Urban Money

Tata Capital Financial Services LTD Loan Against Property

Tata Capital Financial Services LTD
4.5

Tata Capital Financial Services Ltd is a one stop financial services provider with tax benefits and quick loan approvals. Enjoy minimal or zero paperwork while mortgaging loans against residential or commercial properties. Get a hassle free loan starting from Rs.10 lakh to any maximum amount that will cater for your financial needs. Repay your loan at a steady pace over a tenure of 15 years with a fixed interest rate of 10.10%.

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Loan Against Property Banks

Interest Rate

Processing Fee

Loan Amount/Tenure

Tata Capital Financial Services LTD Loan Against Property Interest Rate

10.1%

1.25% - 2%

₹10L - ₹3Cr

Tenure(Up to 1 Years)

Details

Features and Benefits of Tata Capital Financial Services Loan Against Property

There are many benefits associated with taking a loan against property from Tata Capital Finance. Being an established and renowned financial service provider, the company has a wealth of experience when it comes to the needs of people. On top of that, they also offer attractive interest rates with multiple EMI payment options.

Some of the features and benefits of Tata Capital Financial Services Loan Against Property include the following.

  • Fast Process: Tata Capital Finance understands customers’ need for the urgency of a loan amount. They make sure to handle loan interest forms with high priority. Moreover, with lesser paperwork, fast processing is ensured. 
  • Accept a variety of collaterals: Put any kind of owned property online. Tata Capital Finance will be sure to accept them for a loan sanction. 
  • Emergency loan facility: Also known as an overdraft loan facility, where Tata Finance will take care of your payments by providing you with the credit you need.
  • Pre-qualified loans: Tata Capital Finance also provides pre-processes loans to existing customers. This means even fast loan disbursement. 
  • Attractive interest rates: You can get competitive and attractive interest rates with Tata Capital Financial Services Ltd. 
  • Multiple EMI paying options: Customers can choose their EMI payment method based on convenience. There will be a fixed EMI instalment option and a floating instalment option where the expense is minimal at the initial period and increases gradually. 
  • Decide your tenure: In the case of a fixed EMI setting, you can decide your repayment duration. The longer the repayment period, the lesser the EMI every month.

 If you are still considering whether or not to choose Tata Capital Financial Services Ltd. to loan you your property, know that the institution is bent on providing excellent customer service. They claim to care about their customers by offering flexible repayment options, reasonable interest rates, minimum documentation requirements, and custom loans.

Tata Capital Financial Services Loan Against Property Overview

Suppose you have a property in your name and are looking for funding for your personal or business-related needs, Tata Capital Financial Services Limited has the answer for you. Tata Capital Finance’s Loan Against Property allows you to take a loan with competitive interest rates and loan tenures. With a quick and easy application process, it aims to become the topmost service provider in the financial service industry.

  • Interest rates begin at 10.10%
  • Dual EMI options available
  • Loan tenure available from 1 year to 15 years
  • Loan credit amount ranges from 10 Lakh to 3 Crores
S. No.  Particulars  Overview
1 Bank Name  Tata Capital Financial Services Limited
2 Loan Type  Loan Against Property 
3 EMI Option Status Available
  • Standard EMI
  • Step-Up Flexi EMI
4 Starting Interest Rate 10.10 % per annum
5 Maturity Period available  12 months to 180 months
6 Loan Sanction Process > Check Eligibility  > Select Loan Amount and Tenure  > Application Submission  > Document Upload  > Get the Money
7 Minimum Eligible Credit Score  750 or above
8 Age Range  23 years to 65 years
9 Minimum Income  INR 2,40,000 per annum for salaried INR 2,50,000 per annum for self-employed INR 2,50,000 per annum for non-professional INR 3,00,000 per annum for non-individuals 
10 Available for Salaried/Salaried NRI/Professionals/Self-employed 
11 Processing Fee 1% to 1.25%
12 Work Experience  Minimum 3 Years 

Eligibility for Purchasing Loan Against Property from TCFSL

There are some pre-requisite requirements that need to be met before one can apply for a Loan Against Property with Tata Capital Finance Service Limited. These vary for a salaried person, a self-employed person, and self-employed non-professionals. One has to make sure that they fall within the favorable parameters set forth by TCFSL.
Person Type Parameter Details
Salaried Person  Work Profile The person must be employed in
Public Ltd.co /
Multi-national company /
Large Private Limited /
State government /
Central government / PSU.
Age Minimum - 25 years
Maximum - 60 years
Income per annum Minimum annual income is INR 2.4 Lakhs
Work Experience Minimum 3 years
Self-Employed Professional Work Profile The person must be working as
A Doctor
Chartered Accountant
Architect
Age Minimum - 25 years
Maximum - 60 years
Income per annum Minimum annual income is INR 2.5 Lakhs
Work Experience Minimum 3 years
Self-Employed Non- Professionals  Work Profile The person must be working as
Traders
Retailers
Wholesalers
Age Minimum - 25 years
Maximum - 60 years
Income per annum Minimum annual income is INR 2.5 Lakhs
Work Experience Minimum 3 years

Tata Capital Financial Services Loan Against Property Fees and Charges

There is a processing fee involved for the loan offered against your property. The fee ranges from 1% to 1.25% of the principal loan amount. In case of a delay in payment, the rate could go up to 3% of the outstanding amount.

  • For a loan against residential and commercial properties, the processing fee is 1%.
  • For a loan against properties other than residential and commercial, the processing fee is 1.25%.
  • For your first loan, the rate is 1.25%.

Other than the processing fee, certain charges can be potentially applied to your bill. These are as follows.

S. No.  Charges  Amount details 
1 Charge if cheque bounced INR 2000 + taxes
2 Mandate Rejection Service Charge INR 450 + taxes It is advised to get an active mandate as a penalty will be applied every month until the mandate is activated. 
3 Maintenance Charges INR 10,000 + taxes
4 Application Fees  Up to 3 Cr - INR 3,000 + Taxes Above 3 Cr - INR 5,000 + Taxes
5 Bank account statement Nothing if downloaded online Branch walk-in - INR 250 + Taxes
6 Foreclosure Charges 4% of outstanding principal + Taxes
7 Foreclosure Charges for Top Up 4% of outstanding principal + Taxes
8 Foreclosure Charges in CCOD Cases 4% of the Dropdown Limit amount + Taxes
9 Loan Cancellation Charges INR 25,000 + Taxes
10 Instrument Swap Charges INR 550 + GST
11 Duplicate Repayment Schedule INR 550 + GST
12 Duplicate NOC  INR 550 + GST
13 Foreclosure Letter Charge  INR 500 + GST per request
14 One Time Maintenance Charges INR 2000 + GST
15 Document Retrieval Charges INR 5000 + GST
16 LOD Statement  Request Charges  INR 1000 + GST per request
17 Provisional Interest Certificate Request charges  INR 200 + GST per request
18 Final Interest Certificate Request charges  INR 200 + GST per request
19 Other Statements Request charges INR 500 + GST per request
20 Stamp Duty At Actuals
21 Broken Period Interest  At Actuals
22 Legal & Technical Charges Up to 1 Cr -  6,000 INR + GST Above 1 Cr - 11,000 INR + GST
23 Foreclosure within Lock-In Period Lock-in period charges (Prevailing ROI x Principal Outstanding as on date of Foreclosure x Balance Lock-in) + Foreclosure charges (4%) + GST
24 Switch Fee Charges 12 months lock-in period -  No changes allowed After 12 months - 5000 + GST or 0.10% + GST of POS whichever is higher - For rate reduction less than 0.75% 7500 + GST or 0.15% + GST of POS whichever is higher - For rate reduction greater than 0.75% to 1.50% 10000 + GST or 0.25% + GST of POS whichever is higher – For rate reduction greater than 1.5%

Tata Capital Financial Services Loan Against Property Interest Rates

Tata Capital Financial Services Limited offers loans against property for an interest rate starting from 10.10%.

The interest rates are highly competitive and affordable. Interested applicants can apply for a loan against their personal or commercial properties with a processing fee of 1% on the loan amount.

The interest rate will be charged based on their credit history, income, property valuation and employment background. Institutions always engage in analysing the risk associated with lending loans to individuals. And thus, it is important that your creditworthiness satisfies the risk element. 

Factors Affecting Tata Capital Financial Services Loan Against Property Interest Rates

If you are interested in applying for a loan against your property, know that there are some factors that determine how much interest will be charged to you. The standard loan interest rates start from 10.10% and can go up depending on a few factors:

CIBIL Score 

One of the foremost factors is the CIBIL score. The Credit Information Bureau of India Limited or CIBIL is recognised by the Reserve Bank of India (RBI) to provide a score to individuals based on their credit history, profile, income, and paying capacity. Institutions widely accept the CIBIL score for analysing the risk associated with lending loans. A CIBIL score of 750 points or more is considered to be ideal. A lesser score could also lead to a loan application rejection. 

Profile of the Loan Applicant

Another major factor affecting the interest rate for loans against the property from Tata Capital Financial Services Ltd. is the borrower’s credit and employment history. Institutions analyse the individual’s age, credit history, employment, income, and savings to determine how much interest to charge. 

Property Valuation 

The collateral property will also be considered before selling an interest rate. The parameters checked will include the property's age, condition, market value, and location. Based on the evaluation, the loan amount and the interest rate are decided by the institute. 

Tenure of the Loan

This is a straightforward factor. Financial institutions put forth that the lesser the loan duration, the higher the loan interest rate and vice versa.

Documents Required for Tata Capital Financial Services Loan Against Property

For Tata Capitals to lend out loan amounts to its customers, they need to be sure about the borrower’s identity and the address they claim in the application form. It is only based on the authenticity of the documents submitted shall the loan amount be sanctioned. Thus, care needs to be taken while submitting them.

Tata Capital Finance clearly states the documents that need to be submitted:

  • Application Form: An Interest form needs to be filled duly with error-free information.
  • Photograph: A recent passport size photograph with the face visible.
  • Photo identity proof: Any officially valid document with a photograph of the applicant
  • Address proof: Residential whereabouts need to be proved.
  • Signature verification: This is an essential requirement in which the bank uses a special biometrics technique to authenticate the applicant’s signature.
  • Income proof: A bank statement, ITR return statement, or a copy of Form 16 can be used to prove the applicant's income.
  • Salary slips: Salary slips can be collected from the employer.

How Does the EMI Calculation Work for Tata Capital Financial Services Loan Against Property?

Now, you can calculate the monthly break up of the loan repayment owed to Tata Capital in advance with the help of an EMI Calculator. An EMI Calculator allows you to foresee the payment structure and plan your finances accordingly.

The EMI calculator uses a generic formula, i.e. EMI = P × r × (1 + r) n /((1 + r) n - 1) where P = Loan amount, r = interest rate, n = tenure in months.

You will be required to enter the loan amount you are borrowing and the interest rate and loan duration. The computation will be initiated, and the EMI figure will be shown in real-time. The calculator will also provide the total payable amount.

How Does Tata Capital Financial Services Compare with Other Lenders? 

Name of the Financial Institute Rate of Interest per annum 
Tata Capital                                                          Interest rate starts from 10.10%
State Bank of India 8.40% - 8.80%
HDFC 7.50% - 10.30%
LIC Housing Finance 7.50% - 10.50%
Godrej Housing Finance 7.99% - 10.99%
ICICI Bank 7.85 % - 9.50%
Bajaj Finserv 8.35%  onwards
Axis Bank 7.90% - 9.30%
Kotak Mahindra Bank 9.50% - 11.70%

Tata Capital Financial Services Loan Against Property Customer Care Number

In case of any query, customers can contact the institution directly by calling on their customer care number 1860-267-6060. The line is open from 9 AM to 8 PM Monday through Saturday with the exception of Sundays and public holidays.

The financial institution is also available via Email. 

  • Send detailed mail to contactus@tatacapital.com for queries related to a new loan.
  • Any consumer grievance can be directed to the mail - customercare@tatacapital.com.

FAQs

From refinancing to reducing your interest, we have the answers right here.

Is there an application fee for Tata Capital’s Loan Against Property?

Yes, the application fee for taking a Loan Against Property from Tata Capital Financial Services Limited is 3000 INR plus taxes for loans Up to 3 Crores INR and 5000 INR plus taxes for loans above 3 crores INR.

What is the maximum loan amount I can get with my property?

Tata Capital Financial Services Limited assures a loan amount against your property ranging from 10 Lakh INR to 3 Crore INR. The loan amount is agreed upon based on the property evaluation done by the institution. The parameters include the age and condition of the property, market value, and location.

What is the maximum term for which I can get a Loan Against Property (LAP)?

Tata Capital Financial Services Limited offers Loan Against Property for a maximum of 180 months /15 years.

What is the loan interest rate against property in Tata Capital Financial Services Ltd?

The Loan Against Property in Tata Capital Financial Services Ltd is offered with a minimum interest rate of 10.10%. The rate could go up depending on the CIBIL score, the borrower’s profile, property age, and location.

What are the benefits Tata Capital Financial Services Limited Provides on loans against the property?

Taking a loan with the TCFSL has various advantages: quick process, personalised loan plans, minimum document requirements, acceptance of different property types, and complete post-purchase customer care support.

Can I prepay my loan?

Borrowers can prepay the loan amount owed to Tata Capital Financial Services Limited either in parts or in whole.

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