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Tata Capital Home Loan Interest Rates - Updated in November 2024
Updated : November 3, 2024
Author :
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Tata Capital offers enticing home loan interest rates starting at 9.20% p.a. for customers looking to purchase their dream homes. These rates are competitive and offer tempting financing options for durations of up to 30 years.
If certain conditions are met, the loan amount can cover up to 90% of the value of the property. Tata Capital housing loan interest rates for female candidates start at 9.20% p.a., which is far more enticing. It's critical to remember that Tata Capital assesses loan applicants' creditworthiness and requires a credit score of 700 or above to issue loans.
Tata Capital Home Loan Interest Rates of Different Schemes in 2024
Here are the interest rate ranges for different home loan schemes offered by Tata Capital:
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| Scheme | Interest Rate Range |
| Home Loan | 9.20% - 9.80% |
| Home Extension Loan | 9.20% - 9.90% |
| Home Improvement Loan | 9.20% - 9.90% |
| Home Construction Loan | 9.40% - 10.00% |
| Flexi Home Loan | 10.00% - 11.50% |
Tata Capital Offers Various Types of Home Loans - A Detailed Overview
Tata Capital provides a wide variety of home loan types to fit different needs:
Tata Capital Home Loan
The Tata Capital Home Loan is a home loan that is available to both salaried and self-employed individuals who are looking to purchase their very own housing property.
- Applicant Type: Individuals, including salaried and self-employed.
- Eligibility:
- Age: 24 - 60 years
- Cibil Score: Minimum credit score must be 700.
- Employment Type: Salaried or self-employed.
- Loan Tenure: Up to 30 years.
- Loan Amount: 1 Lakh - 5 Crores
- Interest Rate: 9.20% - 9.80%
- Processing Fees: 1% of the loan amount
Home Extension Loan
Tata Capital Home Extension Loan is a home loan product provided by Tata Capital that caters to both salaried and self-employed individuals who are looking forward to extending their residential property.
- Applicant Type: Individuals, including salaried and self-employed.
- Eligibility:
- Age: 24 - 65 years
- Cibil Score: Minimum credit score must be 700.
- Employment Type: Salaried or self-employed.
- Loan Tenure: Up to 20 years.
- Loan Amount: 1 Lakh - 5 Crores
- Interest Rate: 9.20% - 9.90%
- Processing Fees: 1% of the loan amount
Home Improvement Loan
Tata Capital Home Improvement Loan is a home loan product provided by Tata Capital that caters to both salaried and self-employed individuals who are looking forward to improving their residential property.
- Applicant Type: Individuals, including salaried and self-employed.
- Eligibility:
- Age: 24 - 65 years
- Cibil Score: Minimum credit score must be 700.
- Employment Type: Salaried or self-employed.
- Loan Tenure: Up to 7 years.
- Loan Amount: 1 Lakh - 25 Lakhs
- Interest Rate: 9.20% - 9.90%
- Processing Fees: 1% of the loan amount
Home Construction Loan
The Home Construction Loan is a very alluring plan for both salaried and self-employed individuals who are looking to build their very own homes on their property.
- Applicant Type: Individuals, including salaried and self-employed.
- Eligibility:
- Age: 24 - 65 years
- Cibil Score: Minimum credit score must be 700.
- Employment Type: Salaried or self-employed.
- Loan Tenure: Up to 15 years.
- Loan Amount: 1 Lakh - 5 Crores
- Interest Rate: 8.70% - 9.55%
- Processing Fees: 1% of the loan amount
Tata Capital Flexi Home Loan
Tata Capital Flexi Home Loan is a home loan that is available to both salaried and self-employed individuals who are looking to purchase their very own housing property. This home loan plan with flexible repayment options for you to be one step closer to purchasing your residential property.
- Applicant Type: Women, including salaried and self-employed.
- Eligibility:
- Age: 24 - 70 years
- Cibil Score: Minimum credit score must be 700.
- Employment Type: Salaried or self-employed.
- Loan Tenure: Up to 30 years.
- Loan Amount: 5 Lakhs - 5 Crores
- Interest Rate: 10.00% - 11.50%
- Processing Fees: 1% of the loan amount
Tata Capital Home Loan Interest Rates for Women
To make home loans more affordable for women who apply, Tata Capital offers reduced interest rates and reductions in processing expenses.
| CIBIL Score | Interest Rate |
| 750 and above | 9.20% p.a. |
| 700 - 749 | 9.40% p.a. |
| 650 - 699 | 9.60% p.a. |
| 600 - 649 | 9.80% p.a. |
| 550-599 | 10.00% p.a. |
Please take note that the interest rates stated are merely examples and could vary. However, female candidates are still able to make use of these advantages to get a mortgage with a favourable interest rate.
Tata Capital Home Loan Interest Rates for Self-Employed
Tata Capital offers home loans to self-employed individuals. The interest rates for self-employed individuals are slightly higher than the interest rates for salaried individuals.
| CIBIL Score | Interest Rate Range |
| 750 and above | 9.40% |
| 700 - 749 | 9.60% |
| 650 - 699 | 9.80% |
| 600 - 649 | 10.00% |
| 550 - 599 | 10.20% |
Tata Capital Home Loan Interest Rates for Salaried
Salaried individuals are welcome to take advantage of Tata Capital's alluring interest rates, which are depending on their credit scores.
| CIBIL Score | Interest Rate Range |
| 750 and above | 9.20% |
| 700 - 749 | 9.40% |
| 650 - 699 | 9.60% |
| 600 - 649 | 9.80% |
| 550 - 599 | 10.00% |
Tata Capital Home Loan Interest Rates for NRI
Tata Capital provides competitive interest rates for home loans catering to NRIs.
| Eligibility | Non-Resident Indians (NRIs) and Persons of Indian origin (PIO) |
| Loan Tenure | up to 30 years |
| Loan Amount | 5 Crores |
| Interest Rate Range | 9.00% - 9.70% |
| Processing Fees | 1% of the loan amount. |
Unique Benefits and Features of Tata Capital Home Loan
- Attractive interest rates: Tata Capital Home Loan offers attractive interest rates based on the MCLR, which are reevaluated and subject to change regularly. You can reduce your monthly EMI costs by doing this.
- Long repayment term: The Tata Capital Home Loans’ prolonged repayment term lowers monthly EMIs because EMI amounts decrease with longer repayment terms. It's crucial to keep in mind, though, that larger overall interest payments result from a longer tenure.
- Relaxed documentation: Documentation requirements are more simplified for Tata Capital Home Loans, which further simplifies the application procedure. While collateral or third-party guarantees are not required, basic documents like a PAN card, passport, and pay stubs are.
- Benefits for Female Applicants: Tata Capital offers special benefits to female candidates, such as waived processing fees and lower interest rates. These incentives are created to help women achieve their dream of home ownership by making it more cheap and accessible.
- Curated Loan Options for Self-Employed Applicants: Tata Capital offers home loan options that are specific and catered to their demands because it knows the particular financial needs of the self-employed. These customised loan options ensure that self-employed people have access to the appropriate types of financing by taking into account their unique needs and preferences.
How to Apply for a Home Loan at Tata Capital?
You can apply to Tata Capital through their simple application process online through their website or in person at a nearby location. You can submit your application, supply the required paperwork, and wait for Tata Capital's approval by following a few crucial procedures. Your dream of owning a home will become a reality once your application is accepted, and you can then move through with the loan agreement process and get the sanctioned loan amount.
- Visit Tata Capital Home Loans Website or Branch:
Log on to the Tata Capital home loans website or visit a nearby Tata Capital branch.
- Fill Out Application Form:
Complete the online application form by providing your personal information, financial details, and relevant information about the property you intend to purchase or use as collateral.
- Submit Required Documents:
Gather and submit the necessary paperwork, including identification, residence, and income verification documents, to proceed with your loan application. To speed up the loan processing and verification processes, ensure that all required documents are submitted precisely and on time.
- Await Approval and Verification:
After you submit your application, Tata Capital will thoroughly review it. Based on the data you have supplied, they will confirm your eligibility and carry out the necessary verification procedures. To guarantee accuracy and compliance with their lending requirements, this evaluation process is essential.
- Complete Loan Agreement Process:
Once your application is accepted, you must complete the loan arrangement by signing the necessary paperwork and paying any due costs. This step is necessary to finish the loan application process and move on with the money disbursement.
- Receive Sanctioned Loan Amount:
Upon the successful completion of the loan agreement process, you will be receiving the approved loan amount as per the terms and conditions.
- Disbursement of Funds:
The loan funds will be disbursed per the mutually agreed-upon terms and conditions.
Tata Capital Home Loan Eligibility
To be eligible for a Tata Capital Home Loan, applicants must meet certain criteria:
- Income Criteria: Applicants must establish their ability to repay the loan with a steady and predictable income to be approved for one. For various loan amounts and localities, Tata Capital establishes certain income criteria, often beginning at a minimum of Rs. 20,000.
- Credit Score: The borrower's credit score is important since it indicates how creditworthy they are. When determining a candidate's eligibility for a house loan, Tata Capital considers their credit score.
- Age Criteria: For those requesting house loans, Tata Capital sets both a minimum and a maximum age restriction. In general, the minimum age requirement is 18, while the maximum age limit varies depending on the loan tenure selected.
- Employment Type: By taking into account the applicant's employment status—salaried or self-employed—Tata Capital assesses their stability and repayment capabilities. This evaluation aids Tata Capital in determining the applicant's financial stability and capacity to make loan repayments.
- Loan Amount Eligibility: A borrower's eligibility for a specific loan amount depends on a variety of factors, including the applicant's ability to repay the loan and the value of the item being financed. These factors are taken into consideration while determining the maximum loan amount that the applicant is qualified for.
Documents Required for Tata Capital Home Loan
Applicants need to submit the following documents when applying for a Tata Capital Home Loan:
- Proof-of-Identity: Valid documents like an Aadhaar card, PAN card, passport, or voter ID are necessary to establish the applicant's identity.
- Proof-of-Address: Documents like an Aadhaar card, utility bills, or rental agreement are needed to verify the applicant's residential address.
- Proof-of-Age: Documents like a birth certificate, school leaving certificate, or any other valid document that confirms the applicant's age are required.
- Income-Proof: Tata Capital mandates income proof to evaluate the applicant's repayment capacity. This may include salary slips, income tax returns, bank statements, or other relevant documents.
- Property-related Documents: Documents about the property being financed, such as the agreement, title deed, NOC from the builder, and property valuation reports, are necessary for verification purposes.
Tata Capital Home Loan EMI Calculator - How to Calculate Tata Capital Home Loan EMI?
To calculate your Tata Capital home loan EMI, use the following formula:
EMI = [P x R x (1+R)^N] / [(1+R)^N-1]
Where:
- P = Loan amount
- R = Interest rate per month
- N = Loan tenure in months
Tata Capital Home Loan Interest Rates for the Last 10 Years
| Year | Interest Rate Range |
| 2013 | 10.25% - 12.5% |
| 2014 | 10.00% - 12.25% |
| 2015 | 9.75% - 12.00% |
| 2016 | 9.50% - 11.75% |
| 2017 | 9.25% - 11.50% |
| 2018 | 9.00% - 11.25% |
| 2019 | 8.75% - 11.00% |
| 2020 | 8.50% - 10.75% |
| 2021 | 8.25% - 10.50% |
| 2022 | 9% - 10% |
Tata Capital Home Loan Interest Rate Compared to Other Banks | 2024
| Bank/ NBFC Name | Interest Rate |
| Axis Bank | 8.85% - 14.00% |
| Aditya Birla Capital Home Loan | 9% - 12.50% |
| Bandhan Bank | 8.65% - 13.65% |
| Bank of Baroda | 8.50% - 10.60% |
| Bank of India | 7.80% - 9.65% |
| Bank of Maharashtra | 8.40% - 10.80% |
| Canara Bank | 8.85%- 11.25% |
| Central Bank of India | 8.45% - 9.20% |
| Citibank | 8.45% |
| Corporation Bank | 8.60% - 11.20% |
| Dena Bank | 8.40% |
| Federal Bank | 10.15% - 10.30% |
| Fullerton Bank | 9.50% |
| HDFC Bank | 8.95% - 9.85% |
| HSBC | 8.60% |
| ICICI Bank | 9.00% - 10.05% |
| IDBI Bank | 8.75% - 11.45% |
| IDFC First Bank | 8.85% |
| Indian Overseas Bank Home Loan | 9.55% |
| Indiabulls Housing Finance | 8.75% |
| Jammu and Kashmir Bank | 8% |
| Karnataka Bank | 9.08% - 10.38% |
| Karur Vysya Bank | 9.23% - 12.13% |
| Kotak Mahindra Bank | 8.85% - 9.40% |
| LIC HFL | 8.70% |
| PNB HFL | 8.50% - 10.85% |
| Reliance Home Finance | 9.35% - 13% |
| State Bank of India | 8.25% - 9.65% |
| Sundaram Home Finance Ltd Home Loan | 6.95% - 8.30% |
| Tata Capital | 8.95% |
| Union Bank of India | 8.75% |
| YES Bank | 9.15% - 11.25% |
Factors that Affect Tata Capital Home-Loan Interest Rate
- CIBIL score: Your CIBIL score is a measure of your creditworthiness. A higher CIBIL score indicates that you are a good borrower and are less likely to default on your loan. As a result, you will be offered a lower interest rate.
- Loan amount: The loan amount is the total amount of money that you are borrowing. The larger the loan amount, the higher the interest rate will be.
- Loan tenure: The loan tenure is the period over which you will repay the loan. The longer the loan tenure, the higher the interest rate will be.
- Property type: The type of property that you are buying can also affect the interest rate. For example, a loan for a residential property will have a lower interest rate than a loan for a commercial property.
- Lender's risk appetite: If the lender perceives the loan as being riskier, they will charge a higher interest rate.
- Market conditions: The current market conditions can also affect the interest rate on a Tata Capital home loan.
Tips for Lower-Interest Tata Capital Home Loans
- A good credit score: Ensure timely payment of bills and keep your credit utilisation ratio low to maintain a favourable credit score.
- Opt for shorter tenures: Selecting a shorter loan tenure can potentially lead to lower interest rates.
- Compare schemes and interest rates: Conduct thorough research and compare the various home loan schemes and interest rates offered by Tata Capital to identify the most suitable option for you.
- Making a higher down payment: Making a higher down payment reduces the loan amount, resulting in a lower interest burden.
- Accurate documentation: Ensure that all required documents are precise and complete to avoid delays and increase the likelihood of securing a lower interest rate.
- Build a relationship with the bank: Establishing a positive relationship with the bank, such as maintaining accounts or investments, may aid in negotiating better interest rates.
Tata Capital offers house loans with competitive interest rates starting at 9.20% p.a. They provide interesting programmes for women, self-employed individuals, salaried employees, and NRIs to cater to a variety of customer needs.
Whether you're wanting to refinance an existing loan or buy a new house, Tata Capital offers flexible solutions. To benefit from the present low-interest rates on Tata Capital home loans, apply as soon as feasible. For additional information, go to NoBroker Home Loan Services.
Disclaimer
This article is solely for educational purposes. NoBroker doesn't take any responsibility for the information or claims made in the blog.
Frequently Asked Questions
The current Tata Capital home loan interest rate for 2024 starts from 9.20% p.a. and may vary based on the scheme and the applicant's profile.
Tata Capital offers both fixed and floating interest rate options for home loans, allowing borrowers to choose the option that suits their needs.
Yes, at enticing interest rates, Tata Capital does provide home loans to government personnel. They offer specific schemes that are created to meet the unique needs of government employees, hence facilitating and lowering the cost of housing.
Yes, Tata Capital provides a top-up loan facility to existing home loan borrowers who have a good repayment track record. This enables borrowers to access additional funds for various purposes, such as renovation or meeting other financial needs.
Borrowers can transfer their existing house loan from another bank to Tata Capital at enticing interest rates using the company's home loan balance transfer option. Benefits include the possibility for interest cost reductions, enhanced customer service, and extra Tata Capital products and benefits.
Yes, Tata Capital allows borrowers to prepay their home loans partially or in full before the completion of the loan tenure. However, prepayment charges may be applicable based on the loan agreement terms.
The processing fee for Tata Capital home loans varies depending on the loan amount and scheme. It is generally 0.5% of the loan amount and covers the administrative costs associated with loan processing.
The complexity of the case, the veracity of the supporting documentation, and the property verification will all affect how long it takes to process a Tata Capital home loan application. Applications for house loans are processed and approved by Tata Capital in an average of 10 to 15 working days, provided that all requirements are met.
Yes, Tata Capital provides home loan options specifically designed for NRIs, allowing them to fulfil their dream of owning a home in India.
Yes, Tata Capital provides an interest rate certificate to its home loan borrowers. This certificate can be useful for income tax purposes, as it helps in calculating the interest component eligible for tax benefits.
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