A home loan is one of the best ways to finance a new property. Tata Capital provides you with the most affordable loan plans that are known for their quick turnaround time so that you can get the property that you always dreamed of. Whether you are looking at purchasing a new home or flat or wish to make any additions or repairs in an existing property, this is the easiest option available for you to get the funding that you need for it. Tata Capital promises the best loan terms which not only makes it easy for you to avail Tata Capital Home Loans but also makes it easier for your repay the loan.

Tata Capital is known for providing easy solutions to help you get closer to your dream home. These loans are loaded with attractive features to help you get your loan faster and to ensure that you do not feel the burden of repayments each month.

Some of the most prominent features of Tata Capital Home Loans are:

Additional Info: Also check DDA Housing Scheme

In order to apply for a home loan with Tata Capital, the following documents must be submitted:

Application form along with 2 passport size photos.

Proof of age: Driving License, Insurance Policy, Passport, Birth Certificate, School Leaving Certificate, PAN Card or Adhaar Card.

Proof of ID: Passport, PAN Card, Driving License, Adhaar Card, Voters ID.

Address Proof: Utility Bills, Property Tax Receipts, Property Registration Document, Voters ID.

Office address for salaried individuals: Appointment letter, Employee ID card, Letter from the employer.

Income proof for salaried individuals: Salary slip for last 3 months, yearly increment letter, appointment letter, or certified copy of Form 16.

Income proof for self-employed individuals: Last 2 years IT returns, Business profile, Registration certificate of the business.

Bank statements for salaried individuals: Statement of salary account for last 6 months

Bank statements for self-employed individuals: Current account statement for last 6 months, bank statements for OD or credit card facilities.

Loan details: Bank account statement of any existing loan.

Additional Info: Also check Sukanya Samriddhi Yojana

A loan application will be incomplete without furnishing the following documents:

• The application form provided by the bank along with 2 recent photographs.
• ID Proof with Photograph: Adhaar Card, PAN Card, Passport, Voters's ID, Driving License
• Valid proof of Residence: Passport, Adhaar Card, PAN Card, Utility bills
• Income proof
• Salaried applicant- ITR for last 2 years with Form 16A, 6 months Bank statements, Appointment letter.
• Non-salaried applicant- ITR for the last 2 years for the company and the partner or proprietor, last 6 months current and savings bank account statements, profit and loss statement, balance sheet audited and attested by a CA, proof of business address, business registration or equivalent certificate.
• Proof of property ownership- Title deed, allotment letter, agreement of sale, property tax receipts, maintenance bills, utility bills, payment receipts for any advance payment.
• Loan account statement for the last 1 year, if applicable.

Documents Required by Salaried Individuals

In order to avail a loan, salaried individuals have to submit the following documents along with a filled up application form:

• 2 recent passport sized photographs.
• Income Proof- Last 2 years ITR and Form 16A, Pay slip for the last 6 months, bank statements of salary account for the last 6 months.
• Employment proof: Employee ID card, Appointment letter, Letter from the employer on company letter head.
• Property documents: Title deed or sale deed, approved building plans, agreement of sale, utility bills, maintenance bills, occupancy certificate in case of ready to move in property, property tax receipts
• Receipts and bank statements for any advance payment made.
• Age and ID proof: Passport, Adhaar Card, Driving License, PAN Card, Voter's ID.
• Proof of Residence: Utility bills, passport, adhaar card, driving license or Voter's ID.
• In case of an existing loan, last 1 year loan account statements are mandatory.

Documents Required by Self Employed Individuals

The property documents, ID proof, Age proof and Proof of Residence is same as that of salaried individuals. The income documents vary as mentioned below.

These documents must be submitted along with a duly filled application form:

Income proof: ITR for the last two years for individual and company, balance sheet and Profit and Loss Statement, bank account statements for the last 6 months of the current account and savings account

Proof of business: Business address proof such as utility bills and rental agreement, business registration certificate, qualification certificate for professionals.

Payment receipts for any advance given to the builder or seller.

Documents Required by Pensioners/ Senior Citizens

Senior citizens and pensioners must provide the following documents along with the ID proof, address proof and property documents to complete the loan application:

Age proof: Adhaar Card, Passport, voter's ID, birth certificate or Driving License

Income proof: Last 6 months savings bank account statement or pension account statement.

Documents Required by NRIs

The documents in addition to ID proof and property documents required for NRIs and PIOs to apply for a home loan are as follows:

• Proof of residence overseas
• Valid Visa and Passport copy
• For merchant navy employees common discharge certificate is required.
• PIO certificate that is government issued
• Payment receipts for any advance given to the builder or seller.

Income proof for salaried NRIs: last 3 months salary slip, 2 year attested IT returns except for merchant navy employees and NRIs and PIOs from the Middle East.

Proof of Employment: Valid work permit, employment contract in English

Income proof for self-employed individuals: Overseas bank account statements for last 6 months, 2 years IT returns except for NRIs and PIOs in the Middle East and employees of the Merchant Navy

Business address proof: Rental Agreement, Business Registration Certificate.

Bank statements of your personal account or current account (for self-employed individuals) are part of the documents that you need to submit along with your loan application.

The bank statement serves different purposes when it comes to the assessment of your loan application as mentioned below:

To check your debt to income ratio: With most banks it is mandatory that the EMI is not more than 40% of your total net income The net income is calculated after making all deductions such as other EMIs payable, rent and other expenses. The bank account gives a clear long of all the credits and debits from your account.

To make sure that there are no fraudulent transactions: If there is any credit in your account from an unknown source, the bank may ask you for additional documents to justify them. This allows the bank to ensure that there are no fraudulent transactions.

To check for advance payments made towards the house: A margin is required for a home loan. The bank does not sanction the full amount for the market value of the property. All the payments that you make towards the vendors or the builders are considered a part of your margin. In case of transfers made from your account, they reflect in your account statement and are part of the contribution made towards the loan.

Importance of NOC for Home Loan

When you apply for a home loan, the property acquired from the loan is considered as mortgage or security towards the loan that you have applied for. For this reason, the bank has possession of all the original property documents for the tenure of the loan.

After the loan has been repaid, the bank gives you an NOC or a no objection certificate which states that all the dues towards the loan have been cleared by you. This lets you relieve your property documents from the bank to transfer complete ownership of the property to yourself.

The property documents are necessary for any loan that you may apply in the future, for insurance claims and most importantly to prove that you are the owner of the property. The NOC certificate also helps improve your credit score as it indicates that an existing loan has been repaid.

There are some factors that affect your home loan application and determine the loan amount that you are eligible for:

Age: Most banks have a minimum and maximum age limit when you apply for a loan. In most cases, the maximum age of the applicant when the loan tenure completes must not be more than 70 years. The younger the applicant, the higher the loan amount that is sanctioned.

Income: This is the most important factor as it determines the repayment capacity of the borrower. The more the income, the higher the loan amount that is sanctioned to you.

The credit score: A credit score determines the credibility of the individual when it comes to repayment of loans. Based on your previous credit behavior, a credit score is allotted to you by the Credit Bureau of India. When your credit score is higher than 700, you have several advantages such as a higher loan amount with a lower rate of interest. In case of customers with a very high credit score, the bank offers loans at a premium rate.

The reputation of the builder: As the property that you acquire is considered the mortgage or security for the loan, the reputation of the builder also matters. The better the reputation, the higher the chances of getting your loan sanctioned.

The value of the property: Banks sanction a part of the market value of the property as the loan amount. You can get between 70 and 90% of the value of the property as the loan amount.