Home Loans in Chennai

To get a home loan in Chennai is simple as various banks and financial institutions like HDFC, SBI, PNB housing finance, IIFL, Aadhar housing finance, Indiabulls housing finance Chennai are giving home loan interest rates starting from 8.50%. With nominal processing fees starting from 0.25% + GST.


Compare Home Loan Interest Rate Offered by Various Banks & HFCs 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:

Name of LenderUp to Rs. 30 LakhAbove Rs. 30 Lakh to Rs. 75 LakhAbove Rs. 75 Lakh
SBI8.55% - 10.05%8.55% - 9.95%8.55% - 9.95%
HDFC8.60% - 10.00%8.85% - 10.25%8.95% - 10.35%
LIC Housing Finance8.50% - 9.50%8.50% - 9.70%8.50% - 9.90%
ICICI Bank8.60% - 9.50%8.60% - 9.50%8.60% - 9.50%
Kotak Mahindra Bank8.50% onwards8.50% onwards8.50% onwards
PNB Housing Finance8.50% - 12.50%8.50% - 12.50%8.50% - 11.70%
Punjab National Bank8.45% - 9.85%8.40% - 9.55%8.40% - 9.50%
Bank of Baroda8.45% - 9.95%8.45% - 9.95%8.45% - 10.20%
Union Bank of India7.75% - 9.65%7.75% - 9.85%7.75% - 9.85%
IDFC First Bank8.45% onwards8.45% onwards8.45% onwards
L&T Housing Finance8.20% - 9.70%8.70% - 9.70%8.70% - 9.70%
Bajaj Housing Finance8.30% onwards7.70% onwards7.70% onwards
Godrej Housing Finance8.50% - 10.99%7.99% - 10.99%7.99% - 10.99%
Tata Capital8.60% onwards8.10% onwards8.10% onwards
Federal Bank9.05% - 9.10%7.77% - 9.15%7.77% - 9.20%

Additional Info: Best Home Loan Interest Rates @7.90%

Home Loan Interest Rates in Chennai

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

Home Loan ParametersHome Loan Details
Interest Rate8.30% - 14.00%
Processing Fee0% to 1.25 % of the loan amount
Tenure/ Repayment1-30 years

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

Top Home Loan Providers in Chennai

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.

Loan SlabHome Loan Interest Rates (in % p.a.)
For Women* (upto 30 Lakhs)8.60 - 9.10
For Others* (upto 30 Lakhs)8.65 - 9.15
For Women* (30.01 Lakhs to 75 Lakhs)8.85 - 9.35
For Others* (30.01 Lakhs to 75 Lakhs)8.90 - 9.40
For Women* (75.01 Lakhs & Above)8.95 - 9.45
For Others*(75.01 Lakhs & Above)9.00 - 9.50

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.

Customer TypeHome Loan Interest Rate*
Salaried - Home Loan11.75% to 16.50%
Self-Employed - Home Loan12.75% to 17.00%
Loan against Property15.00% to 17.00%

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.

DetailsInterest Rate/ Fees
For general customer8.65%
For women customers8.65%
Processing FeeMaximum upto 0.50% + GST

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

Home Loan Interest Rate in Chennai for Salaried and Professional Individuals

Loan TypeEffective ROI (p.a.)
Home Loan8.30%* to 14.00%*
Home Loan (Balance Transfer)8.30%* to 14.00%*
Top Up9.20%* to 15.00%*

Interest Rate For Salaried Individuals in Chennai

TypeRepo Rate + SpreadEffective Rate of Interest
Floating RateRepo Rate + 2.70% to Repo Rate + 3.05%8.60% - 8.95% p.a.
Fixed RateAll Loan Amounts14% p.a.

Home Loan Interest Rate For Self Employed Individuals in Chennai

Loan TypeEffective ROI (p.a.)
Home Loan8.55%* to 14.00%*
Home Loan (Balance Transfer)8.90%* to 14.00%*
Top Up9.40%* to 15.00%*

Interest Rate For Self Employed Individuals in Chennai

TypeRepo Rate + SpreadEffective Rate of Interest
Floating RateRepo Rate + 2.80% to Repo Rate + 3.15%8.70% - 9.05% p.a.
Fixed RateAll Loan Amounts14% p.a.

Additional Info: Also check Home Loan for Salaried Employees

Types of Home loans offered in Chennai

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):

Types of Home LoanPurpose of Home Loan
Home LoanThis type of loan is taken to purchase residential property like flats and apartments.
Loan against PropertyGet loan by pledging your property to the bank.
Home improvement LoanThis loan is taken for house renovation related activities like painting, wiring revamp etc.
Home Extension LoanThis type of loan is taken to extend an already existing loan. For example to build a floor, room and balcony.
Land purchase LoanThis type of loan is taken to purchase a land. The construction of property should be completed within a fixed timeline.
House construction LoanThis type of loan is taken to construct a house.
Home Loan Balance TransferHome loan balance transfer is used to transfer the existing home loan to a lower interest rate reducing the overall outgo in process.
Pre-approved Home LoanThis type of pre-approved home loan is given by banks and lending institutions to their existing customers on the basis of their credit worthiness and income.
Home Loan Top-upsThis is given as an extra loan on your existing home loan.
Home loans for NRIThis type of home loan is suitable for people who live outside India but are willing to construct a house in India.
Home Loan OverdraftHome loan overdraft allows borrowers to get more loan amount linked to their savings and current account.

Also Read - LRD Loans

Mortgage Loans in Chennai

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

Mortgage Loan Interest Rates in Chennai

Name of LenderUp to Rs. 30 LakhAbove Rs. 30 Lakh & Up to Rs. 75 LakhAbove Rs. 75 Lakh
LIC Housing Finance8.00% – 10.00%8.00% – 10.20%8.00% – 10.40%
HDFC Ltd.8.40% – 10.00%8.40% – 10.25%8.40% – 10.35%
Tata Capital Housing Finance8.60% onwards8.60% onwards8.60% onwards
Bajaj Housing Finance8.30% onwards8.30% onwards8.30% onwards
PNB Housing Finance8.50% – 12.50%8.50% – 12.50%8.60% – 11.70%
Repco Home Finance8.10% onwards8.10% onwards8.10% onwards
GIC Housing Finance8.10% onwards8.10% onwards8.10% onwards
Indiabulls Housing Finance8.70% onwards8.70% onwards8.70% onwards
Aditya Birla Capital8.50% – 13.50%8.50% – 13.50%8.50% – 13.50%
ICICI Home Finance9.20% onwards9.20% onwards9.20% onwards
Home First Finance8.00% – 18.00%8.00% – 18.00%8.00% – 18.00%
Godrej Housing Finance7.99% – 10.99%7.99% – 10.99%7.99% – 10.99%
L&T Housing Finance7.70% – 8.70%7.70% – 8.70%7.70% – 8.70%

Additional Info: Also check Home Loan Tax Benefit

Features and Benefits of Home Loan in Chennai

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

Eligibility Criteria of Home Loans in Chennai

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

Documents Required for Home Loan in Chennai

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

FAQs for Home Loans in Chennai

Which bank is the best for home loan in India?


Lowest home loan interest rate in Chennai is 7.80%. With the recent rate hike trend it is assumed that the search for cheapest home loans in Chennai might take a while. Till then you can have a look at these banks / NBFCs and the home loan interest rates that they offer 

Banks/NBFCsHome Loan Interest Rate
HDFC8.60% onwards
LIC HFL8.50% onwards
SBI8.55% onwards
ICICI8.60% onwards
Kotak Bank8.50% onwards

Which Type of Home Loan is Best in India?


Home loan can be needed for multiple scenarios like loan against property in Chennai, loan against power of attorney property in Chennai, and many more. So, there is no particular best home loan for all but it will depend on the exact requirement of the customer to decide which type of home loan can best cater to their requirements.

How long does it Take to Get a Home Loan in Chennai?


It takes anything between 7 to 21 days in order to get a home loan in Chennai.

What is the Lowest Interest Rate on a Home Loan in Chennai?


The lowest home loan interest rate in Chennai is 8.55% p.a.. Currently it is offered by SBI.

What is the Minimum Income requirement to get a Home Loan in Chennai?


If your monthly salary is more than Rs 25000 then you can get a home loan in Chennai.

How to get Home Loan in Chennai?


Why only Chennai, you can apply for a home loan from anywhere in India using our website MyMoneyMantra.com or you can directly visit the link https://www.mymoneymantra.com/home-loans and fill the form with your exact requirements.

Which Bank gives fastest Home Loan?


All banks take almost similar time in disbursing your home loan amount. It takes from 7 to 21 days to get your home loan amount.

How much down payment for home in Chennai?


Normally to buy a new home, a down payment of 10% of the total cost of the property is required. But it is always advisable to go for a minimum home loan amount by paying around 20% to 30% as down payment to the builder.

Can I get home loan on residential plot?


Plot loans are available for only a residential plot unlike home loans which are available on all properties. The maximum Loan to Value (LTV) when it comes to plot loans is stipulated at 70%. For home loans, the LTV can go up to 90% in some cases.

Can I prepay my home loan?


Yes, you can prepay your home loan easily by paying a nominal fee as prescribed by the respective bank in case any.

What is the difference between Home loan and Mortgage Loan?


It must be made clear that even Home Loans are a type of mortgage loan; wherein the property you seek a loan is considered a collateral for the sanction.

Can home loan tenure be increased?


Yes, they can be increased if there is any room for doing so. Home loans have a long tenure of 15 years and above. During it you will encounter many interest-rate cycles. “Borrowers can either opt for the tenure increase option or the EMI increase option with the consent of the lender. Opting for tenure increase will result in higher interest cost than the EMI increase option.