Tata Capital Housing Finance NRI Home Loan

NRIs, the Tata Capital NRI Home Loan, makes owning a piece of India within reach. This specialised solution caters to your unique needs, offering competitive interest rates, flexible repayment terms of up to 30 years, and a high loan-to-value ratio. The streamlined process with minimal documentation and online application options makes investing from afar convenient. This loan makes investing an attractive option in your home country.

Feature & Benefits of Tata Capital Housing Finance Limited NRI Home Loan

Tata Capital understands the hurdles NRIs face when investing in Indian real estate. That’s why their NRI Home Loans go beyond financing – they offer a comprehensive solution to simplify your journey:

• Secure some of the market’s most attractive interest rates, minimising the financial impact on your investment.
• Choose from diverse loan options, encompassing everything from buying new or resale properties to construction, renovation, plots, and balance transfers. Find the perfect fit for your real estate goals.
• Spread the loan repayment comfortably over terms extending up to 30 years.
• Match your cash flow with flexible repayment plans like step-up/down or bullet payments.
• Get pre-approved quickly with minimal documentation and efficient processing times.
• Apply from anywhere globally and effortlessly track your application status online.
• Finance a significant portion of the property, reducing your initial investment outlay.
• Benefit from specialized services, including expert advice and dedicated relationship managers who will guide you through every step of the process and help you make informed decisions.
• Enjoy the flexibility to repay your floating rate loan early without extra charges.
• Experience the convenience of doorstep document collection and assistance, ensuring a smooth experience even when you’re miles away.

Types of Tata Capital Housing Finance Limited Home Loans for NRIs

Tata Capital understands that NRIs have unique goals regarding Indian real estate. That’s why they offer a variety of home loan options specifically designed to cater to your needs:

• NRI Home Purchase Loan: Whether you dream of a brand new apartment, a charming resale property, or a property under construction, this loan helps you acquire your ideal residential space in India.
• NRI Plot Loan: Are you thinking ahead and planning for the future? This loan facilitates the purchase of land for your dream home construction project.
• NRI Home Construction Loan: Already own a plot? Turn it into your dream home with financing that covers the construction costs based on your approved plans.
• NRI Home Extension Loan: Looking to add extra space or a modern touch to your existing residence? This loan helps you finance the extension.
• NRI Home Renovation Loan: This loan allows you to revitalize your current home with renovations or improvements, such as painting, flooring, or major upgrades.
• NRI Home Loan Balance Transfer: Have an existing home loan with another lender? Transfer it to Tata Capital to enjoy lower interest rates or more favourable terms.
• NRI Top-Up Loan: Are you an Existing Tata Capital NRI home loan customer? With a convenient top-up loan, you can unlock additional funds for any personal or property-related expenses.

Purpose of Tata Capital Housing Finance Limited NRI Home loan

The Tata Capital NRI Home Loan empowers Non-Resident Indians (NRIs) to invest in their vision of a home in India. It caters to your diverse needs:

• Finance the purchase of a brand new, move-in-ready apartment or house.
• Construct your dream home from the ground up on your existing plot.
• Acquire land for your future dream house with a plot purchase loan.
• Breathe new life into your existing residence with renovations or improvements.
• Add that extra space you need with a home extension loan.
• Transfer your home loan to Tata Capital for better interest rates or terms.
• Enjoy the flexibility of a top-up loan if you already have a Tata Capital home loan and require extra capital for personal or property-related expenses.

Tata Capital Housing Finance Limited NRI Home Loan Interest Rates

The starting interest rate for NRI Home Loans from Tata Capital Housing Finance Limited is 8.70% annually.

Tata Capital Housing Finance Limited NRI Home Loan Documents Required

Below is a detailed list:

• Valid Passport with VISA stamp.
• Overseas Residence Proof (utility bills, lease agreement, etc.).
• PAN Card.
• Copy of the agreement to sell (if a property has already been selected).
• Copy of the property’s title documents.
• NOC from the builder or housing society.
• Power of Attorney in favour of a local representative or relative duly attested by the Indian Embassy or a notary public in the NRI’s country of residence.
• Credit report from the country of residence.
• A credit report and Social Security Number (SSN) might be asked in the USA.
• In the UK, P60 (end-of-year tax summary) or similar documents.

For Salaried Individuals:

• The latest salary slips for the past three months are as follows:
• An employment contract or appointment letter.
• Bank statements for the last six months show salary credits.
• Latest Income Tax Returns or equivalent document.

For Self-Employed Individuals:

• Business proof (registration of business, partnership deed, articles of association, etc.).
• Financial statements for the last two years (profit & loss account, balance sheet, tax audit reports, etc.).
• Bank statements for the previous six months (personal and business).
• Latest Income Tax Returns.

Tata Capital Housing Finance Limited NRI Home Loan Eligibility Criteria

Tata Capital understands NRIs have unique needs. Their NRI home loan caters to this by considering the following:

• Residency: Be an NRI with a valid passport or PIO/OCI card (for PIOs).
• Age: Minimum 24 years old when applying, and not exceed 65 or your retirement age (whichever comes first) by loan maturity.
• Employment:
  • Salaried: Minimum 2-3 years of work experience abroad.
  • Self-Employed: Stable business record for at least 3 years.
• Income: Meet the minimum income requirement based on your country and employment type.
• Credit Score: A good credit score in your country of residence demonstrates strong repayment ability.
• Property: You can use the loan for a new home or flat, house construction, or a plot for future construction.
• Co-applicant (Optional): Enhance your eligibility with a co-applicant who meets the same criteria.
• Documents: Prepare a valid passport, visa/work permit, income proofs, and property documents as requested by Tata Capital.

Fees and Charges for Tata Capital Housing Finance Limited NRI Home Loan

Tax Benefits of Tata Capital Housing Finance Limited NRI Home Loans

NRIs with Tata Capital Housing Finance home loans can significantly reduce their tax burden in India. Here’s how:

• Deduct up to ₹2 lakh annually on interest payments for your self-occupied property (Section 24). There is no cap on interest deductions for rented properties!
• Under Section 80C, you can claim a deduction of up to ₹1.5 lakh on your home loan’s principal repayment (combined with other investments and expenses).
• Enjoy an additional ₹50,000 deduction on interest payments under Section 80EE (certain conditions apply).
• Deduct stamp duty and registration charges incurred when buying the property under Section 80C (up to ₹1.5 lakh in the year of expense).