Tata Capital Loan Against Property

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!

Additional Reading: How to check free cibil score?

Tata Capital Loan Against Property Details

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:

Minimum Loan AmountRs. 10 lakh
Maximum Loan AmountUp to Rs. 3 crore
Minimum Loan Tenure1 year
Maximum Loan TenureUp to 15 years
Type of Property That Can be Mortgaged
  • Residential Property
  • Commercial Property
Tata Capital Loan  Against Property Interest RateStarting 10.10% per annum
Purpose of LoanCan be used to finance any personal or business need
Loan Top-Up FacilityGet a pre-qualified Top-Up loan
Overdraft FacilityUse proceeds of Loan  Against Property as overdraft and save interest.

Features of Tata Capital Loan Against Property

The main features of the loan are mentioned below:

  • Purpose of the loan: The loan can be used for any purpose. It can be used as working capital for business, for the renovation of the property, for other investments, for the acquisition of assets, for consolidation of debt, or refinancing of a self-financed property.
  • Who can apply: Salaried individuals, non-individuals, self-employed professionals, and self-employed professionals, with a regular source of income, can apply.
  • Repayment tenure: Repayment tenure is between 12 months to 180 months. The tenure can be fixed as per one's convenience and affordability to pay EMI. If one can pay a higher EMI, then opting for a lower tenure will reduce the cost of the loan.
  • Quantum of loan: Quantum of loan is between Rs. 10 Lakhs to Rs. 3 Crores. Quantum depends on the income, repayment capacity, credit score, and value of the property. There is a certain Loan to Value (LTV) ratio fixed and the loan will be according to the ratio. Even if the property value is high, the actual loan amount majorly depends on income, repayment capacity, and credit score. The loan quantum will be as per LTV ratio or the amount eligible as per income, repayment capacity, whichever is lower.

Interest Rates for Tata Capital Loan Against Property

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.

Types of Tata Capital Loan Against Property

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

Standard EMI Plan

  • Specially designed for borrowers who have a consistent income.
  • EMI value remains the same for the entire loan duration.
  • Standard EMI Plan allows repayment of principal amount and interest consistently over the selected loan term.

Set Up Flexi EMI Plan

  • Specially designed for borrowers who expect periodic income increases.
  • EMI amount paid is flexible and thus takes into account the additional inflow of funds.
  • Set Up Flexi EMI Plan starts with repayment of lower EMI and increases gradually with an increase in income.

Additional Reading: Top Credit rating agencies in India

Eligibility for Tata Capital Loan Against Property

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:

  • Should be employed in State/Central Government departments, MNCs, Private or Public Limited Companies.
  • Should be confirmed in service and should have a minimum work experience of 3 years in the present job.
  • Should have a minimum income of Rs. 2,40,000 p.a.
  • Should be in the age group of 25 years to 60 years

For self-employed professionals

  • Professionals like doctors, architects, and chartered accountants who have been in the profession at least for 3 consecutive years, can apply.
  • The minimum income should be Rs. 2,50,000 p.a.
  • They should be in the age group of 25 years to 60 years

For self-employed non-professionals

  • Non-professional in the segment of traders, retailers, and wholesalers, who have been in the business for at least 3 consecutive years.
  • They should have a minimum income of Rs. 2,50,000 p.a.
  • They should be in the age group of 25 years to 60 years

For Non-individuals

  • Non-individuals under the segment of Firm, Private, or Public Limited Companies should have been in the business for at least 3 consecutive years.
  • They should have a minimum income of Rs. 3,00,000 p.a.
  • Firm or Company should have made cash profit at least for the past 2 years

Documents Required for Tata Capital Loan Against Property

The documents to be submitted are mentioned below:

For Salaried employees

  • Duly filled application form for Loan Against Property and two passport size Photographs
  • Photo ID proof, such as the applicant's Passport/ PAN Card/ Voter ID/ Driving License
  • Proof of Address, such as Registered Rent Agreement/ Leave and License/ Utility Bill of at least three months/ Passport.
  • Proof of income, such as last 6 months' salary slip, Form 16 of 2 years, bank statement of at least last 6 months that reflects salary being credited or EMI being debited.
  • The title deed of the property, like past title chain. E.g. - conveyance deed, allotment letter, sales deed, latest property tax receipt, possession letter, copy of the approved plan of construction or extension.

For Self-Employed

  • Duly filled application form for Loan Against Property along with 2 passport size photographs of the applicant.
  • Proof of residential address, such as Registered Rent Agreement/ Leave and License/ Utility Bill of at least 3 months/ Passport.
  • Proof of identity, such as the applicant's Passport/ PAN Card/ Voter ID/ Driving License
  • Proof of Business, like GST registration/ company's incorporation details, address proof of the business accounts, and balance sheets showing profit and loss statements, which have been certified by a CA, the proof of the business's existence a copy of the partnership deed, and business profile
  • The title deed of the property, like past title chain. E.g. - conveyance deed, allotment letter, sales deed, latest property tax receipt, possession letter, copy of the approved plan of construction or extension.

Additional Reading: How to read cibil report?

Tata Capital LAP Interest Rate and EMI Calculator

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 Amount: As the amount of loan availed increases, the value of EMI will increase.
  • Rate of Interest: A higher rate of interest will increase the value of EMI.
  • Loan Term: The longer the loan term, the lower will be the EMI value. But it is important to understand that a longer loan term will increase the overall interest component and make the loan expensive. It is therefore important to select the loan term wisely.
Loan TermEMI per lakh @ 10.10% per annum
Loan Term 5 yearsRs. 2,130
Loan Term 10 yearsRs. 1,327
Loan Term 15 yearsRs. 1,081

Processing Fee and Other Charges for Tata Capital Loan Against Property

The following fee and charges are applicable on Tata Capital Loan Against Property:

Charge HeadCharge Amount
Application Fee

Loan up to Rs. 3 crore – Rs. 3000 + GST

A loan above Rs. 3 crore – Rs. 5000 + GST

Processing FeeLoan up to Rs. 30 lakhs2% of loan amount + GST
Loan between Rs. 30 lakhs and Rs. 50 lakhs1.5% of loan amount + GST
A loan above Rs. 50 lakhs HE

1% of loan amount + GST


 

A loan above Rs. 50 lakhs HE Plus1.25% 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 Charges4% of principal outstanding + GST
Foreclosure Charges For Top-Up4% of principal outstanding + GST
Foreclosure Charges in CCOD Accounts4% 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 Charge3% of the amount overdue per month + GST
Bounce ChargeRs. 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 ChargeRs. 25000 + GST
Instrument Swap ChargesRs. 550 + GST
Duplicate Repayment ScheduleRs. 550 + GST
Duplicate NOCRs. 550 + GST
Foreclosure Letter ChargeRs. 500 + GST per instance
One Time Maintenance ChargeRs. 2000 + GST
Document Retrieval ChargesRs. 5000 + GST
Provisional Interest Certificate ChargesRs. 200 + GST per instance
Final Interest Certificate ChargesRs. 200 + GST per instance
Stamp DutyOn Actual

Also Check: Credit Policy of Banks

How to Apply for Tata Capital Loan Against Property

One can apply for Tata Capital Loan Against Property in the following ways:

  • By filling an online loan application, one can get instant approval. If one is not able to complete the online application, their customer care team will call back and assist in completing the process.
  • One can call their customer care toll-free number and request a callback
  • There is a virtual assistant provided by the Company 24 x 7 from where real-time answers to all queries can be obtained.
  • One can even visit the nearest branch and submit the loan application with supporting documents.
  • Through MyMoneyMantra.com

Tata Capital Loan Against Property - Customer Care

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: customercare.housing@tatacapital.com or customercare@tatacapital.com

Registered Office Address: 11th Floor, Tower A, Peninsula Business Park, Ganpatrao Kadam Marg, Lower Parel, Mumbai - 400013.

Additional Reading: What is cibil score customer care number?

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Pre-Approved ICICI Loan Against Property @8.35% p.a 

ICICI bank loan against property up to Rs. 5 Crore can be availed of online as well as offline by salaried and self-employed applicants. The LAP can be 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. 

FAQs

✅ What are the benefits of Loan Against Property?

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.

✅ What types of properties will be considered for the loan?

Commercial property (shops, offices, etc.), self-occupied residential property, or alternate property like residential plots, hospitals, schools, Industry property, hotels, etc., will be considered.

✅ Will a property owned jointly be considered for Loan Against Property?

Yes. The co-owners should become co-borrowers for the loan.

✅ Will the processing fee be refunded?

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.

✅ What is the maximum loan quantum available for Loan Against Property?

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.

✅ What is the maximum tenure allowed to repay the loan?

The maximum tenure allowed to repay the loan is 180 months.

✅ Is there an end-use clause for Tata Capital Loan Against Property?

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.

✅ Can I prepay my Tata Capital Loan Against Property?

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.

✅ What are the types of Tata Capital Loan Against Property?

Tata Capital Loan Against Property offers two EMI payment options. These are:

Standard EMI Plan

  • Ideal for borrowers with consistent income.
  • EMI value will remain the same for the entire loan duration.
  • Repayment of principal amount and interest happens consistently over the entire loan term

Set Up Flexi EMI Plan

  • Ideal for borrowers who expect regular income increase.
  • EMI amount paid is flexible and therefore increases with an increase in income.
  • Set Up Flexi EMI Plan starts with repayment of lower EMI and increases gradually with an increase in income.

✅ How can I apply for Tata Capital Loan Against Property?

Tata Capital Loan Against Property allows applying for a loan through 4 channels.

  • Online – Visit the website and apply
  • Customer Care – Call customer care at 1860 267 6060 between 9 AM to 8 PM to register for the same. Representatives of Tata Capital will get in touch to complete loan application formalities.
  • Virtual Assistant – Visit the website and apply through Virtual Assistant.
  • Branch – Visit the nearest Tata Capital Branch office to fill up the loan application form.