Tata Capital Housing unveils home loan scheme with 4% rate
Tata Capital Housing Finance Ltd has launched ‘Prapti’, which is a new home loan scheme targeted towards the people who have a yearly income of less than Rs.6 lakhs. The company is completely owned by Tata Capital and they have come up with this extremely affordable housing scheme with an interest rate of just 4%.
Objective of the scheme
- Objective of ‘Prapti’ is to support the Prime Minister’s initiative of providing affordable houses to all the poor people from urban areas and house less people of India by the year 2022. ‘Prapti’ will work together with Pradhan Mantri Awas Yojana.
- There are many people in the country who have a lower earnings due to which they are not able to avail the existing home loan options. If they are given a loan at a reduced interest rate then probably they will be able to buy a house of their own. So the company has launched ‘Prapti’, which will provide home loan at a subsidized rate of interest.
The Tata Capital Housing’s managing director said that they are taking this initiative reaching out to the people who belong to the smaller cities, semi-rural areas or urban poor. According to him affordable housing finance has great potential for nation’s growth.
|1||Date of launch||01 August 2016|
|2||Tata Capital’s Prapti vision matches with||Government’s Scheme “Housing for All by 2022”|
|3||Who spoke behalf of Tata capital on Launch of Prapti||Govind Sankaranarayanan, chief operating officer—retail business & housing finance, Tata Capital|
|4||Income range set for marking Low Income Group Segment||3L to 6L|
|5||Economically Weaker Segment||People earning Below 3L|
- Housing loans will be provided to people at an interest of 4%, which will include the 6.5% reduction that is being given under the Pradhan Mantri Awas Yojana. The lesser interest rate will attract more people who belong to the lower income segment.
- On an average banks provide home loans at a rate of 9-10% interest. So the ‘Prapti’ scheme is one of the most competitive housing loan scheme of the low-cost market.
- The main target of the Prapti scheme is to cater economically weaker sections, scheduled caste, and lower income group, and scheduled tribe who seek financial aid for their dream house.
- The loan will be applicable for households with a yearly income of up to 6 lakhs.
‘Prapti’ housing loan will benefit a lot of household in their dream of buying an own house. The scheme has low interest rates and flexible loan repayment options which will be convenient for the lower income segments of the society.