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Tata Capital was established as a subsidiary of Tata Sons Limited, in the year 2007. Tata Housing finance is registered as an NBFC (Non-banking financial corporation) with the RBI (Reserve Bank of India). Tata Capital housing finance is focused on providing customized housing solutions to its customers. They operate with the same ethics and integrity of Tata Sons Limited.
In today’s world, real estate prices are sky-rocketing. Many banks or NBFCs focus on customizing solutions for the elite segment. While there is ample focus on achieving logistical supremacy, operational efficiency, there is little effort on creating customized solutions for the lower strata of the society. There are very few low-cost borrowing solutions extended to the potential borrowers who intend to invest in buying a house.
Tata Capital housing finance arm is committed to providing solutions to this section of people who also dream of owning a home. Tata Sons have always focused on building solutions which reach out to a wide variety of audience especially the low-income group.
The Tata Capital Housing Finance Prapti Scheme is a home loan solution for low-cost housing. The scheme is aligned with the Prime Minister’s Awas Yojna scheme where subsidy of up to Rs. 2.5 Lakh is extended to individuals in the low-income group. The Tata Capital Housing Finance Prapti Scheme was launched in 2016 in alliance with the above-mentioned scheme. The Pradhan Mantri scheme intends to promote construction of 2 crore affordable houses for the urban poor by the year 2022.
The Tata Capital Housing Finance Prapti Scheme is particularly aimed at the economically weak sections with specific focus on SC and ST (Scheduled Caste and Scheduled Tribe), women who reside in peripheral regions in Metros, Tier I, II or III cities. Any household which has a maximum annual income of Rs. 6 Lakh can avail Prapti Scheme. Home loans are extended at very low interest rate of 4%, this is typically way below the normal housing loan interest rate applicable on other loans. The plan also offers flexi-payment options and other interesting traits like zero conversion charges.
Affordable housing finance is a fast-growing segment within the housing loan sector. Tata capital’s home loan business has particularly identified this growth area and has launched customized solutions to cater to this segment. Tata capital’s presence in the affordable housing loan segment has increased with the launch of Prapti scheme.
This particular home loan scheme is aimed to cater to the affordable housing segment, hence the low-income group is eligible for applying under this scheme –
The affordable housing comes in addition to the Rs. 2.5 Lakh subsidy given under the Pradhan Mantri Awas Yojana scheme. The project should be approved under the Pradhan Mantri Awas Yojana for the home loan to go through. The documentation is slightly different for this loan scheme given that the intent is to ensure that the affordable housing loan scheme should reach the needy.
The Prapti scheme has documentation slightly different from that of regular home loan schemes. The standard set of documents is required to process the loan, however, there is always relaxation on some of the key documents. Below is the list of documents which are normally submitted for any housing loan –
Apart from this, the applicant has to prove that the project he /she intends to invest in falls within the peripheral regions of metro cities, Tier I, II and III cities. The project has to be pre-approved under the Pradhan Mantri’s Awas Yojna scheme.
EMI (Equated monthly installments) are payable on home loans borrowed from Tata Capital Housing Finance Prapti Scheme. EMI constitutes two components – Interest and Principal. The EMI is payable every month for the chosen tenure. The home loan tenure can be as long as 30 years.
Website of the bank / NBFC will have an EMI calculator, which will capture basic personal details, income details, credit score, loan tenure, loan value. Based on these aspects, the EMI is calculated with an interest rate of 4%. The EMI is just an estimation, the actual EMI would vary based on the interest rates agreed upon in the contractual agreement.
By calculating the EMI, one gets a fair idea on the amount that needs to be set aside from the household budget on a monthly basis. This will enable the applicant to assess his financial position and accordingly apply.
The interest rates offered under this scheme are as low as 4%. This is lower than the base rate adjudged by the NBFC for various other housing loan schemes. The Prapti scheme is aligned with the Government’s initiative to provide affordable houses for all.
With the launch of Tata Capital Housing Finance Prapti Scheme, many individuals who fall within the lower income group are now able to buy their dream house.
1. Who can apply for loan under Tata Capital Housing Finance Prapti Scheme?
All individuals with income below Rs. 6 lakh per annum can apply for home loan under Tata Capital Housing Finance Prapti Scheme.
2. Is this loan restricted to specific geographic locations?
Individuals should be within the peripheral regions of Metro cities, Tier I, II and III cities
3. Do all branches of Tata capital housing finance services Ltd., offer this scheme?
Yes, Tata capital housing finance services Ltd operates with over 50 branches around India, all these branches offer this scheme and cater to the low-income groups in India.
4. Is this scheme aligned to any specific Government initiative?
Yes. The housing loan was launched in alliance with the Pradhan Mantri Awas Yojna scheme under which the Government intends to promote 2 crore construction projects for lower income group by the year 2022.
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