Tata Capital loan against property helps you unlock your property’s true potential. Whether you are looking to expand your business or want funds to finance your urgent personal needs, a Tata Capital loan against property helps you do just that. With a minimum documentation process and quick approval, choose from an array of options and customize variations to create your loan against property deal that fulfills your every need perfectly!
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Attractive features, competitive rate of interest, and flexible loan term - Tata Capital loan against property collates every aspect, making borrowing easy and hassle-free. The details of Tata Capital loan against property are as under:
Additional Info: You can also Check Loan Against Property EMI Calculator
|Minimum Loan Amount||Rs. 10 lakh|
|Maximum Loan Amount||Up to Rs. 3 crore|
|Minimum Loan Tenure||1 year|
|Maximum Loan Tenure||Up to 15 years|
|Type of Property That Can be Mortgaged|
|Tata Capital Loan Against Property Interest Rate||Starting 10.10% per annum|
|Purpose of Loan||Can be used to finance any personal or business need|
|Loan Top-Up Facility||Get a pre-qualified Top-Up loan|
|Overdraft Facility||Use proceeds of Loan Against Property as overdraft and save interest.|
The main features of the loan are mentioned below:
Tata Capital offers a competitive rate of interest and it starts at 10.10% per annum. The interest fixed will depend on income, credit score, repayment tenure opted, and the relationship with the company. If one has been dealing with the company for a long time, then one can leverage the goodwill to negotiate interest rates on loan against property. Interest can either be fixed rate, which will be reset every 3 years, or floating rate, which will keep changing as and when the company changes the rates.
Tata Capital Loan Against Property is available under two categories based on their EMI repaying option. These are:
Standard EMI Plan
Set Up Flexi EMI Plan
Additional Reading: Top Credit rating agencies in India
Tata Capital has stipulated certain eligibility criteria if one has to qualify for the Loan Against Property. It is always better to check the eligibility criteria for the loan before applying for the loan to make further processing simple and easy.
The following is the eligibility criteria stipulated by Tata Capital for loans against property:
For Salaried Individuals:
For self-employed professionals
For self-employed non-professionals
Additional Info: You can also avail Loan Against Property without Income Proof and ITR
The documents to be submitted are mentioned below:
For Salaried employees
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Tata Capital Loan Against Property is to be repaid in equal monthly installments. The amount of EMI installment is calculated using the Tata Capital LAP interest rate offered, the amount of loan availed, and the term period in which it will be repaid. Tata Capital LAP interest rate starts @ 10.10% per annum and will vary depending upon the applicant’s profile. The EMI value thus calculated will be paid every month for the entire loan period through MyMoneyMantra EMI Calculator.
The effect of each parameter on the EMI value is as under:
|Loan Term||EMI per lakh @ 10.10% per annum|
|Loan Term 5 years||Rs. 2,130|
|Loan Term 10 years||Rs. 1,327|
|Loan Term 15 years||Rs. 1,081|
The following fee and charges are applicable on Tata Capital Loan Against Property:
|Charge Head||Charge Amount|
Loan up to Rs. 3 crore – Rs. 3000 + GST
A loan above Rs. 3 crore – Rs. 5000 + GST
|Processing Fee||Loan up to Rs. 30 lakhs||2% of loan amount + GST|
|Loan between Rs. 30 lakhs and Rs. 50 lakhs||1.5% of loan amount + GST|
|A loan above Rs. 50 lakhs HE|
1% of loan amount + GST
|A loan above Rs. 50 lakhs HE Plus||1.25% of loan amount + GST|
|Part Prepayment Fee|
Allowed after 9 EMI payments
A maximum of 25% of the principal outstanding can be prepaid during the loan term in a maximum of two installments.
|Foreclosure Charges||4% of principal outstanding + GST|
|Foreclosure Charges For Top-Up||4% of principal outstanding + GST|
|Foreclosure Charges in CCOD Accounts||4% of Dropdown Limit + GST|
|Foreclosure within Lock-in Period|
4% of principal outstanding + GST + Lock-in period charges
Lock-in period charges = ROI x outstanding loan amount as on date of foreclosure x remaining lock-in period)
|Penal Interest Charge||3% of the amount overdue per month + GST|
|Bounce Charge||Rs. 2000 per instance|
|Mandate Rejection Charge|
Rs. 450 + GST
The charge is levied on the EMI Due Date if the bank account does not have an Active Mandate linked to your account.
|CCOD Annual Maintenance Charge|
Rs. 10,000 + GST
Applicable if flexible funding options such as Cash Credit or Overdraft is opted.
|Statement of Account|
No charges for Soft Copy
Rs. 250 + GST for Hard Copy
|Cancellation Charge||Rs. 25000 + GST|
|Instrument Swap Charges||Rs. 550 + GST|
|Duplicate Repayment Schedule||Rs. 550 + GST|
|Duplicate NOC||Rs. 550 + GST|
|Foreclosure Letter Charge||Rs. 500 + GST per instance|
|One Time Maintenance Charge||Rs. 2000 + GST|
|Document Retrieval Charges||Rs. 5000 + GST|
|Provisional Interest Certificate Charges||Rs. 200 + GST per instance|
|Final Interest Certificate Charges||Rs. 200 + GST per instance|
|Stamp Duty||On Actual|
Also Check: Credit Policy of Banks
One can apply for Tata Capital Loan Against Property in the following ways:
Customers seeking more information on Tata Capital Loan Against Property can get in touch with Customer Care through call, email, or post. Information can also be sought from the nearest Tata Capital branch office. The Tata Capital customer care details are as follows
Toll-free Number: 1860 267 6060 (Call between 9 AM to 8 PM on Monday to Saturday)
Email: email@example.com or firstname.lastname@example.org
Registered Office Address: 11th Floor, Tower A, Peninsula Business Park, Ganpatrao Kadam Marg, Lower Parel, Mumbai - 400013.
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Up to Rs. 5 Crore loan against property can be availed by Salaried and self-employed applicants online as well as offline. The LAP can be used for applied for business expansion, long term working capital, debt consolidation, equipment purchase, medical exigency, education/ marriage of children, holiday and much more. Higher loan amounts are available for select customers.
With Loan Against Property one gets access to immediate funds by mortgaging either a residential property or commercial property. The funds can be used for any personal needs or for taking one's business to the next level.
Commercial property (shops, offices, etc.), self-occupied residential property, or alternate property like residential plots, hospitals, schools, Industry property, hotels, etc., will be considered.
Yes. The co-owners should become co-borrowers for the loan.
No. The processing fee will not be refunded as expenses are incurred when they process Loan Against Property application. Processing involves scrutiny of one's application, verification of documents, assessing the application, and calculating loan eligibility.
The loan quantum starts from Rs. 10 Lakhs and can go up to Rs. 3 Crores, depending on one's income, repayment capacity, credit score, and value of the property.
The maximum tenure allowed to repay the loan is 180 months.
No, there is no end-use clause for Tata Capital Loan Against Property. The proceeds of the loan can be used for any purpose like personal needs, business needs, repair, and renovation of a property, acquiring a new asset, investment, paying off existing debt, mortgage buyout, refinance of the self-financed property, etc.
Yes, Tata Capital allows prepayment of Loan Against Property. However, there are certain restrictions on prepayment. Tata Capital Loan Against Property prepayment is allowed after 9 EMI installments are paid. Furthermore, a maximum of 25% of the principal outstanding can be prepaid during the entire loan term in not more than two installments.
Tata Capital Loan Against Property offers two EMI payment options. These are:
Standard EMI Plan
Set Up Flexi EMI Plan
Tata Capital Loan Against Property allows applying for a loan through 4 channels.