Credit Wisdom

Are you eligible for a home loan from Tata Capital

Category: Home Loan

Getting the right kind of home is a need that everyone faces. It feels great to be looking out for something that you can completely make your own one day. Most of the time, you have to work on your dream home for a while to achieve it, and this comes with your salary and spending as well.

If you are looking to take out a home loan from TATA Capital to build that dream home of yours, there are some criteria that you need to fill in order to even be eligible to apply. This is because the number of applications received on a daily basis is enormous and to streamline out the ones who might let their loans default, an eligibility criterion is required.

Here are some things you need to keep in mind while checking yourself for Tata Capital home loan eligibility.

1. Age

The eligible age to start applying for the loan is 24 years. In case you are younger than that, you will have to wait on the same for a while. Taking out a home loan as soon as you can is easier because you will be able to repay it back over the long run. Once you are sixty-five years old, there is a closure on the criteria. The loan maturity depends on when you are taking out the loan.

2. Occupational Stability

Whether you are salaried professional or a self-employed professional or non-professional, you need to be able to have a steady job to be applicable for home loans. Your occupational stability should be at least three years, or you will not be found eligible. On the other hand, if you are a commercial non-individual, while you should be in business for three years, two out of those should have a cash profit to be eligible.

3. Income 

This is another thing that has to be checked to find out how eligible you are. As a salaried professional, your income per annum should be somewhere around two lakh, forty thousand or more to be able to apply. For self-employed professionals and non-professionals, this is a little higher and needs to be at least two lakh fifty thousand. For the others, such as the non-individuals, the income bracket falls into the three lakh mark.

4. Segments

There are different types of people who come into the categories which are mentioned above. These segments are eligible for home loans as well. For the salaried professionals, you need to either be working in an MNC, a private limited company, a state government, public limited, central government or a PSU. Doctors, architects, chartered accountants come under the self-employed professionals while traders, retailers and wholesalers come under the non-professional bracket. Firms Public companies and private ones come under the last category. 

So if you are still wondering about the Tata Capital home loan eligibility, these pointers will clear up the picture for you with ease. Make sure you have all your documents in place before you apply.

Tags: Home Loan Articles