TCHFL unveils low interest home loan at 4% for weaker section

New Delhi: Tata Capital Housing Finance Ltd (TCHFL) on Monday announced a new home loan scheme 'Prapti' targeted at low income group under the affordable housing plan.

"By providing home loans at subsidised interest rates from 4 per cent, TCHFL will help individuals to realise their dream of buying their own home," the company said in a release.

Tata Capital said 'Prapti' is a step towards government's Pradhan Mantri Awas Yojana envisaging to provide affordable houses to the urban poor by 2022.

The scheme specifically caters to segments like the lower income group (LIG), economically weaker section (EWS) of society, Scheduled Caste (SC), Scheduled Tribe (ST) and women residing in the peripheries of metros, tier I, II and III cities.

The scheme is applicable for households with an income of up to Rs 6 lakh per annum, the company said.

"Housing Finance is an integral part of Tata Capital's wide portfolio of retail offerings. This product can reduce the effective cost of interest thereby expanding the opportunity of home ownership," said Govind Sankaranarayanan, Chief Operating Officer-Retail Business & Housing Finance, Tata Capital.

The 'Prapti' home loan scheme, with low interest rates and flexible loan repayment options will equip a larger base of the lower income segment to realize their dream of purchasing their own home, TCHFL Managing Director R Vaithianathan said.

TCHFL, a wholly-owned subsidiary of Tata Capital, provides loans for purchase and construction of residential unit, land purchase, home improvement, home extension and project finance to developers.

Tata Capital is into consumer finance, advisory services, commercial and infrastructure finance, securities, investment banking, private equity advisory, credit cards and travel & forex services.