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| Tata Capital Home Loan Highlights | |
| Interest Rate | 8.70% p.a. onwards |
| Loan Amount | Rs 5 lakh- Rs 5 crore |
| Loan Tenure | Up to 30 years |
| Processing Charges | Up to 0.50%+GST |
| Minimum Monthly Income | Rs 30,000 |
Note: Rates as of 28th November 2023
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Table of Contents
Tata Capital Home Loan Interest Rates
| Applicant Type | Interest Rate (p.a.) |
| For Salaried Individuals | 8.70% p.a. onwards |
| For Self-Employed Individuals | 8.85% p.a. onwards |
| For Affordable Housing Applicants | 10.10% p.a. onwards |
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Compare Tata Capital Home Loan Interest Rates with Other Lenders
| Name of Lender | Up to Rs. 30 Lakh | Above Rs. 30 Lakh to Rs. 75 Lakh | Above Rs. 75 Lakh |
| SBI | 8.40% - 10.15% p.a. | 8.40% - 10.05% p.a. | 8.40% - 10.05% p.a. |
| HDFC Bank Limited | 8.35% p.a. onwards | 8.35% p.a. onwards | 8.35% p.a. onwards |
| LIC Housing Finance | 8.40% – 10.35% p.a. | 8.40% – 10.55% p.a. | 8.40% – 10.75% p.a. |
| ICICI Bank | 8.75% p.a. onwards | 8.75% p.a. onwards | 8.75% p.a. onwards |
| Kotak Mahindra Bank | 8.70% p.a. onwards | 8.70% p.a. onwards | 8.70% p.a. onwards |
| PNB Housing Finance | 8.50% - 14.50% p.a. | 8.50% - 14.50% p.a. | 8.50%-11.45% p.a. |
| Punjab National Bank | 8.45%-10.25% p.a. | 8.40%-10.15% p.a. | 8.40%-10.15% p.a. |
| Bank of Baroda | 8.40% - 10.65% p.a. | 8.40% - 10.65% p.a. | 8.40% - 10.90% p.a. |
| Union Bank of India | 8.40% – 10.80% p.a. | 8.40% – 10.95% p.a. | 8.40% – 10.95% p.a. |
| IDFC First Bank | 8.75% p.a. onwards | 8.75% p.a. onwards | 8.75% p.a. onwards |
| L&T Finance Limited | 8.60% p.a. onwards | 8.60% p.a. onwards | 8.60% p.a. onwards |
| Bajaj Housing Finance | 8.50% p.a. onwards | 8.50% p.a. onwards | 8.50% p.a. onwards |
| Tata Capital Housing Finance | 8.70% p.a. onwards | 8.70% p.a. onwards | 8.70% p.a. onwards |
| Federal Bank | 8.80% p.a. onwards | 8.80% p.a. onwards | 8.80% p.a. onwards |
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Tata Capital Home Loan Processing Fees and Charges
| Processing fees | 0.50% of loan amount |
| Foreclosure charges | No charges on paying off loan through own fund |
| Delayed EMI payments | 2% over the prevailing rate will apply for the period of delay |
| Legal charges | On Actuals |
| Collection agency | On Actuals |
Also know the processing fees for home loans charged by top banks and HFCs
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Types of Tata Capital Home Loan
Tata Capital Home Extension Loan
Purpose: Tata Capital Housing Finance offers Home Extension Loans to its applicants for extension of their existing homes.
Loan Amount: Rs 2 lakh-Rs 5 crore
Tenure: Up to 30 years
Tata Capital Affordable Housing Loan
Purpose: Tata Capital Affordable Housing Loan Scheme is a special home loan scheme offered to low or middle-income groups for purchasing their own houses.
Loan Amount: Rs 2 lakh onwards
Tenure: Up to 30 years
Tata Capital Home Loan Overdraft
Purpose: Tata Capital offers Home Loan Overdraft facility to the existing home loan borrowers of Tata Capital to arrange funds for their personal or business requirements. The home loan borrowers can withdraw funds from the linked home loan overdraft account within the sanctioned overdraft limit and can make repayments as per their cash flow position. The interest is incurred only on the amount withdrawn till their repayment.
Loan Amount: Rs 5 lakh-Rs 2 crore
Tenure: Up to 15 years
Tata Capital Home Loan for Self-Construction
Purpose: Consumers can avail Tata Capital Home Loan for Self-Construction for constructing their houses on plots already owned by them.
Loan Amount: Rs 5 lakh-Rs 5 crore
Tenure: Up to 30 years
Tata Capital Home Loan Balance Transfer
Purpose: Existing home loan borrowers of other banks and HFCs can avail Tata Capital Home Loan Balance Transfer facility to transfer their existing home loans to Tata Capital at lower interest rates.
Tata Capital Home Loan Top-up
Purpose: Tata Capital Housing Finance offers Home Loan Top-up facility to its existing home loan borrowers wherein the borrower can take addition loan over and above the existing home loans.
Other Home Loan Products offered by Tata Capital Housing Finance
Tata Capital Home Loan for Government Employees
Purpose: Employees of Central/State government can avail Tata Capital Home Loan for Government Employees for purchasing or constructing their houses.
Loan Amount: Rs 5 lakh-Rs 5 crore
Tenure: Up to 30 years
Tata Capital Home Loan for Self-employed
Purpose: Self-employed individuals can avail Home Loan for Self-employed to purchase or construct their houses.
Loan Amount: Rs 5 lakh-Rs 5 crore
Tenure: Up to 30 years
Tata Capital Home Loan for Women
Purpose: Tata Capital Housing Finance offers Home Loan for Women (working or housewife) to finance the purchase or construction of their houses.
Loan Amount: Rs 5 lakh-Rs 5 crore
Tenure: Up to 30 years
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Tata Capital Home Loan Eligibility Criteria
Tata Capital Home Loan eligibility is assessed based on the job profile, credit score, monthly income and work experience of its applicants. The home loan eligibility criteria set by Tata Capital Housing Finance is mentioned below:
- Indian Residents/NRIs/PIOs
- Job Profile: Salaried or Self Employed
- Minimum age: 24 years
- Maximum age: 65years
- CIBIL/Credit Score: 750 and above
- Minimum Monthly Income: Rs 30,000 for salaried
- Work Experience: Minimum 2 years for salaried applicants, 3 years for self-employed
Eligibility Criteria for Tata Capital Affordable Housing Loan
- The applicant should not own a pucca house in his/her name anywhere across the country
- If the applicant is married, both the spouses will be eligible for a single Affordable Housing Loan in joint ownership.
- The applicant should not have availed central assistance under any State/Central Government housing scheme.
Tata Capital Home Loan Documents Required
Below mentioned is the detailed list of home loan documents required to avail Tata Capital Home Loan:
For Salaried Individuals
- ID Proof: Copy of Voter ID, PAN card, Driving License, Passport, Aadhar Card
- Address Proof: Property Tax Receipt, Voter ID, Utility Bill, Property Registration Documents, Bank Statement
- Age Proof: Copy of passport, Birth Certificate, Life Insurance Policy, Driving License, PAN card, School Leaving Certificate
- Income Proof: Copy of salary slip for past 3 months, salary bank account statement for past 6 months, yearly increment letter, appointment letter, certified true copy of Form 16
- Processing fee cheque to be issued from your salary account
- Bank statements or loan statements for existing loan details
For Self-employed Individuals
- ID Proof: Copy of Voter ID, PAN card, Driving License, Passport, Aadhar Card
- Age Proof: Copy of passport, Birth Certificate, Life Insurance Policy, Driving License, PAN card, School Leaving Certificate
- Address Proof: Property Tax Receipt, Voter ID, Utility Bill, Property Registration Documents, Bank Statement
- Business Proof: ITR for last 2 years, business profile on a letterhead, or Business Registration Certificate for commencement of business
- Income Proof: Current statement of an operative bank account for last 6 months, Profit and Loss Projection Statement for last 3 years, Bank statement of CC/OD facilities (if taken) for past 6 months
- Processing fee cheque issued from the business account of the applicant
- Details of existing loans provided through loan statements or bank statements
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Tata Capital Home Loan EMI Calculator
Monthly EMI ₹ 15,622
Total Amount Payble ₹ 5,62,395(Principal + interest)
Principal Amount ₹ 5,00,000
Total Interest Payble ₹ 62,395
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FAQs
1. How can I apply for Tata Capital Home Loan online?
Ans. You can visit the official website of Tata Capital and fill in the online home loan application form provided there. Alternatively, you can also click here to make online home loan application with Tata Capital while comparing the home loan interest rates offered by some of the top lenders based on your credit profil
2. Who can be my co-applicants for Tata Capital home loan?
Ans. Your spouse, children, parents and siblings can be the co-applicants of your Tata capital Home Loan.
3. Can I cancel the sanctioned home loan?
Ans. Yes, you can cancel the sanctioned home loan. However, the processing fee paid during loan application will not be refunded. If you wish to cancel the home loan after receiving the sanction letter, you will have to write to the lender. But all this should be done before the loan disbursal.
4. What is the turnaround time for the sanction of Tata Capital Home Loans?
Ans. Tata Capital claims to sanction home loans to salaried applicants within 4-5 days after the application files reach the NBFC’s credit managers. In case of self-employed home loan applicants, the NBFC’s credit managers might take 7-8 working days to sanction the home loan applications.
4. What is the minimum credit score required to avail Tata Capital Home Loan?
Ans. Tata Capital requires home loan applicants to have credit scores of about 750 and above.
5. Can I foreclose my home loan availed from Tata Capital?
Ans. Yes, you can foreclose the home loan availed from Tata Capital. No prepayment charges are levied on making home loan prepayments.
6. Can I increase my Tata Capital Home Loan tenure?
Ans. Tata Capital Home Loan allows its home loan borrowers to increase their loan tenure provided it does not exceed the maximum loan tenure offered by the lender or the retirement age of the borrower. However, doing so may adversely impact the borrower’s credit score and thereby his future loan or credit card eligibility for a long time. Request for tenure increases are considered as loan restructuring and credit bureaus consider loan restructuring as a negative credit event. This leads credit bureaus to reduce the credit score of those opting for loan restructuring.
Instead, existing home loan borrowers should opt for Home Loan Balance Transfer facility to transfer their existing home loan to other lenders at lower interest rates and thereby, reduce their EMIs. Such borrowers can also opt for longer tenure, if eligible, while transferring their home loan.