No Internet connection

TATA Capital

TATA Capital was established in 2007 and provides financing for various segments, including housing. ... They have a presence of over 100 branches nationwide. Since they’re an NBFC, their documentation process is quicker. They are also not subject to rigorous RBI norms when compared to banks with regards to documentation. Read More +

Interest Rates

Loan Amount Interest Rate
Upto 30 Lakhs 8.30% (women) - 8.35% (others)
30-75 Lakhs 8.30% (women) - 8.35% (others)
Above 75 Lakhs 8.30% (women) - 8.35% (others)
Loan Amount Interest Rate
Upto 30 Lakhs 8.30% (women) - 8.35% (others)
30-75 Lakhs 8.30% (women) - 8.35% (others)
Above 75 Lakhs 8.30% (women) - 8.35% (others)

Product offerings

Home Loan

It is a loan offered by Tata Capital for anyone who wishes to purchase a property. It is for anyone who can fulfill the eligibility criteria.

Why should you take it?

Typically, as with any other private institute, the transparent process is less cumbersome when compared a state owned institute. The minimum loan you can avail is Rs 2 lakhs and the maximum amount is Rs 10 crores - which is a pretty wide range.

What should you consider?

A marginally higher interest rate when compared to state owned institutes (namely SBI). The minimum age for availing the loan is 24 years of age, which is a bit higher compared to other institutes which offer them from the age of 21 years.


Home Renovation Loan

It is a loan offered to anyone who wants to funds for renovation and maintenance of their residential properties. It can be availed by anyone who fulfills the eligibility criteria.

Why should you take it?

There’s an easy application process and is available through both online and offline channels. They also offer fixed or flexible home loans, giving you options.

What should you consider?

Per most reviews, Tata Capital is one of the few private institutes that has a pretty high turnaround time for loan applications.


Home Extension Loan

It is a loan for anyone who wants to extend their home - whether it is to build a new floor or a new room or to build a garage. Anyone who fulfills the eligibility criteria can avail the loan.

Why should you take it?

An easy application process and the choice between fixed and flexible rates of interest are two of the biggest advantages of availing your loan from Tata Capital. Additionally, there is no requirement to visit the branch as the application process can be completed online. The loan is offered for a maximum tenure of 30 years, which is a pretty good deal.

What should you consider?

A high turnaround time when compared to other private institutes is a drawback.



The interest rate options for you depends on your loan amount

Looks like you missed this


Looks like you missed this

%

Looks like you missed this

Looks like you missed this

Looks like you missed this

Eligibility

Income

Income is the primary criteria based on which your eligibility is determined. Naturally, income primarily refers to disposable income. So, most banks and NBFCs deduct any sort of fixed monthly commitments (EMIs on car loans or tax payments, for example) from their calculations.

Your loan eligibility is calculated by the EMI/NMI ratio: NMI basically refers to Net Monthly Income (income after deducting monthly commitments). Lenders typically have a fixed EMI/NMI ratio for different income slabs based on which your eligibility is calculated.

Credit History and CIBIL Score

Credit History and CIBIL scores are important criterion when it comes to determining elibility. SBI using certain proprietary tools, look for specific patterns in your credit history. The last twelve months of your credit history are more important than the preceding time period.

Credit scores or CIBIL scores are determined by how well you manage your loan or credit obligations. If you’ve never missed a loan payment and keep on top of credit card bills, your credit score will be higher. Usually, credit scores range between 300 and 900; a credit score of above 700 is required for a home loan.

Rather confusingly, if you’ve never taken a loan or a credit card before, your credit score is likely to be low. Why is this? It’s because lenders have no idea about your ability to repay loans. Build a credit score by responsible management of credit before applying for a home loan.

Property

Banks look at the property you’re investing in carefully when approving a home loan. Among the things that SBI looks at when investigating the property are:

  1. Whether the title to the property is clear and whether there are any other claimants or if there is any dispute regarding the property.
  2. Whether all the necessary regulatory approvals have been taken. Absence of approvals is looked at as suppression of property records.
  3. Whether the building is constructed as per approved building norms. If the property flouts certain guidelines, there is a tendency to devalue that property when compared to other properties in the same area.

Documents Required


kyc proof
KYC Documents
  1. Application with photograph
  2. ID Proof
  3. Residence Proof
income proof
Income Proof
  1. Residence Proof
  2. Latest salary slip(for salaried applicants)
  3. Form 16(for salaried applicants)
  4. IT returns for the last 2 years along with computation of income certified by CA(for non salaried applicants)
  5. 6 months bank statement
property documents
Property Documents
  1. Agreement of Sale
  2. Registration and stamp duty receipt
  3. Index - II
  4. Noc from builder
  5. Own Contribution Receipt(OCR)

Fees and Charges

The processing fee charged is .50% of the loan amount.

Parameter Charges
Prepayment Partial prepayment up to 25% of your outstanding principal amount in a given year. If prepayment exceeds the limit then 2% prepayment charges plus taxes will apply
Foreclosure No charges in general. However, if you close the home loan with your own funds, there is no charge. If you use someone else's funds then a foreclosure charge will apply
Delayed EMI payments Charges at the rate of 2% over the prevailing rate will apply for the period of delay
Collection agency On actual
Legal charges On actual
Other parameters PDC charges, loan cancellation charges, dishonor of cheque charges, rejection of ECS charges, PDC swapping charges, account maintenance charges, CERSAI charges

How to Apply

Once you’ve shortlisted TATA Capital as your home loan provider, ensure you have all your documents in place. Make sure you confirm the eligibility criteria for that specific loan and source the down payment. You can apply for a loan either jointly or individually.



REAL PEOPLE. REAL SAVINGS

google logo Ratings
4.9 stars
Abhijeet Deshpande
stars
Since I wanted a professional & personalized service which could save my time, I went ahead and registered with SwitchMe. Their executives are extremely professional, understanding and helpful while being very knowledgeable. Extremely happy with the service, would recommend to anyone looking to switch their home loan.
Pallav Sharma
stars
I had effortless experience to shift my loan from one bank to another. Thanks to SwitchMe team for constantly followed up with me, keeping me updated on all the events happened during the whole process.
Ashwini Ravindran
stars
It was really wonderful to work with such dedicated and hardworking team. Not knowing how to transfer an existing home loan, we are glad we reached out to switch me. You guys are really very helpful. Thanks a ton and continue the same :)

Home Loan Top Up

A top up loan is for anyone who wants to “top up” their home loan with additional funding to cover for unexpected cost increases. A top up loan from TATA Capital is based on the balance principal outstanding. So for instance, if your original home loan was worth Rs 10,00,000 and you have Rs 8,00,000 outstanding, you are eligible for a top up loan worth Rs 2,00,000. Please keep in mind that you’ll need to have completed atleast six months worth of EMI payments to be eligible for a top up loan. Also, the interest rate is 1-3% higher than a regular home loan but is significantly less when compared to a personal loan.

Balance Transfer to TATA Capital

The general process to transfer your home loan takes a fair amount of time, but is worth it if you find that TATA Capital offers you a lower rate of interest. TATA Capital is slightly less stringent with documentation when compared to a state run institute.
  1. Get a foreclosure letter from your current home loan provider, along with payment history and list of your documents.
  2. Apply to TATA Capital with the list of documents.
  3. The bank typically does a background check on credit history, ownership and more before they provide approval.
  4. Lastly, you complete the documentation stage with your existing bank and TATA Capital, and you are good to go.
Typically, every bank that you're transferring out of will have foreclosure charges which is usually around Rs 500+GST. Please confirm with your bank.