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Many Indians have moved abroad in search of jobs or other commitments but would still like to buy a house in their motherland. To service the financial needs of NRIs to buy their home Tata Capital has introduced Tata Capital NRI Home Loans. These loans are specially designed for Tata Capital’s NRI customers and are offered at attractive interest rates. The various features and interest rates associated with these loans have been listed below.

Tata Capital has introduced a scheme to provide for the financial needs of customers who would like to purchase or construct a house in Tier 2 and Tier 3 cities across India. The Rural Housing Finance scheme allows customers to avail Home Loan products from Tata Capital at attractive interest rates and relaxed repayment schedules. The various features and interest rates applicable to Tata Capital Rural Housing Finance have been listed below.

Tata Capital’s Prapti Home Loan under the Pradhan Mantri Awas Yojana – Housing for All scheme is set up by Tata Capital to ensure the availability of funds to economically weaker sections of society and low income groups at low interest rates and charges with the objective of providing housing for all in India. The scheme will allow the recipient to use the funds for the construction of additional rooms, kitchen, toilet etc. It also allows the recipient to utilize the funds to purchase a new house or flat or to start a new construction. This scheme will cover all 4041 Statutory Towns as per the Census of 2011.

• Under the Pradhan Mantri Awas Yojana scheme the beneficiaries will receive a subsidy between Rs.1 lakh and Rs.2.3 lakh from the central government treasury. This subsidy will allow people from Low Income Categories and Economically Weaker Sections of society to afford housing.

Tata Capital is continually endeavouring to give customers a transparent, customer centric experience. Tata Capital’s brand proposition is “We only do what’s right for you.” Keeping their brand proposition in mind Tata Capital offers its customers the option to switch how their interest is calculated to reduce their total interest payment on a loan. All Tata Capital Home Loan customers are eligible to avail this facility by paying a nominal switching fee. Customers can opt to reduce their Equated Monthly Instalments (EMIs) by increase their loan tenure or increase their EMI payments by reducing their loan tenure.

A customer may change his/her interest from a fixed interest rate to the prevailing floating rate of interest by paying a nominal switch charge. The switching fee will be calculated up to 50% of the differential interest rate on the principal amount outstanding. The switching fee can be a maximum of 1% of the principal amount outstanding. Additional service tax is applicable to this fee.

Tata Capital offers its customers insurance for their home loan. Home Loan Insurance protects the borrower’s interests and the interests of his/her family. In case an event arises where a customer is unable to pay the EMIs on a home loan, the home loan insurance will protect the customer’s family from taking on the liability of the outstanding loan amount.

Tata Capital housing has announced the special offer on their Home loan products for Tier 2, Tier 3 cities, semi-rural areas, semi urban areas and the urban poor segment. The offer is about the cheap home loan available up to Rs 15 lakhs for the rural housing as per the National housing bank guidelines @ 9.75% per annum. This will facilitate the growth and the development of rural housing in India. Another offer is being made for the ‘Urban poor’ segment that comprises of the low income groups in urban areas who cannot afford a house in the city. These people can seek a home loan up to the amount of Rs 10 lakhs at an affordable rate of interest. Tata capital has covered this new scheme in 50 cities, putting forth its arms in housing development and nation building. This is the type of financial inclusion as it covers the low income groups, rural areas, semi urban areas and the urban poor segment. Such steps will definitely add a good infrastructure and housing community for the people of the nation.