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Tata Capital Home Loan Interest Rates 2020

Tata Capital Housing Loan Interest Rate

Last Updated 05th Sep 2019

Current Tata Capital Home loan interest rates for Sep 2020 starts at 9.05% p.a. for a maximum tenure of 30 years. Processing fee on its housing loans is Upto 0.50%.

Loan AmountTata Capital Home Loan Rate
Upto ₹ 30 Lakh9.05%
₹ 30 Lakh - ₹ 75 Lakh9.05%
₹ 75 Lakh - ₹ 50 Lakh9.05%
Above ₹ 50 Lakh9.05%

Upto 0.15% lower rate for Tata Group employees

Tata Capital Home Loan Interest Rates

Tata Capital offers various products on home loan. Tata Capital home loan can be used for the purchase of a flat, home construction loan, extension or improvement loan.

Features

  • Tata Capital Home Loan Interest Rate starts from 9.05%.
  • Tata Capital charges a processing fees of Upto 0.50%.
  • Loan Tenure of Home Loan ranges from 5 years to 30 years.
  • Lowest EMI per lakh on home Loan from Tata Capital is ₹ 808 per lakh offered at the lowest interest rate of 9.05% at the longest loan tenure of 30 years.
  • Tata Capital allows prepayment of home loans with Nil charges on floating rate loans.
  • Tata Capital has an average customer rating of 3.3/5.0 from customers who have taken a home loan from the bank.

Tata Capital Home Loan Rate

Current Tata Capital home loan interest rates are in the range of 9.05% to 9.05%, with special discounted rates for specific categories of borrowers such as women borrowers for whom the bank offers the lowest interest rate of 9.05%. The table below gives the interest rates on various housing finance schemes of Tata Capital.

Tata Capital Home Loan Scheme Interest Rates
Tata Capital Home Loan9.05%

Tata Capital Bank Home Loan Charges

Tata Capital Home Loan Processing Fee

Tata Capital home loan processing charges are upto 0.50% of the loan amount from its home loan customers to cover its expenses of conducting credit appraisal and technical evaluation of property. The processing fees is typically non-refundable and has to be paid at the time of loan application. In addition to Tata Capital housing loan processing fees, the bank also charges certain technical and legal charges which are explained to the customer during the loan process and are payable once the loan application proceeds further.

Tata Capital Home Loan Prepayment

Tata Capital charges Nil fees on prepayment of floating rate loans, as per RBI prepayment rules which prohibit banks from charging prepayment penalty on loans with floating rate of interest. Hence, it becomes extremely easy to balance transfer your loan from bank to another. If you decide to foreclose or transfer your housing loan to another bank, you need to apply for the same to Tata Capital for a foreclosure while processing your new home loan application with the new bank. However, if you have taken a fixed rate home loan from Tata Capital, you will need to pay a foreclosure fees to close your account or transferring it another bank as per your loan agreement with Tata Capital.

Tata Capital Home Loan Documents

Documents for Salaried employees

  • Filled up loan application form
  • 2 Passport Size Photo
  • ITR of last 2 years
  • Identity Proof - Passport/ Driving Licence/ Voter ID/ PAN
  • Residential Address Proof - Leave and License/ Registered Rent Agreement/ Utility Bill (upto 3 months old), Passport
  • Income Documents – 6 months payslip, 2 years Form 16, 6 months bank statement showing salary credit and any EMI debit
  • Property Documents - Past title chain: Conveyance deed, Sales deed, Allotment letter, Possession letter, Latest property tax receipt, Copy of approved plan for construction/ extension

Documents for Self-Employed

  • Filled up loan application form
  • 2 Passport Size Photo
  • Identity Proof - Passport/ Driving License/ Voter ID/ PAN
  • Residential Address Proof - Leave and License/ Registered Rent Agreement/ Utility Bill (upto 3 months old), Passport
  • Business proof such as VAT/ service tax registration, incorporation details in case of companies, business address proof, profit and loss account and balance sheets certified by CA, copy of partnership deed and proof of business existence and business profile
  • Property Documents - Past title chain: Conveyance deed, Sales deed, Allotment letter, Possession letter, Latest property tax receipt, Copy of approved plan for construction/ extension

Tata Capital Pradhan Mantri Awas Yojana

The government of India has launched many affordable housing loan schemes to facilitate availing home loan at concessional rates to lower and middle-income groups. Some of the popular schemes are:

a) PMAY or Home Loan Subsidy Scheme: Launched in 2015 to provide houses to the homeless. You can apply for PMAY at Tata Capital if you fulfil the eligibility criteria. Know more about PMAY Scheme

b) Pradhan Mantri Gramin Awas Yojana:  It focuses on homeless families and offers pucca houses with basic amenities.

c) DDA Housing Scheme: It aims to provide houses to low, middle, and high-income groups.

d) Tamil Nadu Housing Board Scheme: It started in 1961 to provide houses to varied income groups.

e) Mhada Lottery Scheme: It's a lottery scheme launched every year for buyers of varied income groups.

f) Rajiv Awas Yojana: Launched in 2009 with the aim of bringing illegal construction under the formal system and encouraging slum-free India.

Each of these schemes has its conditions with respect to eligibility, the amount of loan that can be borrowed, and the rate of interest.

Illustration on Tata Capital Home Loan Interest Rate
Maximum Annual Percentage Rate (APR)9.05% to 9.05%
Representative example of the total cost of the loan, including all applicable fees
Here is an illustration of the total cost of the loan:
  • Total amount borrowed: ₹ 1 Lakh
  • Time period: 5 years to 30 years
  • Tata Capital Home Loan Interest Rate: 9.05% to 9.05%
  • Processing Fee payable to Tata Capital: Upto ₹ 10,000. Current offer for processing fee is Upto 0.50%
  • Fee payable to MyLoanCare: NIL
  • Total Monthly Cost – From ₹ 808 for a 30 years ₹ 1 Lakh loan at 9.05% (lowest rate, longest time period) to ₹ 2,078 for a 5 years ₹ 1 Lakh loan at 9.05% (highest rate, shortest time period). This is inclusive of principal repayment.
  • Total cost payable over loan tenure: ₹ 34,696 for 5 years loan to ₹ 2.01 Lakh for 30 years loan

Tata Capital’s terms and conditions as per loan agreement applicable. Short term loans/ pay day loans not available; minimum loan tenure: 5 years. Rate of interest depends upon income, job stability, loan amount, CIBIL score, credit profile, existing obligations, verification and other factors. Credit at sole discretion of Tata Capital.

FAQs

What is Tata Capital Home Loan interest rate?

Tata Capital Home Loan interest rate ranges between 9.05% to 9.05%.Tata Capital cuts Home Loan rates by 9.05% from 9.05%.

Why should I opt for balance transfer to Tata Capital?

Tata Capital offers competitive Home Loan rates with the best EMI of ₹ 808 per lakh availed at a low-interest rate of 9.05% for a maximum tenure of 30 years. If you are paying an EMI more than ₹ 808 per lakh, you should consider the option for a loan transfer to Tata Capital from your existing bank. EMIs can be calculated through Tata Capital Home Loan EMI calculators.

Do I get tax benefits on a Home Loan from Tata Capital?

As per the Indian Income Tax Act of 1961, residents of India are eligible for tax benefits on the principal amount and interest components of a house finance under section 24 and section 80C of Income Tax Act.

What is the effect of part prepayments on Tata Capital housing finance EMI ?

Part prepayments help you in reducing the outstanding amount of loan, which in turn will reduce the interest amount due. After making part payments, paying the same Home Loan EMI will increase your involvement towards the principal amount, which will help you in repaying the loan faster.

How to increase my eligibility on Tata Capital housing loan?

If your spouse or family member is earning well, you can make your spouse or family member the co-applicant for your loan. The combination of both of your income will help you in increasing your eligibility to get a loan.

How will Tata Capital housing loan rate of interest change in the future?

  • Floating rate on '.Tata Capital.' housing loan is linked to its '..' '.PLR.' Rate, which is currently at '.17.45.'%. When Bank offers a Home Loan at '..'%, it applies a '.discount of 17.45.'% to its '.PLR.' Rate to arrive at this Home Loan rate.
  • When RBI increases rates, the bank may increase its '.PLR.' rate and the applicable interest rate for all existing and new Home Loans would increase. When RBI cuts interest rates and the bank reduces the '.PLR.' rate, the benefit of lower rates will have to be passed to both old borrowers and new house loan accounts.

What is the current Tata Capital Home Loan rate?

The current Tata Capital Home Loan rate starts from 9.05% with a processing fee of Upto 0.50%

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Tata Capital Home Loan News - Sep 2020
  • 2019-05-31 : Tata Capital Housing Finance looks to double Retail loan disbursements in FY20
    One of the leading NBFCs, Tata Capital Housing Finance, is planning to double its retail loan disbursements this year. During the previous year, the company has disbursed loans worth Rs. 11,101 crore. Currently, they have a loan portfolio of around Rs. 27,000 crore, of which 68% is home loans, 21% is a loan against property, and 11% is developer funding.
  • 2018-07-18 : Tata Capital appoints Anil Kaul as MD
    Tata Capital Housing Finance has appointed Anil Kaul as The Managing Director of the Company. Tata Capital mainly deals in Home Loan, Personal Loan, LAP and Commercial Finance. Mr. Kaul has over 20-year experience in the financial sector and he took over the charge from R Vaithianathan with effect from July 18, 2018.
  • 2017-11-25 : Tata Housing, MoneyControl to launch online real estate portal Moneytize India
    Tata Housing and MoneyControl are set to launch a real estate portal called Moneytize India. This platform can be used to inform and educate potential property buyers to help them make informed real estate choices.
  • 2017-11-21 : Tata Housing home loans cut to a low of under 4 pct
    Tata Housing, in association with Indiabulls Housing Finance is offering loans under 4% in a special offer. This is 350 basis points lower than the rate it offers for other projects.
  • 2017-11-11 : Tata Housing offers home loan rate of 3.99 pc to new buyers
    Realty firm Tata Housing launched its Monetize India campaign partnered with Indiabulls Housing Finance to offer home loans at 3.99 per cent interest rate to those who buy apartments in its ongoing 11 projects. This special home loan rate is valid for the first five years. The scheme is valid until December 12, 2017, offered in 11 projects by Tata Housing in 7 cities pan India.
*Terms and conditions apply. Credit at sole discretion of lender subject to credit appraisal, eligibility check, rates, charges and terms. Information displayed is indicative and from collected from public sources. Read More
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