely assistance for the loan process
  • Loan advisors who get the best home loan deals for you

Urban Housing Finance

There is a considerably big demand for houses in urban areas which goes down to booming population and the demand of better city lifestyle among the families. Because of this reason, people are falling prey to fraud companies who promise to give houses at affordable rates without proper assurance. In the wake of this system and to create more housing opportunities for the public, the Finance Ministry in the budget 2013-2014 has allotted INR 20,00 Million to the National Housing Bank (NHB) to meet the growing demand of housing and work upon the same. The loan would be used to meet the financial needs of the bank and housing boards to extend loans in urban areas and incentify the banks. Because of this, loan can be given at cheaper lending rate and at decent conditions. Going by the same trend, TATA Capital has introduced this scheme so that the customers can avail easy home loans especially in urban areas. 

Affordable Housing Finance

Under the Pradhan Mantri Awas Yojana, the home loans can be given to households who have an annual income of INR 600,000 and below. TATA Capital aims to provide affordable housing to the lower and middle strata of the society. At TATA, it is believed that everyone has the right to own a good house and therefore, this scheme helps people who belong to Tier II and Tier III cities, semi-rural areas and the urban poor segment. Special programs and offers are given to the applicants under this scheme under 50 locations.

Why should you choose TATA Capital Home Loan?

A part of Tata Sons Limited, the TATA Capital has a good brand reputation and a legacy of top-notch services. The firm is dedicated to providing all the benefits announced by the government to the customers and think of their own new schemes that can help the public. The company finances can be used to meet commercial needs, personal needs, housing needs and it caters many other areas and horizons. Choosing TATA Capital home loan means that you are associating with a trustable partner where availing a home loan is not a headache, but a lifelong memory to cherish through which you can have your own house.

How to apply for TATA Capital Home Loan?

You can apply for TATA Capital Home Loan in a fast, burden-free means and directly through Finance Buddha. Here at Finance Buddha, we ask you the basic points to judge your loan eligibility. Finance Buddha is An assessment web site where you discover your eligibility, loan quantity you avail, simply by mentioning your current work organisation, earnings, existing EMI total, account bank, preferred loan tenure and interest. 
You can discover, compare and apply for the loan directly through this portal.

Through Finance Buddha, you also enjoy the benefit of eliminating any chance of loan rejection and having a lesser CIBIL score. Instead of going into the botheration of getting to the bank simply to envision the eligibility, you can directly examine the most effective alternative for yourself. Leave your queries to Finance Buddha and you get a swifter and easier way to apply for the home loan.

 

Eligibility Criteria for TATA Capital Home Loan

  • The applicant must be a citizen of India
  • Minimum age at start of the loan should be 24 years
  • Maximum age at loan maturity or superannuation should be 65 years

 

TATA Capital Home Loan Documents Required

For Salaried Individuals:

  • Application form with photograph of all the applicants with cross signatures
  • Proof of Identity
  • Proof of residence
  • Latest salary slips
  • Form 16 or salary certificate showing the total salary and tax deducted
  • Bank statement of the last 6 months validating regular income
  • A cheque on account of processing fees in favour of TATA Capital

For Self-Employed Professionals:

  • Application form with photograph of all the applicants with cross signatures
  • Proof of Identity
  • Proof of residence
  • Proof of office address location
  • Proof of educational qualification
  • Proof of the existence of self-service or occupation 
  • Income tax returns copy (ITR copy) of the latest three years for individual and business
  • Profit or Loss computation of the latest three years validated by an authorised CA
  • Bank statement of the last 6 months validating regular income for individual and business
  • A cheque on account of processing fees in favour of TATA Capital

For Self-Employed Non-Professionals:

  • Application form with photograph of all the applicants with cross signatures
  • Proof of Identity
  • Proof of residence
  • Proof of office address location
  • Proof of business profile (position in the company)
  • Income tax returns copy (ITR copy) of the latest three years for individual and business
  • Profit or Loss computation of the latest three years validated by an authorised CA
  • Bank statement of the last 6 months validating regular income for individual and business
  • A cheque on account of processing fees in favour of TATA Capital

TATA Capital Home Loan Interest Rates, Fees and Charges

Rate of interest for Salaried Individuals

  • For any amount of loan (for Salaried online customers): 9.45%
  • For any amount of loan till INR 15 million and below (for other customers): 9.50%-9.55%
  • For any amount of loan above INR 15 million (for other customers): 9.50%-9.60%

Rate of interest for Self-employed professionals and non-professionals

  • For any amount of loan (for Salaried online customers): 9.60%
  • For any amount of loan till INR 15 million and below (for other customers): 9.60%-11.0%
  • For any amount of loan above INR 15 million (for other customers): 9.70%-11.25%

Processing Fees: Subject to the home loan type and amount

Prevailing Rates: Subject to rates in the state applicable

Pre-Payment Charges: Customers can pre-pay the loan amount partly with zero pre-payment charges. If they pay more than the 25% of the principal outstanding of the loan they will pay 2% pre-payment. 

Foreclosure Charges: These charges are levied for the fixed rate of interest on the loans where loan is repaid from outside sources like other banks or financing companies, etc. The charges are a percentage of principal outstanding + taxes.

Late Payment Charges: 2%

Other charges:

  • Post-dated cheque-swapping charges
  • Post date cheque charges
  • Loan cancellation charges
  • Cheque bounce charges
  • ECS Rejection charges
  • Account maintenance charges
  • CERSAI or Central Registry of Securitization Asset charges
  • Reconstruction and Security Interest of India
  • Legal charges
  • Collection cost

Frequently Asked Questions

What is the maximum loan amount that can be availed?

The maximum loan amount that can be availed is INR 1 Crore for Indian customers and NRI applicants

Can my business partner be the co-applicant?

No, only the close family members can be the co-applicants like spouse/parents/children/ siblings.

What are the benefits of loans offered by TATA home loan?

The company offers good Loan to Value (LTV) Loans less than or equal to INR 2 Million: LTV can be up to 90% of the Market Value Loans greater than INR 2 Million and less than INR 7.5 Million: LTV can be up to 80% of the Market Value Loan greater than INR 7.5 Million: LTV can be up to 75% of the Market Value Also, you can add co-applicants while applying for the loan which increases your eligibility and the loan sanctioned. Other benefits are Easy loan disbursal, quick processing, affordable rates and easy documentation.

Will my processing fees be refunded if the loan is not sanctioned?

No, the processing fees which is INR 5,700 or INR 11,400 for loans more than INR 1 Crore is non-refundable.

In what time will the loan be processed?

The loan is processed in 4-5 days for salaried applicants and 7-8 days for self-employed applicants

What are the modes of repayment of instalments?

They can be paid by auto debit, ECS, PDCs, and DAS.

Can I opt for fixed rate of interest?

Yes, for the initial three years you can after which the loan will be transmuted to floating.

If my property is still in construction, how do I make EMI payments?

Till the time part payment is made, the borrower pays the simple interest. After an agreed upon date, he/she pays the full EMIs.

Can I make part-prepayment against the loan?

Yes, you can. Customers can pre-pay the loan amount partly with zero pre-payment charges. If they pay more than the 25% of the principal outstanding of the loan they will pay 2% pre-payment

What is the maximum loan tenor?

Loan tenor is 30 years of loan or 65 years of the borrower, whichever is earlier for salaried individuals Loan tenor is 20 years of loan or 65 years of the borrower, whichever is earlier for other borrowers

What are other advantages of partnering with TATA Capital?

The customer gets income tax benefits through the Income tax benefit act, 1961 and the insurance cover if you avail that.

How can I decrease the home loan tenor?

Make part-pre payment or increase EMIs.

What is the processing/application charge?

Maximum 0.50% of the loan amount sought

Can I get the top up loan as well?

Yes, it is subject to the loan and your eligibility. You can contact the bank.

Under what conditions can the lending rate change?

Interest rates change if there is a change in the Prime Lending Rate of the bank. Also, it can happen if your loan is transmuted from fixed rate to floating rate after an agreed upon time.

I want copy of my loan agreement. What should I do?

The copy is always attached along with the welcome kit by the company. If you need a duplicate of the same, contact the bank

Reviews

I shifted to the city with a new job in hand and hopes of my own house. TATA Capital's easy loan conditions and great customer service helped me avail the loan as per my requirement.

 5/5

My loan was not approved because of already pending loans I have and irregular payments against them. I wish the bank had a better scheme to provide me a loan.

 4/5

Just like other subsidiaries, TATA Capital is also helping the individuals lead a nice life. Thanks to TATA home construction loans, I can now start the construction work on my plot.

 5/5

Having a big family means that you need more space down the years. This was possible through TATA Capital's home improvement plan. The loan was disbursed easily and in just 20 days!

 5/5

I was earning well but would worry about the fact that I was not saving anything for future. With TATA Capital, I bought a home, saved my tax and have a surety of my own house.

 5/5

Being an independent woman, buying my own house was my first priority after I got my job. With Flexi home loan, I can now save on my MI!

 4/5

I wanted to buy a home in my rural village for which I needed a special loan with cheaper rate. Thanks to Finance Buddha, I came to know about the Rural Housing Finance scheme!

 4/5

I was wondering if availing a home loan could be more swifter than this. At TATA capital, you know that you are partnering with the best finance company. They give great customer support and good rates.

 5/5

I wanted a property loan so that I could make investments. I could not thank FinanceBuddha any less to give me this opportunity of comparing all the home loans and applying directly!

 5/5