TCHFL (Tata Capital Housing Finance Limited) is a fully owned subsidiary of Tata Capital Limited. The company has tied up with 100-year old financial institution Saraswat Co-Operative Bank. Under this alliance, the latter’s clients will now be able to get access to several innovative financial products offered by Tata Capital Housing Finance Limited. This partnership will also open up a new opportunity for TCHFL to scale up its overall footprint while reaching out to a bigger audience, particularly in rural areas and Tier-II and Tier-III cities in India.
Tata Capital Housing Finance Limited currently offers multiple financial products including loans against property, home loans and affordable housing loans. Saraswat Co-Operative Bank has a customer base exceeding 30 lakh people throughout the country and has already completed its 100th year of operations. TCHFL will strive to offer convenient housing finance and other mortgage based products to customers. Housing finance is already witnessing a boom in India following growing urbanization, buyer-friendly measures like RERA and the Housing for All by 2022 mission of the Government.
Saraswat Co-Operative Bank will be able to cater to increasing home loan requirements of its customers through this tie-up according to reports. UBCs are legally permitted to offer individual housing loans up to a maximum amount of Rs. 70 lakh for every beneficiary and this is subject to limits relating to prudential exposure. As a result, home loans above Rs. 70 lakh or other requirements beyond the lending regulations of Saraswat Co-Operative Bank will be referred to Tata Capital Housing Finance Limited.