Tata Capital Loan Against Property

Home Tata Capital Tata Capital Loan Against Property
loadingApply Now
Property type
Property Value
Loan Amount
Annual Income
Residence City
Mobile
Full Name
Email
Date of Birth
PAN Card
Pin Code
Gender

I hereby appoint Paisabazaar as my authorised representative to receive my credit information from the following bureau partners :

I hereby unconditionally consent to and instruct the above bureaus to provide my credit information to me and Paisabazaar on a month to month basis. I understand that I shall have the option to opt out/unsubscribe from the service.

Name :
Date :18/02/2020

CC:
Paisabazaar.com,
Paisabazaar Marketing and Consulting Private Limited

CIBIL TERMS AND
CONDITIONS

To,
TransUnion CIBIL Limited
[Formerly known as Credit Information Bureau (India) Limited]
One Indiabulls building ,Unit No 1901 – 1905,
19th Floor, Tower 2A-2B, Jupiter Mill compound,
Senapati Bapat Marg, Lower Parel, Mumbai 400 013

Sub: Grant of Consent

Dear Sirs,

In connection with submission of the application for my credit information offered by CIBIL (“Consumer Credit Information”) through Paisabazaar (referred to as the “Company”) and delivery of the Consumer Credit Information to the Company, I hereby acknowledge and agree to the following:

A. The Company is my lawfully appointed agent and he / it has agreed to be my agent for the purposes, including, without limitation, to receive the Consumer Credit Information from TUCL on my behalf and use it in the manner consistent with the Agreement entered into between the Company and TUCL, and the Company has granted its consent for being appointed for the aforesaid purpose.

B. I grant my unconditional consent to the Company to receive the Consumer Credit Information from TUCL on my behalf and use it in the manner consistent with the Agreement entered into between the Company and TUCL, as the case may be, and the Company has granted its consent for being appointed for the aforesaid purpose. I hereby represent and acknowledge that: the Terms of Understanding in relation to the use of the Consumer Credit Information has been agreed between me and the Company.

C. I hereby expressly grant unconditional consent to, and direct, TUCL to deliver and / or transfer my Consumer Credit Information to the Company on my behalf.

D. I shall not hold TUCL responsible or liable for any loss, claim, liability, or damage of any kind resulting from, arising out of, or in any way related to: (a) delivery of my Consumer Credit Information to the Company ; (b) any use, modification or disclosure by the Company of the contents, in whole or in part, of my Consumer Credit Information , whether authorized or not; (c) any breach of confidentiality or privacy in relation to delivery of my Consumer Credit Information to the Company ; (d) for any use made by the Company which is contrary to the Agreement entered into between the Company and TUCL

E. I acknowledge and accept that: (a) TUCL has not made any promises or representations to me in order to induce me to provide my Consumer Credit Information or seek any consent or authorization in this regard; and (b) the implementation of the Agreement between TUCL and the Company is solely the responsibility of the Company.

F. I agree that I may be required to record my consent / provide instructions electronically and in all such cases I understand that by clicking on the "I Accept" button below, I am providing "written instructions" to Paisabazaar authorizing Paisabazaar to obtain my Consumer Credit Information from my personal credit profile from TransUnion CIBIL LIMITED, [formerly known as Credit Information Bureau (India) Limited]]. I further authorize Paisabazaar to obtain such information solely to confirm my identity and display my Consumer Credit Information to me. Further in all such cases “By checking this box and clicking on the ‘Authorize button, I agree to the terms and conditions, acknowledge receipt of TUCL privacy policy and agree to its terms, and confirm my authorization for Paisabazaar to obtain my Consumer Credit Information.

G. I understand that in order to deliver the product to me, I hereby authorize Paisabazaar, to obtain my Consumer Credit Information from TUCL.

H. By submitting this registration form, I understand that I am providing an express adhoc one-time written instructions for Paisabazaar to request and receive information about me from third parties, including but not limited to a copy of my consumer credit report and score from consumer reporting agencies, at any time for so long as I have an active Paisabazaar account. I further authorize Paisabazaar to retain a copy of my information for use in accordance with the terms of use of this service, Paisabazaar’s Terms of Use and Privacy Policy.

I. I UNDERSTAND THAT THE PRODUCT IS PROVIDED ON AN “AS-IS”, “AS AVAILABLE” BASIS AND TUCL EXPRESSLY DISCLAIMS ALL WARRANTIES, INCLUDING THE WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, AND NON-INFRINGEMENT.

J. I shall not sue or otherwise make or present any demand or claim, and I irrevocably, unconditionally and entirely release, waive and forever discharge TUCL , its officers, directors, employees, agents, licensees, affiliates, successors and assigns, jointly and individually (hereinafter “Releasee”), from any and all manner of liabilities, claims, demands, losses, claims, suits, costs and expenses (including court costs and reasonable attorney fees) (“Losses”), whatsoever, in law or equity, whether known or unknown, which I ever had, now have, or in the future may have against the Releasee with respect to the submission of my Consumer Credit Information and / or my decision to provide TUCL L with the authority to deliver my Consumer Credit Information to the Company . I agree to defend, indemnify, and hold harmless the Releasee from and against any and all Losses resulting from claims made against TUCL L by third parties arising from and in connection with this letter.

K. I agree that the terms of this confirmation letter shall be governed by the laws of India and shall be subject to the exclusive jurisdiction of the courts located in Mumbai in regard to any dispute arising hereof. TUCL is entitled to assign its rights hereunder to any third person without taking my prior written consent.

Yours faithfully,
Name :

I hereby appoint Paisabazaar as my authorised representative to receive my credit information from the following bureau partners :

I hereby unconditionally consent to and instruct the above bureaus to provide my credit information to me and Paisabazaar on a month to month basis. I understand that I shall have the option to opt out/unsubscribe from the service.

Name :
Date :18/02/2020

CC:
Paisabazaar.com,
Paisabazaar Marketing and Consulting Private Limited

EQUIFAX TERMS AND
CONDITIONS

I Mr./Ms. -------------------- ---------------------residing at ------------------------ ---------------------------------------- do hereby authorise Paisabazaar Team ,to do all acts on my behalf as may be necessary including to execute/sign application(s), make payment of applicable fees* and generally to all other acts as may be necessary to receive, on my behalf and at my request, my Credit Information Report (CIR) from Equifax Credit Information Services Private Limited("Equifax") at the following address/email id:

I hereby confirm that all the powers hereby conferred may be exercised by officer(s) or manager(s) / agent(s) / employees of the Paisabazaar who is duly authorized by the Paisabazaar.

I hereby confirm, agree, undertake and accept that I shall at all times be solely responsible for all the above actions and omissions of the Paisabazaar shall be binding on me as though such actions had been carried out by me directly. I further confirm that my CIR shall be used only for the purpose as mentioned in the attached standard terms and conditions and I shall be solely liable for, and indemnify and hold harmless Equifax for and against, any and all third party claims or damages or proceedings of any kind, arising from or in connection with (a) any misrepresentations, incorrect information or omission of any critical information in my application, or (b) furnishing my CIR based on this authorization letter, and shall not at any time hold Equifax or its affiliates and their respective officers, directors, employees or representatives liable in this respect.

I hereby also confirm that I have only appointed Paisabazaar to be my authorized agent/representative for collection of my CIR.

I undertake to keep Equifax intimated and informed at all times, of any renewals or termination of the authorization to Paisabazaar or any amendments, modifications or changes in the terms governing the obligations or my relationship with Paisabazaar.

I shall at all times co-operate with Equifax and execute and deliver to Equifax such instruments and documents and take such other actions as may be required by Equifax from time to time in connection with this authority letter.

By signing on this authorization letter, I hereby acknowledge and accept the Standard Terms and Conditions mentioned above.

Date : 18/02/2020

I hereby appoint Paisabazaar as my authorised representative to receive my credit information from the following bureau partners :

I hereby unconditionally consent to and instruct the above bureaus to provide my credit information to me and Paisabazaar on a month to month basis. I understand that I shall have the option to opt out/unsubscribe from the service.

Name :
Date :18/02/2020

CC:
Paisabazaar.com,
Paisabazaar Marketing and Consulting Private Limited

EXPERIAN TERMS AND
CONDITIONS

YOU HEREBY APPOINT PAISABAZAAR AS YOUR AUTHORISED REPRESENTATIVE TO RECEIVE YOUR CREDIT INFORMATION FROM EXPERIAN.

YOU HEREBY IRREVOCABLY AND UNCONDITIONALLY CONSENT TO SUCH CREDIT INFORMATION BEING PROVIDED BY EXPERIAN TO YOU AND PAISABAZAAR AND YOU HEREBY AGREE, ACKNOWLEDGE AND ACCEPT THE TERMS AND CONDITIONS SET FORTH HEREIN. YOU HEREBY ALSO AGREE AND ACKNOWLEDGE THAT FOR PAISABAZAAR TO SERVICE YOU AS A CUSTOMER, THE CREDIT INFORMATION SHALL BE SHARED BY EXPERIAN WITH YOU AND PAISABAZAAR ON A MONTHLY BASIS. YOU FURTHER ALSO AGREE AND CONSENT TO RECEIVE SUCH CREDIT INFORMATION DIRECTLY FROM EXPERIAN AND ALSO THROUGH YOUR PAISABAZAAR ACCOUNT AS PER YOUR INDEPENDENT REGISTRATION WITH PAISABAZAAR.

Please read the Terms and Conditions of this document carefully before accepting. By clicking on the "I ACCEPT" button below, you are expressly agreeing to access the Experian Credit Information Report and Credit Score (as defined in the Important Information Section below) (together referred as "Credit Information") and share a copy of the Credit Information with Paisabazaar in the "as is" format. Please click on the link below to read and understand the Important Information section below.

** This document is an electronic record in terms of the Information Technology Act, 2000 and Rules made there under, and the amended provisions pertaining to electronic records.

Information Collection, Use, Confidentiality, No-Disclosure and Data Purging

PAISABAZAAR/ We/ Us can only access your Credit Information as your authorized representative and we shall use the Credit Information for limited end use purpose consisting of and in relation to the services proposed to be availed by you from us on the Website. We shall not aggregate, retain, store, copy, reproduce, republish, upload, post, transmit, sell or rent the Credit Information to any other person and the same cannot be copied or reproduced other than as agreed herein.

We shall protect and keep confidential the Credit information both online and offline and use best in class security measures in line with applicable laws. The Credit Information shared by You, or received on your behalf shall be destroyed, purged, erased promptly upon the earlier of: (i) your written request to terminate this relationship with Paisabazaar (ii) the completion of provision of the Services by us to you.

Governing Law and Jurisdiction The relationship between you and the Parties shall be governed by laws of India and all claims or disputes arising there from shall be subject to the exclusive jurisdiction of the courts of [Mumbai].

Definitions: Capitalised terms used herein but not defined above shall have the following meanings:
"Credit Information Report" means the credit information / scores / aggregates / variables or reports which shall be generated by Experian;
"Credit Score" means the score which shall be mentioned on the Credit Information Report which shall be computed by Experian.
"CICRA" shall mean the Credit Information Companies (Regulation) Act, 2005 read with the Credit Information Companies Rules, 2006 and the Credit Information Companies Regulations, 2006, and shall include any other rules and regulations prescribed thereunder.
PLEASE READ THE ABOVE MENTIONED IMPORTANT INFORMATION AND CLICK ON "ACCEPT" FOLLOWED BY THE LINK BELOW TO COMPLETE THE AUTHORISATION PROCESS FOR SHARING OF YOUR CREDIT INFORMATION BY EXPERIAN WITH YOU AND PAISABAZAAR, IN ITS CAPACITY AS YOUR AUTHORISED REPRESENTATIVE.
BY CLICKING "ACCEPT" YOU AGREE AND ACCEPT THE DISCLAIMERS AND TERMS AND CONDITIONS SET OUT HEREIN. THE TERMS AND CONDITIONS MENTIONED HEREIN MAY CHANGE IN ORDER TO COMPLY WITH GOVERNING LAWS OF THE COUNTRY AND THE CONSUMER SHALL BE BOUND TO ANY CHANGES TO THIS AGREEMENT

Name :
Date : 18/02/2020

I hereby appoint Paisabazaar as my authorised representative to receive my credit information from the following bureau partners :

I hereby unconditionally consent to and instruct the above bureaus to provide my credit information to me and Paisabazaar on a month to month basis. I understand that I shall have the option to opt out/unsubscribe from the service.

Name :
Date :18/02/2020

CC:
Paisabazaar.com,
Paisabazaar Marketing and Consulting Private Limited

CRIF HIGH MARK TERMS
AND CONDITIONS

This End User Agreement (the "Agreement") is made between you (the "User" or "You") and Paisabazaar Marketing and Consulting Pvt Ltd ("PaisaBazaar"), a private limited company having its registered office at Plot No 119, Sector-44, Gurgaon-122001, Haryana ("PAISABAZAAR", "Us" or "We", which term shall include its successors and permitted assigns). The User and PAISABAZAAR shall be collectively referred to as the "Parties" and individually as a "Party".

YOU HEREBY APPOINT PAISABAZAAR AS YOUR AUTHORISED REPRESENTATIVE TO RECEIVE YOUR CREDIT INFORMATION FROM CRIF HIGH MARK. BY EXECUTING THIS AGREEMENT / CONSENT FORM, YOU ARE EXPRESSLY AGREEING TO ACCESS THE CRIF HIGH MARK CREDIT INFORMATION REPORT AND CREDIT SCORE, AGGREGATE SCORES, INFERENCES, REFERENCES AND DETAILS (AS DEFINED BELOW)(TOGETHER REFERRED AS "CREDIT INFORMATION"). YOU HEREBY ALSO IRREVOCABLY AND UNCONDITIONALLY CONSENT TO SUCH CREDIT INFORMATION BEING PROVIDED BY CRIF HIGH MARK TO YOU AND PAISABAZAAR BY USING CRIF HIGH MARK TOOLS, ALGORITHMS AND DEVICES AND YOU HEREBY AGREE, ACKNOWLEDGE AND ACCEPT THE TERMS AND CONDITIONS SET FORTH HEREIN. YOU ALSO ACKNOWLEDGE THAT YOU SHALL NOT RAISE ANY CLAIM OR HOLD LIABLE CRIF HIGH MARK CREDIT INFORMATION SERVICES PRIVATE LIMITED IN RELATION TO YOUR CREDIT INFORMATION REPORT AND CREDIT SCORE PROVIDED OR TO BE PROVIDED BY CRIF HIGH MARK TO PAISABAZAAR.

Terms and Conditions: Information Collection, Use, Confidentiality, No-Disclosure and Data Purging PAISABAZAAR shall access your Credit Information as your authorized representative and PAISABAZAAR shall use the Credit Information for limited end use purpose consisting of and in relation to the services proposed to be availed by you from PAISABAZAAR. PAISABAZAAR shall not aggregate, retain, store, copy, reproduce, republish, upload, post, transmit, sell or rent the Credit Information to any other person and the same cannot be copied or reproduced other than as agreed herein.

The Parties agree to protect and keep confidential the Credit Information both online and offline. The Credit Information shared by you, or received on by us on your behalf shall be destroyed, purged, erased promptly upon request from the consumer or the consumer withdrawing the consent to retain such credit information / reports by deleting/deactivating the consumers account with Paisabazaar.

Governing Law and Jurisdiction Definitions: Capitalised terms used herein but not defined above shall have the following meanings:
" Business Day" means a day (other than a public holiday) on which banks are open for general business in Gurgaon and Mumbai.
" Credit Information Report" means the credit information / scores/ aggregates / variables / inferences or reports which shall be generated by CRIF High Mark;
" Credit Score" means the score which shall be mentioned on the Credit Information Report which shall be computed by CRIF High Mark.
" CICRA" shall mean the Credit Information Companies (Regulation) Act, 2005 read with the Credit Information Companies Rules, 2006 and the Credit Information Companies Regulations, 2006, and shall include any other rules and regulations prescribed thereunder.
IN CASE THERE IS ANY DISCREPANCY OR INABILITY IN COMPLETION OF ONLINE AUTHENTICATION, PLEASE SUBMIT YOUR SELF ATTESTED KYC DOCUMENTATION IN SCANNED COPIES FOR SHARING OF YOUR CREDIT INFORMATION BY CRIF HIGH MARK WITH YOU AND PAISABAZAAR (YOUR AUTHORISED REPRESENTATIVE).
ONLINE SUBMISSION - DOES NOT REQUIRE SIGNATURE AND EXECUTION"

Name :
Date :18/02/2020

More

*Offers are from Paisabazaar's partner Banks & NBFCs.

OTP Verification

Verify your mobile

Please enter the OTP we sent via SMS

Didn’t receive your OTP? Send it again
Updated: 05-03-2019 12:13:17 PM

Tata Capital, a subsidiary of Tata Sons, is a financial services company of Tata Group and is registered with the Reserve Bank of India as a systematically important non deposit accepting core investment company. In addition to providing a host of financial products, Tata Capital acts as a holding company and has holdings / investment in subsidiaries and other Tata Group companies. The company is engaged in wide range of services and offers many financial products under the umbrella Tata brand. Some of the retail products offered by Tata Capital include car loans, two wheeler loans, personal loans, home loans, loan against property, business loans, consumer durable loans and loan against securities.

Tata Capital offers Loan against Property to their customer that promises attractive rates of interest, complete transparency in loan processing, quick disbursement of the loan and minimal paperwork. The company promises best-in-class services, expert financial advice and commitment of high standard of customer service to its customers for every product offered by Tata Capital. However, before we have a look at the features and benefits of the Loan against Property offered by the company the borrower needs to consider few things.

  • Lower rates: As we know, interest rate for a loan against property is not as economical as in case of a home loan but it is definitely cheaper than personal loans or other types of loans. The reason for this is not too difficult to fathom, because a property loan is a secured loan since the borrower mortgages his / her house. On the other hand, a personal loan is an unsecured loan whose interest rate usually starts from 13.75% and go as high as 25%. Loan against property on the other hand is available at around 12% to 15%. It makes sense to avail a loan against property which offers lower interest rates than a personal loan.
  • Multipurpose loan: Property loan can be taken against a residential property, rented property or commercial property. You can avail this loan from Tata Capital for purchase of machinery, closure of high existing debts, funding child’s education, to meet expenses of family wedding, any kind of professional or business need. You may also apply for this loan to acquire a brand new property. A takeover of your existing loan with refinancing is also possible with loan against property. However, it is advisable to check if your lender bank provides you all the qualities you need from the loan. For instance, sometimes, the banks do not lend against all properties. For instance, some banks only lend against approved properties in Tier 1 and Tier 2 cities.
  • Loan amount: Usually banks lend twice your annual income or 50% to 65% of the value of your property. The quantum of finance ranges from Rs. 5 lakh to Rs. 20 crore depending upon the loan to value (LTV) ratio. A commercial self-occupied property may get up to 65% of the value of property and 50% for the self-occupied residential property. If the property is rented you may get loan up to 55% of the value of property if it is residential and up to 40% of the property if it is commercial. The percentage usually remains same for vacant commercial and residential properties. Other factors which are taken into consideration before lending are profile of the customer, valuation of the property, regular outgoings, past track record and other existing loans.
  • Other charges: It is also suggested that before finalising your lender bank one should check other charges which may be applicable on a loan against property such as pre payment charges, documentation charges, penal charges, etc levied by the bank. Penal charges are charged if your EMI on property loan for the month is dishonoured. The lending institution may also consider cheque bouncing charges from the borrower. In case a borrower is transferring his loan to a different lender/bank then most of the new lenders may ask them to pay a fee which is somewhere between 1% and 2% of the loan amount.

Did you find this article helpful? Rate it.

Features of Tata Capital’s Property Loan
Features of Tata Capital’s Property Loan
  • The minimum amount of property loan from Tata Capital available to the customer is Rs. 5 lakh and the maximum amount of loan is Rs. 3 crore. So, the customer can opt for any amount of loan depending on the market value of the property against which the loan is granted subject to the minimum limit of Rs. 5 lakh and can avail a loan from Tata Capital for as high as Rs. 3 crore
  • The Tata Capital property loan is offered against the mortgage of either the residential property or against any commercial property owned by the customer.
  • The loan tenure ranges from a period of 12 months or 1 year to 120 months, i.e. 10 years.
  • The property loan from Tata Capital is repaid in the form of Equated Monthly Instalments (EMIs) via post-dated cheques or Electronic Clearing Systems (ECS).
  • Interest rates are competitive. The interest rates that the company charges is in tandem with the ones charged by other banks and financial institutions
  • Loan can be taken for buying a non-residential premise or establishment or for taking over existing loan and top-up
  • The loan can be foreclosed or prepaid without any charges if the loan is offered to individuals under a floating rate of interest.
  • The loan processing system is fast and transparent making the funds readily available to the borrower so that he may fulfil his financial requirements without having to wait for long periods of time
Eligibility Criteria
Eligibility Criteria

Any applicant while applying for the Loan against Property needs to fulfil the following eligibility criteria:

Following salaried individual are eligible for a loan against property:

  • Individuals employed in a Multi-National Company, Public Limited Company, large Private Limited Company, State Government, Central Government or PSUs can apply for the loan from Tata Capital
  • The minimum age at the time of loan application should be 25 years and the maximum age at the time of maturity of the loan should not be more than 60 years
  • The individual must be earning at least Rs. 2.4 lakh per annum
  • The individual must be working for at least last 3 years

For Self-employed Professionals:

  • Doctors, architects or Chartered Accountants can avail the loan under this category.
  • The minimum age at the time of loan application should be 25 years and the maximum age at the time of maturity of the loan should not be more than 60 years
  • The individual must be earning at least Rs. 2.5 lakh per annum
  • The individual must be working for at least the last 3 years

For self-employed Non-Professionals:

  • Traders, Retailers and Wholesalers can avail of the loan under this category
  • The minimum age at the time of loan application should be 25 years and the maximum age at the time of maturity of the loan should not be more than 60 years
  • The individuals must be earning at least Rs. 2.5 lakh per annum
  • The individuals must be working for at least the last 3 years

Others:

  • Firms, private limited companies and public companies can also avail a Loan against Property from Tata Capital if they have an income of at least Rs. 3 lakh every year and the business is at least 3 years old and is showing profit since the last two years.
Rate of Interest
Rate of Interest

Tata Capital offers attractive loan liability and interest rate ranging from 12% to 15% subject to property collateral and subject assessment. The rates of interest for salaried and self-employed professionals are as follows:

Scheme

Residential Property

Commercial Property

Semi – fixed for 3 years

12.25% - 12.75%

12.50% - 13.00%

Floating

12.50% - 13.00%

12.75% - 13.25%

Fees and Charges
Fees and Charges

Description

Charges

Processing Fee

1% of the loan amount which is collected in 2 parts. One is upfront fee which is collected at the time of application and the other is the final fee collected at the time of loan disbursal. The upfront fee is Rs.5618 for loans up to Rs.1 crore and Rs.11, 236 for loans above Rs.1 crore

Stamp Charges

As per applicable laws

Loan cancellation charges

Rs. 1,000 + Tax

Cheque dishonour charges / rejection of ECS mandate

Rs. 700 per instance

Pre-payment charges

No charges if the amount prepaid is up to 25% of the principal outstanding. For amounts exceeding the specified limit a charge of 2% is levied

PDC Swapping charges

Rs. 550 per instance

Annual Account maintenance charges

Rs. 250

CERSAI Charges

For loans up to Rs. 5 lakh – Rs.250

For loans above Rs. 5 lakh – Rs.500

Collection agency charges

At actual

Legal charges

At actual

PDC Charges

Rs.750

Charges for photocopy of original title deeds of the property

Rs.250

Charges for copy of loan agreement

NIL for first instance and thereafter Rs.250

Documentation
Documentation

For applying for a Loan against Property scheme the applicants and the co-applicants, if any, have to submit the following documents which are easily available and minimal in nature.

For salaried individuals:

  • Duly completed Application Form
  • Photograph
  • Identity Proof
  • Residence Proof
  • Signature Verification
  • Form 16 and latest 2 months’ Salary Slips showing Income details
  • Last 6 months’ bank statements

For self-employed Professionals and Non-Professionals:

  • Duly completed Application Form
  • Photograph
  • Identity Proof
  • Residence Proof
  • Signature Verification
  • Income Tax Returns, Profit & Loss Account and Balance Sheet of the last 2 years showing Income details
  • Last 6 months’ bank statements

For others (non-individuals like firms, private limited companies and public companies)

  • Duly completed Application Form
  • Photograph
  • Identity Proof
  • Residence Proof
  • Signature Verification
  • Income Tax Returns, Profit & Loss Account and Balance Sheet of the last 2 years showing Income details
  • Last 6 months’ bank statements
EMI Calculator
EMI Calculator

Tata Capital provides EMI Calculation facility through its online loan against property EMI Calculator. The following instances show the respective EMIs calculated using the calculator.

  • A has a residential property against which he decides to avail of a loan. He approaches Tata Capital and applies for a Loan against Property under the Semi-Fixed scheme of 3 years. He undertakes to repay the loan in 3 years and at the applicable rate of interest of say 12.50%, the EMI payable by him is calculated to be Rs. 25,090 for a loan amount of Rs. 7.5 lakh.
  • B mortgages his commercial property to avail a Loan against Property from Tata Capital. After the company’s valuation process, a loan of Rs. 25 lakh is granted to B which he promises to repay in 7 years. At the assumed rate of interest of 12.75% under the Floating Interest Scheme, the EMI payable by B every month comes to Rs.45,141
  • C has a residential property which he mortgages with Tata Capital to avail a loan of Rs. 50 lakh. He undertakes to pay the loan in 10 years. At the assumed rate of interest of 13% per annum, the EMI payable by C would be Rs.74,655 every month for 10 years

The following table tabulates the above data for an easier reference:

Applicant

Loan Amount

Interest Rate

Term

EMI

A

7.5 lakh

12.50%

3 years

25,090

B

25 lakh

12.75%

7 years

45,141

C

50 lakh

13.00%

10 years

74,655

Applying for a Loan Against Property
Applying for a Loan Against Property

An individual can apply for a Loan against Property from Tata Capital in various ways like online or by visiting the branch.

  • Applying for loan against property from Tata Capital online

In keeping with the rising trend of online transactions, the company offers Loan application online through its website. Or you can also visit www.paisabazaar.com . The process is simple:

You need to enter a few details and select the suitable option. After the necessary analysis the company will contact the customer. So, the customer does not have to engage in useless hassles to avail a loan. He or she simply needs to log in to the website, choose the relevant tab, fill up the required details and the needful will be done.

The applicant needs to provide his personal details like name, location, mobile number and email id and authorize the company to revert back to him or her. The company’s representative then contacts the customer at the earliest and guides him through the application process and the documents required to be submitted.

  • Applying via a branch

If the customer is not comfortable applying online, he or she may visit the nearest Tata Capital branch, fill up the application form and apply for the Loan against property. The nearest branch can be located through the company’s website.

FAQs for Tata Capital Property Loan
FAQs for Tata Capital Property Loan

Q. How does Tata Capital determine eligibility for loan against property and the loan amount?

Ans. There are certain factors which are considered to determine loan amount and eligibility:

  • Income
  • Age
  • Valuation of property
  • Existing obligation if any
  • Stability / continuity of employment / business
  • Past borrowing track record

Q. What is the maximum amount which can be offered as Tata Capital property loan?

Ans. Rs. 5 crore is the maximum amount that is offered as loan against property.

Q. What security is to be provided for availing a loan against property in Tata Capital?

Ans. The security for the loan will be the first mortgage of the property to be financed, generally by  way of deposits of titles deeds. The borrower has to ensure that property is marketable, clear and free from debt. There should not be any existing loan, debt, mortgage, lien or litigation which is likely to affect the title to the property negatively.

Q. What is the loan against property sanctioning and disbursement process?

Ans. Tata Capital follows a step by step process listed below:

  • Loan application form
  • Loan documents
  • Documents required to avail loan from Tata Capital (property + financial documents)
  • Personal discussion
  • Investigation verification
  • Sanctioning of loan
  • Compliance of loan
  • Property/loan assessment
  • Disbursement of loan

Q. What are loan documents required for a balance transfer case?

Ans. The following documents are required for a balance transfer scenario:

  • A loan sanction letter or welcome letter from the buy over institution
  • Last 6 months record statement or applicants or bank statement from where the loan is being serviced

Q. What is the turnaround time for decisioning a loan against property application?

Ans. The processing of the loan against property normally takes 7 to 10 working days once all the documents are submitted. It also depends upon the documentation process and profile of customer.

Q. Does the property against which loan is to be taken have to be insured?

Ans. You will have to assure that the property is duly and accurately insured against fire and all other kind of calamities and hazards as required by Tata Capital during the tenor of the loan and to produce evidence thereof to the bank each year or whenever called upon to do so.

Q. If there is a change in interest rate and loan has already been taken in the past month, how will revised interest rate work for old customers?

Ans. Tata Capital does not change it interest rate very frequently. Interest rate is charged for those which are at least 3 months old. And if there is some fluctuation in interest rate then it will not have an immediate impact on interest rate of loan which is just one month old. However, once the loan from Tata Capital is 3 months old, any changes in rates will also apply to the margin of loan.

Menu