A Home Loan simply means a sum of money borrowed from a financial institution to purchase a house. Now fulfill your dreams of owning a house with Home loans offered by Moneyfy through our trusted partners.We also offer Loan against Property, Hybrid loans- Plot and property construction.
Tata Capital provides home loans of up to Rs. 5 crores at affordable interest rates starting from just 8.75% per annum*.
Homefirst Finance is a technology driven and affordable housing finance company. Reliable and attractive home loans available for first time home buyers.
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Tata Capital Home loans allows you to do much more than just buy a property – purchase a plot of land for construction, home extension, balance transfer and much more!
We make home buying easy, from the first click to turning the key. You can start your repayment tenure with lower EMI’s and pay more as your income grows.
Tata Capital's Online Home Loan Journey is now completely Digital! Instant approval and 100% digital home loan application process. Apply for your Home Loan now and generate your e-Sanction letter within minutes!
To apply for a home loan, the applicant must meet the following criteria-
Eligibility Criteria
Documentation
Here's how you can apply for a home loan with Tata Capital-
The time it takes to get a home loan sanctioned typically ranges from a few days to a few weeks, depending on various factors such as the verification of documents, the lender's internal processes, and the verification of your credit history and property details. If all documents are in order and there are no issues, the process can be completed within a few working days. However, loan sanction can take more time if additional documents are needed or if there are any discrepancies in the information provided.
A fixed-rate home loan carries a fixed interest rate that remains constant throughout the loan tenure, providing stability and predictability in monthly repayments. In contrast, a floating-rate home loan features a fluctuating interest rate based on market conditions, typically linked to a benchmark rate like the RBI's repo rate. While floating rates might offer lower initial rates and potential savings if interest rates drop, they also carry the risk of increased repayments if interest rates rise.
Yes, you can avail of tax deductions on home loans under Section 80C and Section 24(b) of the Income Tax Act, 1961. Under Section 80C, you can claim a deduction of up to ₹1.5 lakh on the principal repayment annually, and under Section 24(b), you can claim up to ₹2 lakh on the interest paid against the home loan. This may change as per new policy updated by the government, so make sure to update yourself with the latest information from reliable sources.
A co-applicant for a home loan can be a spouse, parent, sibling, or an immediate family member of the primary applicant. The primary requirement is that the co-applicant have a steady income to help enhance the loan eligibility. Having a co-applicant can also improve the chances of loan approval and allow you to apply for a higher loan amount due to the combined incomes.
Joint home loans involve two or more co-applicants applying for a home loan together, such as your spouse, parents, or an immediate family member. The incomes of all co-applicants are considered to determine loan eligibility and the loan amount, increasing your chances of loan approval. Joint home loans can enhance loan eligibility, offer tax benefits to both co-applicants and make it easier to manage the home loan repayment.
No, you cannot buy a single property with two home loans as it is considered fraudulent. However, you can apply for two separate home loans for different properties. To determine your eligibility and loan approval, lenders assess your repayment capacity based on your income, existing liabilities, and credit history.
The maximum home loan amount you can get depends on several factors, including your income, age, credit score, repayment capacity, and the lender's policies. Your existing financial obligations and the stability of your income might also influence your loan eligibility. Since the maximum home loan amount differs for various lenders, you must contact Tata Capital for the loan amount you are eligible for. Visit the relevant product page for more information.
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