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!
|Eligibility Criteria||Tata Capital Home Loan|
|Eligible Age of Borrower||21- 70 years|
|Minimum Eligible Income||₹ 30,000 and above|
|Work Experience for Salaried||2 years|
|Business Stability for Self Employed||3 years|
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 borrower||Maximum repayment tenure available|
|25 -30 years||30 years|
|35 years||25 years|
|40 years||20 years|
|45 years||15 years|
|50 years||10 years|
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.
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:
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.
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.
You can improve your Home Loan eligibility with a few simple steps such as:
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.
|Borrower's age||Minimum 24 years at loan application and below 65 years at loan maturity||Below 65 years at loan maturity||Below 65 years at loan maturity|
|Minimum income||30,000 per month||NA||NA|
|Minimum work experience||2 years||3 years||2 years|
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:
Here are some common factors that may impact Home Loan interest rate at Tata Capital:
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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.
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.
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.
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.
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.
Yes, you can prepay your Home Loan. There is no foreclosure fee.
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.