Tata Capital Home Loan Interest Rates
Avail a home loan up to Rs. 5 crores for up to 30 years term with affordable TATA Capital Home Loans interest rates starting at 8.75% p.a. With a minimum EMI per lakh of Rs.787, your dream to own your house now becomes achievable. Minimum income requirement of Rs. 30,000 and a credit score of 750 maximizes customer ease.
Tata Capital Home Loan Rates Details
Highlights of Tata Capital Home Loanare as below:
| Loan Amount | Up to 80% of the Property Cost |
|---|---|
| Rate of interest | 8.75% onwards |
| Tenure | Up to 30 years |
| Lowest EMI possible | Rs. 787 Per Lakh |
| Processing fee | 2% of loan amount+ GST |
Tata Capital Home Loan Features
Following are the Features of Tata Capital Home Loan:
- Loan amount: Up to 80% of the property; Rs 5 Lakhs to Rs 5 Crores
- Tata Capital Home Loan interest rates start at 8.75% p.a. onwards
- Repayment tenure: Maximum up to 30 years
- Tata Capital Home Loan Processing Fees is nominal, i.e. 2% of loan amount+ GST.
- Lowest EMI possible: Rs. 787 Per Lakh
Tata Capital Home Loan Interest Rates 2024
Home Loan:
| Customer Profile | Loan Slab ROI* (%) | ROI* (%) |
|---|---|---|
| Salaried | Any Amount | 8.75% onwards |
| Self Employed | Any Amount | 8.75% onwards |
Home Equity:
| Customer Profile | Loan Slab ROI* (%) | ROI* (%) |
|---|---|---|
| Salaried / Self Employed | Any Amount | 10.10% onwards |
Key Things to Know about Tata Capital Home Loan Interest Rates
The Home Loans at Tata Capital are available at very attractive interest rates, starting at 8.75% onwards. They offer concessional interest rates on Home Loans to women borrowers. Additionally, people belonging to low income groups get subsidised Home Loans under PMAY subsidy.
Tata Capital gives you the flexibility to opt for Fixed Interest Rate Home Loan/ Home Equity Loan for the initial three years. The rates will automatically get converted into Floating Interest Rates after three years term.
How to Calculate Tata Capital Home Loan Rate?
You can calculate Tata Capital Home Loan Interest Burden by using a manual formula or by using an online Home Loan EMI Calculator.
Formula is:
Interest Amount = Principal Loan Amount x Interest Rate x Time
Using a calculator is faster and handy.
In order to use the calculator, fill the loan details like amount, interest rate and tenure.
Press the submit button.
Instantly you will get the results, highlighting loan EMI, total repayment and total interest amount.
If you use the MyMoneyMantra Home Loan EMI calculator, you will also get amortization schedule of the loan alongside graphical representation of the loan principal and interest.
Comparison Table with Other Banks Interest Rates - 2024
| Lender | Interest Rate | Processing Fee |
|---|---|---|
| Tata Capital Home Loan | 8.75% onwards | 2% of loan amount+ GST. |
| ICICI Bank Home Loan | 8.75% | 0.50% - 2% or Rs. 1,500 (Rs. 2,000 for Mumbai, Delhi & Bangalore), whichever is higher + GST |
| SBI Home Loan | 8.50% - 10.05% | Up to 0.35% + applicable GST |
| Axis Bank Home Loan | {{AXIS_HL_INTEREST_RATE}} | Up to 0.50 - 1.00%, minimum Rs.10,000 |
| HDFC Home Loan | 8.75% | Up to 0.50% of the loan amount or Rs. 4,500 (whichever is higher) + applicable taxes |
Factors Affecting Tata Capital Home Loan Interest Rates
Some common factors that may impact the Home Loan interest rate at Tata Capital include:
- Loan amount: The Home Loan amount has a considerable effect on the interest rate. The interest rate can be low for higher Home Loan amount.
- The income of the borrower: The income of the borrower plays an important role in determining their repayment capacity. Good interest rate is offered to high-income individuals. You can add the income of your spouse or any other eligible co-borrower to improve your eligibility and reduce the rate.
- Type of loan opted for: Different interest rates are offered on different types of Home Loan schemes. The interest rate also depends on the floating or fixed interest rate scheme. It is important to thoroughly study all the Home Loan offers and schemes before finalising the type of Home Loan.
- Existing relationship: Tata Capital offers attractive interest rates to its existing customers based on their relationship with the lender.
- Credit score: The interest rate may be higher for applicants having low CIBIL score and vice versa.
Tata Capital Home Loan Fees and Charges
Apart from interest rates, there are some other charges that are levied by Tata Capital on the Home Loan, such as
- Processing fee: Tata Capital charges a processing fee of 2% of loan amount+ GST. on the Home Loan amount plus applicable taxes. This fee is non refundable.
- Foreclosure charges: No charges are applied on foreclosure of Home Loan if you pay off with your own funds. If you use someone else's money for foreclosure, then a foreclosure charge of 2% will apply.
- Charges for the delay in EMI payment: The borrower has to bear charges of an additional 2% per month on the prevailing rate for late payment.
- Legal charges: On actual
- Collection agency charges: On actual
Tata Capital Home Loan Interest Rates FAQs
As per Indian Income Tax Act of 1961, under section 24 and section 80C of Income Tax Act, the citizens of India can avail tax benefits on the repayment of interest and principal for up to 2 Lakhs and Up to 1.5 Lakhs respectively.
Yes, Tata Capital gives you the facility to transfer your existing loan with a very simple and hassle-free process. Transferring the Home Loan from another bank to Tata Capital can help you save interest and reduce EMI.
Yes. Tata Capital offers a top-up loan on your existing Home Loan on meeting the specified eligibility criteria and terms and conditions.
You can get access to your Home Loan statement of accounts & the Provisional interest certificate through Tata Capital's customer portal. You will get your customer login details in the welcome letter.
The borrower will get income tax benefits as well as insurance benefits on availing Home Loan from Tata Capital housing finance ltd.
Yes. Tata Capital offers one of its kind Cover for life. In case of any eventuality, the insurer will pay off the loan outstanding/ the amount insured in Tata Capitals. On clearance of the principal outstanding amount, borrower's nominee will receive the original property document.