Home Loan by Capital Finance
A home loan, which is also known as a house loan, is a sum of money borrowed from a financial institution to buy or construct a house. It offers high-value financing for longer tenures at fixed or variable interest rates to help homebuyers. A home loan falls under the secured loan category since the property which is being bought is kept as collateral with the lender until the borrower has repaid the complete loan amount. At Capital Finance, we provide loans for homes of up to Rs. one crores at affordable interest rates starting from just 6.60% per annum*. Our housing loans are tailor-made to help you purchase or construct a new house without any hassles. We provide you with the flexibility to choose your loan amount, tenure, and EMIs as per your specific requirements. On top of everything, we will ask for minimum documentation and ensure instant approval.
Are You Eligible for Capital Finance Home Loan Finance?
Your house loan eligibility depends upon several factors, including your age, employment status, employment type, monthly income, and credit score. Below are the eligibility requirements for the Capital Finance home loan:
- You must be a citizen of India
- Your age should be between 24 and 65 years
- If you’re a salaried employee, you must have a minimum salary of Rs. 30,000 and at least two years of work experience
- If you’re a self-employed individual, you must have at least three years of experience in the same business
- If you’re a Non-Resident Indian (NRI), you should be a salaried employee with at least three years of work experience
Please note that this list is indicative. To know your exact eligibility, you can use our online housing loan eligibility calculator or get in touch with our customer care executive.
What Is a Home Loan EMI Calculator?
A house loan can involve a significant amount of funding that can run into several lakhs or even a few crores of rupees. Hence, it’s prudent to know your EMIs before applying for a loan. A home loan EMI calculator is an online tool that can help you to do so. All you have to do is simply enter your loan amount, rate of interest, and duration, and your housing loan EMIs would be displayed instantly.
What is Pradhan Mantri Awas Yojana (PMAY)?
Pradhan Mantri Awas Yojana, or PMAY, is an affordable housing scheme launched by the Government of India in 2015. Under this scheme, the Government plans to provide an interest subsidy of up to 6.5% on loans for homes through a Credit Linked Subsidy Scheme (CLSS).
The beneficiaries of the PMAY scheme are divided into four categories as per their annual income:
- Economically Weaker Section (EWS)
- Low Income Group (LIG)
- Mid-Income Group I (MIG I)
- Mid-Income Group II (MIG II)
Eligible beneficiaries under this scheme can avail of housing loans at subsidized interest rates and reduce their homeownership costs.
What are the Documents Required for a Home Loan?
With Capital Finance, you can get a home loan of up to Rs. one crores with minimal documentation and simple eligibility criteria. Our home loan documents list includes only some basic documents, such as photo identity proof, age proof, address proof, income proof, and property documents. You can submit the documents required for housing loan online or offline at your convenience.
Although there are some common home loan documents that everyone needs to submit, the exact documents needed for home loan may depend on the applicant’s profile. For example, the documents required for home loan for salaried person may be different from the documents required for home loan for a self-employed person.
Documents Required for Home Loan for Salaried Person
When applying for a Home loan, you will need to submit the following documents:
- Duly filled application form along with passport-sized photographs
- KYC Documents of the applicant, including PAN card, Passport, Aadhar Card, Driving License, Voter ID card, Utility Bills (Water/Electricity Bills)
- Last 1 years’ bank statement
- Copy of Non-Collateral Overdraft, if any
- Copy of Business Incorporation
- Any other document required by the lender
What is the Interest rate on a Home Loan?
When you avail of a home loan to purchase or construct your house, a housing loan interest rate is levied on the loan amount. The interest rate on a house loan is usually expressed as a percentage and is charged on the principal home loan amount for the entire home loan tenure.
Capital Finance offers one of the most competitive home loan interest rates in India. Our housing loan interest rate starts from just 6.65% per annum*.
Furthermore, depending on your home loan eligibility, income, credit score, and a few other parameters, we can determine the best home loan interest rates as per your requirements.
Additionally, when you apply for a home loan with Tata Capital, you do not have to worry about home loan hidden charges. From home loan prepayment charges to the processing charges for home loan to MODT charges, we transparently convey every expense.