TATA CAPITAL HOUSING FINANCE

1.What is Home Loan?

A home loan is money one can borrow from a bank or a lender to buy a house or an apartment. Instead of paying for the whole property upfront, you can pay back the loan in smaller amounts over time.

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2. What are the different types of housing loans?

We provide different types of housing loans for different needs like – Home extension loan, loan for self-construction, affordable housing loan, top-up etc.

 

 

3. Who can be a co-applicant for Home Loan?

A co-applicant in a home loan can typically be a spouse, parent, sibling, or child, sharing the loan's responsibility and benefits.

 

 

4. What is the maximum limit for a home loan I can apply for?

At Tata Capital, you can avail home loans ranging from ₹ 5 lakhs upto ₹ 5 crores. To get a more personalised estimate of the amount you can borrow based on your unique financial profile.

 

 

5. Can I avail of two house loans at the same time?

Yes, it is possible to avail of two home loans at the same time, but there are certain conditions and eligibility criteria that you should be aware of. Availing of multiple home loans simultaneously typically involves meeting specific financial and creditworthiness requirements. Here are some key points to consider:

 

Financial Eligibility: Lenders will assess your financial situation to determine if you can afford two home loans simultaneously. This includes factors such as your income, credit score and existing debts.

Loan-to-Value Ratio: Lenders often have limits on the maximum loan amount they will offer based on the property's value. You may need to make a substantial down payment if you plan to avail of two home loans simultaneously.

Stable Income: Lenders will want to see a stable and sufficient income to cover the monthly EMIs for both home loans.

Creditworthiness: Your credit score and credit history play a crucial role in getting approval for multiple home loans.

Legal Restrictions: There may be legal restrictions or regulations regarding availing of multiple home loans. It's essential to check the local laws and regulations in your area.

Repayment Capacity: Assess whether you can comfortably manage the EMIs for both home loans along with your other financial commitments.

 

 

6. What is the maximum duration allowed for repaying a home loan?

Regarding the maximum duration allowed for repaying a home loan, it can vary depending on the lender and the loan agreement terms. Home loans often have a maximum tenure of 30 years, but this can vary. Some lenders may offer shorter or longer loan tenures based on their policies and the borrower's eligibility.

 

 

7.When do house loan EMIs start?

Home loan EMIs typically start from the month following the full loan disbursement.

 

 

8. Can I get a house loan if my salary is 15000?

Eligibility depends on various factors, including the lender's criteria. Some lenders may approve loans for individuals with a salary of ₹15,000, but the loan amount might be limited.

 

 

9. What is the EMI for a 20 lakh home loan?

The EMI depends on the interest rate and loan tenure. For example, at an 7.75% interest rate over 20 years, use an EMI calculator for precise figures.

 

 

10. Can I get a 100% house loan?

Most lenders do not offer 100% financing. Generally, you need to make a down payment of 10-20% of the property value.

 

 

11. What are the tax benefits on home loan?

Section 24 of the Income Tax Act allows a person to claim a tax deduction for the interest on a home loan up to a maximum of Rs. 2,00,000. You can claim this deduction if you finish building the house within five years; else, you can only claim Rs. 30,000.

 

 

12. What is the house loan processing fee?

Tata Capital home loan processing fee is 0.5%.

 

 

13. Which factors affect your home loan eligibility?

Factors include your income, credit score, employment stability, age, existing liabilities, and the property's value.

 

 

14. Is house loan insurance mandatory?

Home loan insurance is not mandatory but is recommended for financial security.

 

 

15. How to track home loan application status?

You can track the status using your application reference number through the lender's online portal, customer service, or mobile app.

 

 

16. How does adding a co-applicant benefit?

Adding a co-applicant boosts housing loan eligibility by combining incomes, easing repayment as responsibilities are shared, and may secure benefits like lower interest rates and higher tax deductions.

 

 

17. Do I need a guarantor for a house loan?

No, a guarantor is not required to apply for a home loan. As long as you meet the eligibility criteria, you can apply on your own. However, if you want to share the financial responsibility, you can opt for a joint home loan with a co-applicant. This can be your parent, spouse, sibling, or child.

 

 

18. How long does it take to get a home loan sanctioned?

Once you submit all the necessary documents with your application, we review your personal and property details. If everything checks out, including the property’s evaluation, approval is granted on the spot. After approval, the loan is typically disbursed within 3 to 5 business days.

 

 

19. Can a house loan be taken jointly in India?

You can take a joint home loan in India with co-borrowers like your spouse, parent, sibling, or child. A joint loan considers the combined income of all applicants, making you eligible for a higher loan amount. Required documents include identity proof, address proof, income proof, proof of co-ownership, and property documents.

 

 

20. Can I switch to a floating rate from a fixed rate during my loan tenure?

It's possible to switch between fixed and floating interest rates at any time during the loan tenure by paying a small fee. However, switching frequently may not be allowed. Since your interest rate choice affects your EMIs, it’s important to carefully evaluate your financial needs before making the switch.

 

 

21. Is opting for housing finance worth it?

Securing a home loan can be beneficial if you’re planning to purchase a home. It allows you to break down a large financial commitment into manageable monthly payments, reducing the immediate burden on your savings. Plus, with flexible repayment options and potential tax benefits, housing finance can help you achieve homeownership more easily.

 

 

22. How does a home loan work?

A home loan is a sum borrowed from a lender to buy or construct a house. The borrower repays it in monthly instalments (EMIs) over a fixed period. The lender charges interest on the loan amount, and the property remains as collateral until the loan is fully repaid.

 

 

23. What CIBIL score is good for a home loan?

A good CIBIL score improves your chances of getting a home loan. A high credit score can help you secure a loan at a better interest rate. Maintaining a strong repayment record can further improve eligibility.

 

 

24. What are the different types of home loans available in India?

At Tata Capital, we offer home loans tailored to different needs, including options for government employees, women, and self-employed individuals. These loans come with competitive interest rates and high loan amounts, making home ownership more accessible.

 

 

25. What are the dos and don’ts while applying for a home loan?

Some of the dos while applying for a home loan include checking the lender’s eligibility criteria, keeping all required documents ready, and reading the loan agreement carefully to understand the terms. Some don’ts, on the other hand, include applying to multiple lenders at the same time, taking on an EMI beyond your financial capacity, and missing payments.

 

 

26. What TAX proofs Are Required For Home Loan?

To apply for home loan, you need to submit income tax returns, salary slips, and bank statements. These documents help assess your repayment capacity and support your eligibility for tax benefits.

 

 

27. How To Improve Credit Score To Avail Home Loan Faster?

To improve your credit score, pay EMIs on time, avoid multiple loan inquiries, and reduce credit card balances. A high credit score increases your chances of faster home loan approval and may help you get better interest rates and a smoother approval process.

 

 

28.What is the difference between banks and housing finance?

Banks offer multiple financial services, while housing finance companies specialise in loans for homebuyers. Both are regulated but may differ in eligibility norms, turnaround times, and customer experience. Tata Capital is a home loan lender offering tailored solutions with quick processing and flexible repayment options.

 

 

29. What do you mean by housing finance?

Housing finance refers to the financial services used to buy, build, or renovate a houses and residential properties. It includes home loans offered by banks and housing finance companies. Tata Capital provides customised housing loan solutions with attractive interest rates, long tenures, and minimal paperwork.

 

 

30. How long does it take to get a home loan from Tata Capital?

Once all documents are submitted, home loan approval from Tata Capital is typically granted on the spot. The loan is then disbursed within 3 to 5 business days, subject to successful verification of personal, income, and property-related details.

 

 

31. How fast can a home loan be approved?

Tata Capital offers instant home loan online approvals with minimal documentation. If your details and documents are in order, your housing loan can be approved within 48 hours, making it one of the quickest ways to secure funding for your property.

 

 

32. Can we get 90% home loan?

While Tata Capital offers home loan finance up to ₹7.5 crores, the exact loan-to-value ratio depends on eligibility. Most loans cover 75-90% of the property cost. A strong financial profile improves your chances of securing up to 90% funding.

 

 

33. What is 0% Home Loan? Can I get a 0% home loan?

There is currently no 0% home loan offer from Tata Capital or other regulated lenders. All home loans in India come with an interest component. However, you can still benefit from competitive rates, minimal fees, and flexible terms with Tata Capital.