Home Loans in Chennai

Which bank is best to get a home loan in Chennai? This query can be easily put to rest when you compare various banks and the rates at which they are offering home loan interest rates. 

Let’s have a look below to know the same:

Additional Info: Best Home Loan Interest Rates @7.90%

Home loan in Chennai and neighbouring areas start from 7.90% and can go on upto 14%.

Tip: 50 Lakh Home Loan EMI Interest Rate 2022 before applying for a loan

There are more than 30 banks and financial institutions that can give you the best home loans in Chennai.

Here we are mentioning some of those lenders which give lucrative deals on your home loans:

PNB Housing Finance Limited Home Loan in Chennai

PNB HFL starts giving home loans in Chennai from Rs 8 lakh onwards and takes approximately 10 days to process. The minimum home loan rate of interest in Chennai is 8.50% for salaried and 8.60% for self employed professionals whose CIBIL or credit score is more than 800.

HDFC Home Loan in Chennai

HDFC or HDFC Limited caters to home loan in Chennai under different loan slabs based on the requirement amount of home loan. There are different home loan interest rates for women that can benefit you greatly if one co-applicant of your home loan is a woman.

LIC Housing Finance Limited Home Loan in Chennai

LIC Housing Finance gives 7 different types of home loans in Chennai or any other place. The starting home loan interest rate starts from 8.50% for people having a CIBIL score more than 800 and are salaried. For people whose CIBIL score is less than 600 and are self-employed, for them the home loan interest rate in Chennai is around 9.40%.

Bajaj Housing Finance Chennai

Bajaj Housing Finance offers attractive Home Loan interest rates starting at 8.30%* for salaried and professional individuals. Borrowers also have the advantage of availing of a sizable sanction with minimal documentation and quick processing and approval.

Aadhar Housing Finance Chennai

With 13 types of home related loans Aadhar Housing Finance home loan interest rate is one of the good options.

Sundaram Home Finance Chennai

With 6 types of home loans schemes, the home loan interest rate at Sundaram home finance in Chennai starts from 8.65% p.a.

IIFL Home Loan in Chennai

IIFL Home Loans progressively works towards facilitating affordable home loans to first time homebuyers of the country. Through a wide network of branches, backed by a digital infrastructure and social development intent, the Company caters to the evolving home finance needs of marginalized sections across the length and breadth of the nation.

The IIFL home loan interest rate in Chennai starts from 8.20% p.a.

Indiabulls Housing Finance Chennai

Indiabulls Home Loans offers customers competitive interest rates that will make it easier to own a home of choice. The home loan interest rate at Indiabulls Housing Finance in Chennai start from 8.95% p.a.

SBI Home Loan Chennai

State Bank of India is one of the premier banks of India and so to get a home loan in Chennai is very easy with SBI. The cheapest SBI home loan interest rate is 8.05% and the maximum tenure for which home loan can be availed is 30 yrs. The loan disbursement process can take upto 3 weeks in SBI home loan Chennai.

Indiabulls Home Loan

The final Indiabulls home loan rate of Interest depends upon Profile, Loan amount, tenor , property type and other risk parameters. The lowest home loan rate in Chennai is 8.70% for 30 yrs. This can change depending on the credit worthiness of the applicant.

Axis Bank Home Loan

Axis bank home loan in Chennai is one of the most searched options to get a home loan. The home loan interest rate varies depending upon the applicant profile, salary and credit score.

Additional Info: Also Check Best Banks for Home Loan in India in 2022

Interest Rate For Salaried Individuals in Chennai

Home Loan Interest Rate For Self Employed Individuals in Chennai

Interest Rate For Self Employed Individuals in Chennai

Additional Info: Also check Home Loan for Salaried Employees

There are more than 10 types of home loans offered in Chennai. Have a look below to understand what different types of home loans you can take from banks and other financial institutions(FIs) or NBFCs(non-banking financial institutions):

Also Read - LRD Loans

Mortgage loans in Chennai is another term for home loans in Chennai. So, if you are in need of any type of mortgage loan ie. home loan in Chennai then you are reading just the article where you will get all the information correctly.

Additional Info: Also check Home Loans in Bangalore

Additional Info: Also check Home Loan Tax Benefit

Home Loan is a secured loan where the bank keeps possession of your home papers till the repayment is done. Let’s have a glance at some features of home loan in Chennai:

• Home loans in Chennai are usually offered at a minimum interest rate of 7.80% p.a.
• Tenures may be up to 30 years.
• LTV ratio: 80%-90% of the cost of property.
• Facilities like top-ups, overdraft and home loan balance transfer to existing home loan borrowers are easily available.
• Selected existing bank customers are offered pre-approved instant home loans.
• No prepayment charges.
• Pradhan Mantri Awas Yojna for economically weaker sections, middle income groups and low income groups with interest subsidy of up to Rs 2.76 lakh

Additional Info: Also check How to Apply for Pradhan Mantri Awas Yojana

To be eligible for home loan in Chennai there are some requirements. Let’s see what are those requirements that will allow you to have your dream home in Chennai:

• Applicant’s nationality: Indian Resident, PIO, NRI
• Age- 21 years up to 70 years at the time of loan maturity
• Work experience: At least 3 years for salaried and self-employed
• Applicant’s job profile: Salaried (government and corporate professionals)/Self-Employed Non-Professionals (contractor, trader, commission agent)/Self-Employed Professionals (Doctors, CS, lawyers, CA, architect, consultant, engineer
• CIBIL/Credit score should be 750 and above for increased chances of availing home loan and at lower interest rates

Additional Info: Also check Home Loan Eligibility

Below are the list of documents needed to get a home loan in Chennai:

Home loan Documents For Salaried Loan Applicants

• Proof of Identity: PAN Card/Driving License/ Voter ID/Passport/Aadhar Card.
• Proof of address: Passport/Utility bill/Aadhar card
• Proof of Income: Latest salary slip/ ITR/Form-16
• Bank Statement: Last 3 months bank statement/ last 6 months bank passbook.
• Property Documents: Agreement sale copy, Certificate of possession, Land tax receipt, the detailed cost of construction, Letter of allotment, Original NOC.

Additional Home Loan Documents for Self-Employed Applicants

• Business profile
• Recent Form 26AS
• Income Proof: ITR with income computation for past 3 years
• Memorandum and Articles of Association of the company
• Balance sheet and profit & loss account statement for last 3 years
• Current account statement of business entity
• Savings account statement of individual for past 6 months

Additional Info: Also check Documents Required For Home Loan