Tata Capital Loan Against Property
Tata Capital Loan Against Property is a way for property owners to use the value of their property to get a loan to meet some of their unexpected professional or personal needs. Whether you own a house or a commercial property, Tata Capital offers LAP at a rate of interest starting from 9.00% per annum. The Tata Finance loan against property can be availed for a tenure of up to 20 years at a processing fee of up to 1.25% of the loan amount.
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Tata Capital Loan Against Property Interest Rate
Tata Capital loan against property interest rate is offered on a floater as well as a fixed rate basis. Besides, the rate on LAP may vary on factors like the loan amount, tenure, and credit score. Whether your property is a house or a commercial building, and where it is located can also affect the interest rate on Tata Capital LAP.
The Tata Capital LAP rate of interest 2024 is mentioned below for your quick reference:
| Rate Package | Rate of Interest |
|---|---|
| Floater | 9.00% p.a. |
| Fixed | 14.25% p.a. |
Tata Capital Loan Against Property Eligibility Criteria
Although, getting a Tata LAP is not a tough task, yet like other lenders in the country, Tata Capital too asks for a predefined set of eligibility criteria to check and verify the eligibility of an applicant for such a financial service. Have a look at the table below to understand the Tata Capital loan against property eligibility:
| Eligibility Parameters | For Salaried Individuals | For Self-Employed Individuals |
|---|---|---|
| Age Range (in years) | 23 - 65 years | 23 - 70 years |
| Nationality | Indian Residents | Indian Residents |
| Minimum Income Earned | Rs. 2.4 lakhs per annum | Rs. 2.5 lakhs per annum |
| Credit Score | 750 or above | 750 or above |
Tata Capital Loan Against Property Fees and Charges
Banks and NBFCs need to recover the cost of processing loans such as LAP and for this, they charge a processing fee on such applications along with some other charges. The Tata Capital loan against property processing fees and other charges can be clearly understood through the table below:
| Processing Fee | Up to 1.25% of the loan amount + GST |
|---|---|
| Legal and Technical Charges |
|
| Loan Cancellation Charges | Rs. 25,000 + GST |
| Annual Maintenance Charges | Rs. 10,000 + GST |
| Bounce Charges | Rs. 2,000 + GST |
| Application Fees |
|
| Mandate Rejection Service Charge | Rs. 450 + GST |
| Switch Fee | 0.15% of the principal outstanding |
| Foreclosure Charges | Up to 4% of the outstanding loan + GST |
| Penal Interest | 3% of the overdue amount per month + GST |
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Compare Interest Rates on Loan Against Property for Top Banks & NBFCs
It is crucial to compare the interest rates and processing fees offered by different lenders when applying for a LAP with Tata Capital or any other lender. It helps evaluate the cost of borrowing and gives a comparative advantage. So, for this reason, we are now sharing a comparison between Tata Capital and other lenders offering the LAP scheme:
| Bank/ NBFC Name | Rate of Interest | Processing Fee |
|---|---|---|
| Tata Capital | 9.00% - 14.25% p.a. | Up to 1.25% of the loan amount + GST |
| PNB Housing Finance | 9.25% - 15% p.a. | 2% of the loan amount + GST |
| HDFC Bank | 9.50% - 11% p.a. | 1% of the loan amount (minimum of Rs. 7,500) |
| Bajaj Housing Finance | 9.75% - 18% p.a. | Up to 4% of the loan amount + GST |
| SBI | 10.00% - 11.30% p.a. | 1% of the loan amount |
| Bank of Baroda | 10.85% - 18.60% p.a. | 1% of the loan amount |
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Documents Required For Tata Capital Loan Against Property
Submitting the KYC documents when applying for a Loan Against Property (LAP) is essential for several reasons. These documents help the lender assess the eligibility, verify the authenticity of the property, and the borrower’s financial stability. Tata Capital loan against property documents required list for salaried and self-employed applicants is shared below:
1. For Salaried Loan Applicants
- Address or Identity Proof: PAN Card, Passport, Voter ID Card, Aadhaar Card, etc.
- Income Proof: Salary Slips for the last 6 months, Bank Account Statements for the last 6 months, Form 16 for the last 2 years
- Date of Birth Proof: 10th Class Certificate, Passport, Driving License, Aadhaar Card, etc
- Documents of Property: Approved Plan, Title Deeds, No Encumbrance Proof, and so on
- Other Documents: Processing Fee Cheque, Duly-Filled Application Form, Appointment Letter/ Employment Contract, Own Contribution Proof, and Latest Passport Size Photographs
2. For Self-Employed Loan Applicants
- Address or Identity Proof: PAN Card, Passport, Aadhaar Card, and Voter ID Card
- Income Proof: ITR for the last 2 years, P&L Balance Sheet, Tax Audit Report, Business Continuity Proof for the last 5 years, Personal and Business Account Statement for the last 6 months
- Documents of Property: Approved Plan, Title Deeds, No Encumbrance Proof, etc.
- Other Documents: Processing Fee Cheque, Recent Passport Size Photographs, Duly Filled Application Form, Own Contribution Proof, Declaration and Documents mentioning the end use of the loan, Partnership Deed if the business entity is in partnership, and the List of Stakeholders
FAQs
Yes, there can be a co-applicant for a Tata Capital loan against property and if the property is co-owned by others, then they have to be the co-applicants for the loan.
The interest rate on Tata Capital Loan Against Property is calculated on factors like the loan amount, tenure, and type of property, and the current market conditions.
Tata Capital provides a range of benefits on loans against the property and these are listed below:
- Affordable interest rates
- Flexible repayment options
- Balance transfer facility
- The quick and transparent loan process
- Dedicated customer care service
Tata Capital offers both fixed and floater interest rates on loans against property.
While applying for a loan against property from Tata Capital, an applicant must submit all the essential KYC documents such as proof of identity, age, income, address, and property documents.
The minimum and maximum loan against property amount one can get from Tata Capital are Rs. 5 lakhs and Rs. 5 crores respectively.