Get Real Estate Loan

Ideally, you can apply for a Real Estate Loan at any time after you have made up your mind to buy a house or construct a property. Application can be initiated even if the property is not selected or if the construction has not started.

You will need to collect the application form from our nearest office and submit it along with the supporting documents. Alternatively, you can contact our toll free number and we will arrange for a representative to contact you for the same.

EMI refers to the ‘Equated Monthly Installment’ which is the amount you pay every month on a specific date till the loan is fully repaid. The EMI generally remains the same throughout the duration of the loan. It comprises of the principal & interest component

Pre-EMI is the interest paid on the loan amount availed in part and before the start of the actual EMI. This usually occurs in self construction or construction stage-linked loans. The EMI does not begin until the loan is disbursed in full and so the interest is charged only on partially disbursed loan amount.

Security of the loan would usually be security interest on the property being financed by us and / or any other collateral / interim security as may be required by us. It is very important for you to make sure that the title of the property is clear, free from any encumbrance and marketable. There should not be any existing mortgage, litigation or loan, which is likely to affect the title to the property.

Yes, you can apply for a loan at TCFPL for repaying Real Estate Loan availed from other Bank / Housing Finance Company. For more details on this (also known as ‘Balance Transfer’), kindly contact us.

An under-construction property refers to a house which is in the process of being constructed and the possession would be given to the owner/buyer later on completion.

• Submission of application form – Submit the filled-in application form with all the necessary documents.
• Sanction of your loan - You will get approval for your loan amount based on your requirement, repayment capability and the value of the property.
• Disbursement of your loan – This is done based on the nature of transaction. For resale, disbursal is made favoring the seller. For balance transfer loan cases, it will be favoring current financer and for self-construction cases, it will be based on the stage of construction.

• Loan for home purchase
• Loan for Residential plot and self-construction
• Loan for Home extension/Improvement
• Balance Transfer from other banks
• Loan Against Property

An amortization schedule is a table that provides information on the reduction of your loan amount via monthly installments. The amortization schedule gives the break-up of every EMI towards the outstanding principal and the repayment interest of your loan.

A beneficiary family not owning an existing house in any part of the India is eligible for this subsidy scheme subject to income criteria as defined for the family under various schemes for EWS/LIG/MIG-1 and MIG-2. Through this scheme, the beneficiary is eligible to avail interest subsidy on the purchase/construction of a house/enhancement of existing living unit.

Application form with a photograph of the applicant and co-applicant, KYC and Banking, Income document if any and any other document which is required to assess the loan eligibility should be submitted at the time of application. Our Sales representative will be glad to inform you about the document requirements .

Under the Indian Income Tax Act of 1961, resident Indians are eligible for certain tax benefits on principal and interest components of a loan. Under Section 24(1), interest repayment of 2,00,000/- per annum qualifies for tax saving. An added benefit under Section 80(c) on repayment of principal amount to the extent of 1,50,000/- per annum is also available on the same loan subject to compliance with conditions stipulated in the IT Act.

If you are an Resident Indian citizen between the ages of 18 to 55, and are either salaried, self-employed, self-employed professional, you are eligible to apply for a Real Estate Loan.

Processing fee varies from product to product. For Real Estate Loans, it is 1.5% and for Loan Against Property, it is 2% of total loan amount.