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To choose the best loan against property EMI option, you must consider your income level and affordability for a comfortable repayment tenure.
With Tata Capital, you can choose between our standard EMI plan and the step-up Flexi EMI plan. If you have a stable income, you can choose the standard EMI plan to keep your EMIs fixed throughout the duration. Alternatively, if you're expecting a gradual income increase in the future, the step-up Flexi plan will allow you to increase your EMIs later and manage your finances efficiently.
You can modify your loan against property EMI options during the loan's term in three ways.
1. Switch from standard to step-up flexi EMI plan- If you face difficulties repaying a fixed amount each month, you may switch to our step-up Flexi plan to pay smaller amounts initially and gradually increase them over time. This way, you can align your EMI payments with the growth in your income.
2. Make prepayments - You can prepay up to 25% of your loan in a maximum of two payments after a 12-month lock-in period. You can use this option to your advantage, as when you repay a part of your loan, the interest rate and EMI amount is recalculated based on the new outstanding principal amount. This can significantly reduce your EMI payments.
3. Request loan restructuring - You can request a tenure extension by providing valid reasons and documentation and paying the switch fee charges. The switch fee charges are calculated based on the per cent reduction you seek in interest rates. If approved, this will restructure your loan tenure and EMI options.
There are some charges for applying for prepayment of a loan against property. Here are some factors to consider-
1. There is a 12-month lock-in period after the loan has been approved. During this period, you would not be able to make any prepayments.
2. After the first 12 months, you may prepay up to 25% of your outstanding loan amount without penalty. This payment may be made in 2 trenches, meaning you can make a maximum of two payments. The total amount of these payments must be equal to or less than 25% of the loan amount.
3. If you wish to prepay more than 25% of the loan or prepay it in full, 4% foreclosure charges will be applied to the outstanding amount.
Tata Capital provides one variable loan against the property EMI option: the Step-Up Flexi EMI plan. When you choose this plan, the EMI amount you pay varies over time, gradually increasing towards the end of the loan tenure. This plan helps you align your EMI payments with expected growth in your income in the future.
Apart from the flexi plan, you may also opt for loan restructuring during the tenure of your loan if, in any circumstance, you find yourself unable to repay the fixed EMI amounts. When you request a loan restructuring, you must submit the necessary documentation and provide valid reasons for such a request. Based on this, you may be given options to extend your loan tenure, which will also modify your EMI options.
These are charges related to your loan against property EMI options-
1. Penal interest - It is a penalty you have to pay if you lapse on an EMI payment or default on the repayment schedule. This charge is calculated on the overdue EMI amount. The penal interest may be up to 3% of the overdue amount.
2. Mandate rejection charges- If your bank account does not have an active mandate and your EMI is rejected, you must pay rejection service charges of Rs. 450 monthly until a mandate is linked to the account.
There are several advantages of selecting a loan against property EMI options that allow for faster repayment of loans.
1. Quicker loan repayments - When you pay a higher EMI amount each month, it accelerates your loan repayment. As a result, you would become debt-free sooner.
2. Reduced total interest amount- The monthly interest rate is calculated on the outstanding loan balance. With a higher EMI, you repay larger portions of your loan, leaving smaller loan balances. This means the total interest amount you pay would reduce with higher EMIs.
3. Reduced financial burden- Of Course, higher EMIs mean larger financial commitment each month. However, the long-term financial burden is significantly lesser since the loan is repaid quicker.
Yes, you can change EMI options during the loan payback period. There are three ways to do this-
1. Change your EMI plan from standard to flexi or vice versa.
2. Make prepayments to get your EMI recalculated.
3. Request interest restructuring
You can apply for a customised loan against the property EMI option in two ways.
1. Choose the step-up flexi EMI plan, which allows you to start with smaller EMI payments and gradually increase them.
2. Use the loan calculator to customise your loan tenure and determine the EMI option that aligns with your repayment capability.
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