Tata Capital Home Loan Eligibility

The eligibility requirements for Tata Capital Home Loans are easy to fulfil. Get a Tata Capital home loan up to Rs. 5 crores upon meeting Tata Capital Home loan eligibility criteria based on age, net monthly income, the value of the property, debt-income ratio, repayment capacity, and credit score. Add a co-borrower to enhance your Tata Capital home loan eligibility!

Tata Capital Home Loan Eligibility in India for 2021

Eligibility CriteriaTata Capital Home Loan
Eligible Age of Borrower21- 70 years
Minimum Eligible Income₹ 30,000 and above
Work Experience for Salaried2 years
Business Stability for Self Employed3 years

Tata Capital Home Loan Eligibility: Based on Age

The applicant's age at the time of borrowing a Tata Capital Home Loan is the most important eligibility criteria. The younger is the borrower, the more repayment time they have to repay the loan. This allows the borrower to avail longer loan tenure and consequently, reduce the EMI paid on the loan. With Tata Capital Home Loans, younger borrowers can get up to 30 years to repay the loan. Whether you are a salaried or a self-employed individual, the loan tenure can be extended for maximum tenure. 

Let’s overview how does the age affects the tenure of applicants:

Age of the borrowerMaximum repayment tenure available
25 -30 years30 years
35 years25 years
40 years20 years
45 years15 years
50 years10 years

Tata Capital Home Loan Eligibility: Based on Value of Property

A Home Loan is a secured loan where the property for which you are applying for the loan is taken as security. So the value of the property along with the marketability is an important eligibility factor. Tata Capital will only provide a portion of this property value as per the Loan to Value (LTV) ratio. The remaining will be provided by the applicant as down payment on the loan. Maximum LTV for Tata Capital Home Loans is 80% of the property's value.

Tata Capital Home Loan Eligibility: Based on CIBIL Score

It is necessary for the lender to ensure that the individual applying for the loan is reliable. To check your reliability, the CIBIL score is assessed. This score is calculated based on your credit report which includes the repayments made on your past loans and also your credit cards. If you have been prompt in paying your dues and have also maintained a good track record with respect to Credit Card usage and other factors, your CIBIL score will increase. The higher is the CIBIL score, the better are the chances of getting an approval on your Home Loan.

You need to take care of the following factors that to improve your credit score for a required loan:

  • Make sure that repayments on all existing loans and credit cards are made on time.
  • Avoid taking unsecured loans. Too many unsecured loans signify credit hunger and impact the score.
  • Do not use your credit card up to the maximum limit. This is a sign of some financial distress and can affect your credit score.
  • Do not apply for several loans together, particular before applying a home loan.
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Tata Capital Home Loan Eligibility: Based on FOIR

Besides the deductions, there are several other expenses that you must include in your monthly budget. This includes expenses like EMIs and rent that you cannot forgo. As per your total expenses, your FOIR (Fixed Obligation to Income Ratio) is calculated by the lender. To qualify for Home Loan at Tata Housing Finance your FOIR ratio should be a minimum of 0.65.

Tata Capital Home Loan Eligibility: Based on Income

For salaried individuals, there are several deductions on your salary such as PF, ESI, and so on. The amount that you actually take home each month after you have deducted this outgoing amount is known as the net monthly income. The higher is the net income, the better is your repayment capacity! Therefore, your net income plays an important role in assessing how much Home Loan you are actually eligible for.

Likewise the self employed and business owners need to furnish legal documents to prove the continual income to get the loan approval.

How to Increase Your Tata Capital Home Loan Eligibility?

You can improve your Home Loan eligibility with a few simple steps such as:

  • Clearing any short term loan that you currently have in addition to all your credit dues
  • Improving your repayment capacity by showing other income sources available to you
  • Applying for a joint loan with a family member who has a good salary or income
  • Ensuring that all your repayments are made on time
  • Receiving bonuses and added benefits from your current employer

Add a Co-applicant: 
If you are looking at improving your eligibility for a Home Loan, including an earning family member as a co-borrower can be of great use. This allows you to show the income of both the co-applicants when applying for a Home Loan. However, it is mandatory for the co-applicant to be a co-owner of the property as well.

Tata Capital Home Loan Schemes Eligibility Criteria

Eligibility FactorsSalariedSelf-employedNRI
Borrower's ageMinimum 24 years at loan application  and below 65 years at loan maturityBelow 65 years at loan maturityBelow 65 years at loan maturity
Minimum income 30,000 per monthNANA
Minimum work experience2 years3 years2 years

Eligibility Criteria for Different Tata Capital Home Loan Schemes

In order to avail a loan with Tata Capital Home Loan, you need to fulfil certain eligibility criteria. These criteria are based on factors like your repayment capacity, age, income, and value of the property. You also have options of increasing your Home Loan eligibility by including a co-borrower for any loan that you apply for.

Next, getting your documentation right is the also an important step in availing of a Home Loan. The documents that you need to provide will depend on the nature of employment.

Here's the list of documents required for Tata Capital Home Loan:

  • Proof of age: Passport, PAN Card, Driving License, Birth Certificate, Life Insurance Policy, School Leaving Certificate (any one).
  • Proof of identity: Passport, PAN Card, Driving License, Voter's ID Card (any one)
  • Proof of residence: Bank Statements, Utility Bills, Voter's ID Card, Property Tax Receipt, Property Registration Documents (any one).
  • Proof of office address: Appointment Letter, Employee ID Card, Letter from employer on official letterhead (any one).
  • Proof of income:
    • For salaried applicants: Last 3 months salary slips, appointment letter, certified true copy of Form 16, yearly increment letter (any one).
    • For self-employed applicants: Income Tax Returns for the last 2 years, Registration certificate for business commencement, Business Profile on letterhead (any one).
    • For NRI applicants: Last 6 months pay slips with employment stability documents like appointment letter or previous employment history.
  • Bank statements:
    • Last 6 months bank statements of the salary account for salaried applicant
    • Last 6 months bank statements of operative current account and CC/OD facilities (if taken) for self-employed applicants.
    • Last 6 months details of overseas salary account and Indian NRE/NRO account statements for NRI applicants.
  • Credit report of the current country of residence for NRI (if applicable)
  • Details of existing loan(s) through bank statements
  • Processing fee cheque issued from the salary account (of salaried applicant) or the business account (of self-employed applicant).
  • Employed applicants have to provide their Aadhaar Card details as part of KYC document

Factors affecting Tata Capital Home Loan Eligibility

Here are some common factors that may impact Home Loan interest rate at Tata Capital:

  • 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.
  • 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 scheme. 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 scheme before finalising the type of Home Loan.

Best Value Home Loans

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Tata Capital Home Loan Eligibility FAQs

How to apply for a Home Loan with Tata Capital?

You can apply for a Home Loan by visiting any Tata Capital branch near you. Alternatively you can also apply for a loan online through MyMoneyMantra. This is a simple and hassle-free loan application process. All you have to do is fill an application form and submit it. Following this, our Home Loan specialists will follow up with respect to the documents required and loan application. Once the loan has been applied for, the documents that you provide will be assessed by Tata Capital.

How much repayment tenure can I get with Tata Capital Home Loan?

You can get maximum repayment tenure of 30 years with Tata Capital Home Loan. You have the option of choosing repayment tenure based on your repayment capacity. The longer is the loan tenure, the lesser is the EMI.

Are there any tax benefits available with Tata Capital Home Loans?

You can avail tax benefits under Section 24 and Section 80C of the Indian Income Tax Act of 1961. This allows you to get rebates and benefits on both the interest and the principal repayment of loan.

Does Tata Capital allow the transfer of an existing Home Loan?

You have the provision to transfer any existing Home Loan to Tata Capital. This procedure is completely hassle-free and will also allow you to save on interest rates and EMI as Tata Capital offers the most competitive deals.

Is it possible to club the income of my spouse when applying for a Tata Capital Home Loan?

Yes, you can include the salary of your spouse when applying for a home loan. Add the spouse as a joint applicant. Clubbing your income with the income of your spouse will also improve your chances of getting an approval on the loan that you apply for.

Does Tata Capital allow foreclosure of Home Loan?

Yes, you can prepay your Home Loan. There is no foreclosure fee.

Can I increase my eligibility for a Tata Capital Home Loan?

The eligibility for a Tata Capital Home Loan can be improved. All you have to do is include an earning family member as a co-applicant for the loan. This allows you to include co-borrower's salary as an added income source when applying for a loan. This improves repayment capacity and hence, eligibility for the loan as well.