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When you’re planning to apply for a home loan, understanding the eligibility criteria is crucial. Tata Capital offers flexible home loan options, but the approval process depends largely on several factors such as your age, credit score, income, and more.
This blog will guide you through the Tata Capital home loan eligibility criteria, how to use Credit Dharma’s eligibility calculator and tips to enhance your chances of loan approval.
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TATA Capital Home Loan Eligibility Criteria
To be eligible for a Tata Capital home loan, you must meet certain criteria that ensure you have the financial capacity to repay the loan.
| Eligibility Factor | Details |
|---|---|
| Age | 21–65 years |
| Credit Score | A good credit score is essential for loan approval, reflecting financial discipline and creditworthiness. |
| Income Criteria | Stable income required. |
| Employment Profiles | Open to salaried employees, self-employed professionals, and entrepreneurs. |
TATA Capital Home Loan Eligibility Based on Salary
The table below shows the maximum loan amount that you qualify for based on your income. This was computed with a 30-year repayment period, a set annual interest rate of 8.75%, and the assumption that there had been no previous EMIs.
Check whether you qualify for a house loan based on your earnings by using the TATA Capital home loan eligibility calculator.
| Monthly Income | Loan Amount |
|---|---|
| Rs. 25,000 | Rs.15,18,372 |
| Rs. 30,000 | Rs.20,49,802 |
| Rs. 35,000 | Rs.23,91,436 |
| Rs. 45,000 | Rs.30,74,703 |
| Rs. 50,000 | Rs.34,16,337 |
| Rs. 55,000 | Rs.41,75,523 |
| Rs. 60,000 | Rs.45,55,116 |
| Rs. 65,000 | Rs.49,34,709 |
| Rs. 70,000 | Rs.53,14,302 |
| Rs. 75,000 | Rs.56,93,895 |
TATA Capital Home Loan Checklist Based on Value of Property
| Value of the Property | LTV Ratio |
|---|---|
| Up to Rs.30 lakh | 90% of the property cost |
| From Rs.30 lakh to Rs.75 lakh | 80% of the property cost |
| Above Rs.75 lakh | 75% of the property cost |
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Eligibility Criteria for all TATA Capital Home Loan Products
| Home Loan Product | Eligibility Criteria |
|---|---|
| TATA Capital Home Loan | Age: 21 to 65 years Nationality: Indian Tenure: 5-30 years Salary: Stable salary required |
| TATA Capital Home Extension Loan | Age: 24 to 65 years Nationality: Indian Salary: Minimum Rs. 30,000 per month Self-Employed: Minimum 3 years of experience |
| TATA Capital Home Loan Overdraft | Age: 21 to 70 years Nationality: Indian Tenure: 30 years Profession: Salaried/Self-Employed Loan: Must have an existing home loan with TATA Capital |
| TATA Capital Affordable Housing Loan | -The beneficiary should not be owning a pucca house in their name. -In the case of a married couple, either or both spouses in joint ownership will be eligible for a single low income housing loan. -The beneficiary should not have availed of central assistance under any housing scheme of State or Central Government. |
| TATA Capital Home Loan Top-Up | -Must be an existing home loan customer with TATA Capital -Shouldn’t have outstanding dues or defaults in Home Loan EMIs -Should have a good credit score, preferably over 750 |
| TATA Capital PMAY | -Annual household income must fall under any one of the four income categories. -Must not own a pucca house |
| TATA Capital Plot & Construction Loan | Age: 24 to 65 years Nationality: Indian Salary: Minimum Rs. 30,000 per month Self-Employed: Minimum 3 years of experience |
TATA Capital Home Loan Interest Rates
| Customer Profile | Loan Amount | Interest Rate |
|---|---|---|
| Salaried | ₹5 lakhs to ₹7.5 Crores | Starting @ 8.75% per annum |
| Self Employed | ₹5 lakhs to ₹7.5 Crores | Starting @ 8.85% per annum |
Read More: TATA Capital Home Loan Interest Rates
TATA Capital Home Loan Processing Fees and Charges
| Customer Profile | Delayed EMI Payments | Processing Fees |
|---|---|---|
| Salaried | 2.00% P.M. (24.00% P.A.) on the defaulted amount | ₹5,000 + GST |
| Self Employed | 2.00% P.M. (24.00% P.A.) on the defaulted amount | ₹10,000 + GST |
Check Out: TATA Capital Home Loan EMI Calculator
Factors Impacting Eligibility for TATA Capital Home Loans
The following criteria determine your eligibility for an SBI home loan:
- The age of the applicant
- The applicant’s credit rating
- The applicant’s pay or source of income
- Debt to income ratio
- Property value
- Repayment capacity
- Property type and purpose
Also Read: TATA Capital Travel and Home Insurance
How to Improve TATA Capital Home Loan Eligibility
- Boost Your Credit Score: Maintain a high credit score (750 and above) by paying bills on time and reducing outstanding debts.
- Reduce Existing Debts: Lower your current liabilities to decrease your debt-to-income ratio, making you a more attractive borrower.
- Ensure Stable Employment: Maintain a steady job or consistent business income for at least 2-3 years to demonstrate financial stability.
- Increase Your Income Documentation: Provide comprehensive proof of income, including salary slips, income tax returns, and bank statements.
- Avoid Late Payments: Make all loan and credit card payments promptly to build a strong credit history.
- Keep Credit Utilization Low: Use only a small portion of your available credit to enhance your creditworthiness.
- Save for a Higher Down Payment: A larger down payment reduces the loan amount needed, improving your repayment capacity.
- Include a Co-Applicant: Adding a co-borrower with a strong financial profile can enhance your eligibility and loan terms.
- Choose the Right Property Type: Invest in properties located in SBI-approved areas with high market demand to ensure favorable loan terms.
How to Use Credit Dharma’s Eligibility Calculator?
Credit Dharma provides a straightforward 4-in-1 eligibility calculator to help you assess your eligibility for a Tata Capital home loan.
Here’s how to use it:
- Open the Credit Dharma 4-in-1Home Loan Calculator
- Input your details
- Review the results, which will show your eligibility status, potential loan amount, monthly EMI amount, etc
- Based on the results, decide whether to proceed with your application or take additional steps to enhance your eligibility.
Note that this calculator provides an estimate. Your final loan approval and amount may differ based on additional factors and verification.
Home Loan Interest Rates by Top Banks
| Bank | Up to Rs. 30 Lakh | Above Rs. 30 Lakh to Rs. 75 Lakh | Above Rs. 75 Lakh |
|---|---|---|---|
| SBI Bank | 8.00% p.a. onwards | 8.00% p.a. onwards | 8.00% p.a. onwards |
| HDFC Bank | 8.75% p.a. onwards | 8.75% p.a. onwards | 8.75% p.a. onwards |
| LIC Bank | 8.50% – 10.35% p.a. | 8.50% – 10.55% p.a. | 8.50% – 10.75% p.a. |
| ICICI Bank | 8.75% p.a. onwards | 8.75% p.a. onwards | 8.75% p.a. onwards |
| Kotak Mahindra Bank | 8.75% p.a. onwards | 8.75% p.a. onwards | 8.75% p.a. onwards |
| Punjab National Bank | 8.50% – 11.05% p.a. | 8.50% – 11.05% p.a. | 8.50% – 11.05% p.a. |
| Bank Of Baroda | 8.40% onwards | 8.40% – 10.65% p.a. | 8.40% – 10.90% p.a. |
| Bajaj Housing Finance | 8.50% p.a. onwards | 8.50% p.a. onwards | 8.50% p.a. onwards |
| Axis Bank | 8.75%-10.30% p.a. | 8.75%-10.30% p.a. | 8.75%-10.30% p.a. |
| Bank of India | 8.40% p.a onwards | 8.40% p.a onwards | 8.40% p.a onwards |
| TATA Capital | 8.75% p.a. onwards | 8.75% p.a. onwards | 8.75% p.a. onwards |
Home Loan Processing Fees by Top Banks
| Bank | Home Loan Processing Fee |
|---|---|
| SBI (State Bank of India) | 0.35% of the loan amount (min ₹2,000, max ₹10,000) + GST |
| HDFC Bank | Upto 0.50% of the loan amount or Rs. 3300/- whichever is higher |
| ICICI Bank | 0.50% of the loan amount (min ₹3,000, max ₹5,000) + GST |
| Axis Bank | 1% of the loan amount or ₹10,000 (whichever is lower) |
| Kotak Mahindra Bank | 0.5% – 1.00% of the loan amount |
| Bajaj Housing Finance | Up to 4% of the loan amount |
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Conclusion
In short, understanding Tata Capital’s home loan eligibility criteria is essential for securing a loan that suits your needs. Factors like your age, credit score, and income level are pivotal, and tools like Credit Dharma’s eligibility calculator can provide you with an estimate in advance. By improving your credit history and managing your finances better, you can enhance your chances of approval and secure favourable terms.
If you need help assessing your financial situation and choosing a home loan that best suits your needs and repayment capacity, contact Credit Dharma for a free consultation call.
Frequently Asked Questions
Tata Capital typically prefers a credit score of 750 for home loans, but they may consider lower scores based on other factors.
Yes, NRIs with a valid Indian passport can apply for a Tata Capital home loan.
The maximum tenure for a Tata Capital home loan is 30 years, subject to the borrower’s age at the time of loan maturity.
The minimum income requirement is ₹25,000 per month. However, this may vary depending on factors such as the location of the property and loan amount.
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