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Max Tenure

5 yrs

Best Rate

7.35%

Processing Fee

10,000?*

View Details

Features

  • * Upto 30 years Loan Tenure
  • * No Prepayment or Foreclosure charges
  • * Funding up to 90%* of the property cost
  • * Customized eligibility programs
  • * Accessible network & decades of experience

Pricing

  • Interest rate – 7.35%
  • Processing Fees – 0.25% of loan amount or Rs. 10,000/- (salaried), 0.5% of loan amount or Rs. 10,000/- (self-employed)

Documents Required

  • Age Proof (PAN Card, Passport, Any other Certificate from Statutory Authority)
  • Residence Proof (Passport, Driving License, Telephone Bill, Ration Card, Election Card, Any other Certificate from Statutory Authority)
  • Education Qualifications – Latest Degree
  • Latest Salary-slips for 3 months or 3 years Income Tax returns for Self Employed
  • Bank Account statement for last 6 months (Salary Account) or 12 months for Self Employed

Max Tenure

30 yrs

Best Rate

6.90%

Processing Fee

0%*

View Details

Features

  • Best ROI in the industry
  • For women beneficiaries 0.05% less than normal rate
  • Speedy Sanction
  • No prepayment charges
  • No hidden charges
  • Interest calculated on daily reducing balance
  • Longer Repayment tenor

Pricing

  • Interest Rate: 6.90% to 8.90%
  • Processing Fee: 0

Documents Required

  • ID proof(PAN card, Pass port/Voter Id/Employer ID/Driving Licence/ Aadhaar Card/MNREGA No) with 2 PP photos
  • Residence proof: Latest Tel bill, Bank Statement / Elec bill / Ration Card / letter from employer)
  • Certificate from employer confirming confirmation of continuous service - For Salaried Only
  • A brief note on nature of business / activity / business licence in case of self-employed
  • Form 16 for last 3 years
  • Bank Statement / Pass book of salary or Business A/c for last 6 months
  • Balance sheet and P&L Account for last 3 years - For Self Employed
  • Salary Slip for last six months - for Salaried
  • Income Tax returns with taxpaid challans for last 3 years - For Self Employed

Max Tenure

15 yrs

Best Rate

12%

Processing Fee

3-5%

View Details

Features

  • Loan on Cash income
  • Past Bureau issues also considered.
  • Funding on gram panchayat , B khata , Properties under municipal limits also funded.
  • Loan starts at 5 lacs.

Pricing

  • Interest Rate: 12 % to 18%
  • Processing Fee: 3 - 5%

Documents Required

  • Identity proof such as Pan Card, Voters ID Card, Passport.
  • Address proof such as electricity bill, ration card.
  • Income proof documents, if available.
  • Bank pass book or Bank Statements.
  • Property documents, if property identified.

Max Tenure

30 yrs

Best Rate

8.65%

Processing Fee

Rs. 10,000/-*

Max Tenure

25 yrs

Best Rate

9.85%

Processing Fee

0.8%*

Max Tenure

15 yrs

Best Rate

15%

Processing Fee

2%

Max Tenure

30 yrs

Best Rate

9.65%

Processing Fee

NIL

Max Tenure

20 yrs

Best Rate

9.1%

Processing Fee

Nil

Max Tenure

25 yrs

Best Rate

8.70%*

Processing Fee

0.25%*

Max Tenure

30 yrs

Best Rate

8.70%

Processing Fee

Rs.5000/-*

Max Tenure

15 yrs

Best Rate

12%

Processing Fee

Rs.9500/-*

Max Tenure

20 yrs

Best Rate

12%

Processing Fee

1%*

Max Tenure

60 months

Best Rate

10.75%

Processing Fee

1.50%

Max Tenure

20 yrs

Best Rate

9.75%

Processing Fee

0.25%*

Max Tenure

30 yrs

Best Rate

8.40%

Processing Fee

Rs. 10,000/-*

Max Tenure

20 yrs

Best Rate

10.50%

Processing Fee

1.5%

Max Tenure

25 yrs

Best Rate

8.70%

Processing Fee

NIL

Max Tenure

25 yrs

Best Rate

8.70%

Processing Fee

Rs.2500/-*

Max Tenure

nil*

Best Rate

8.30%

Processing Fee

nil*

Max Tenure

nil*

Best Rate

8.50%

Processing Fee

nil*

Max Tenure

nil*

Best Rate

8.55%

Processing Fee

nil*

Max Tenure

nil*

Best Rate

8.55%

Processing Fee

nil*

Max Tenure

nil*

Best Rate

8.30%

Processing Fee

nil*

Max Tenure

nil*

Best Rate

8.35%

Processing Fee

nil*

Max Tenure

nil*

Best Rate

8.30%

Processing Fee

nil*

Max Tenure

nil*

Best Rate

8.30%

Processing Fee

nil*

Max Tenure

nil*

Best Rate

9.7%

Processing Fee

nil*

Max Tenure

nil*

Best Rate

8.25%

Processing Fee

nil*

Max Tenure

nil*

Best Rate

8.25%

Processing Fee

nil*

Max Tenure

nil*

Best Rate

8.45%

Processing Fee

nil*

Max Tenure

nil*

Best Rate

8.30%

Processing Fee

nil*

Max Tenure

nil*

Best Rate

8.65%

Processing Fee

nil*

Max Tenure

nil*

Best Rate

10.30%

Processing Fee

nil*

Max Tenure

nil*

Best Rate

8.50%

Processing Fee

nil*

Max Tenure

nil*

Best Rate

8.35%

Processing Fee

nil*

Max Tenure

nil*

Best Rate

nil*

Processing Fee

nil*

Max Tenure

nil*

Best Rate

10..0%

Processing Fee

nil*

Max Tenure

nil*

Best Rate

9.35%

Processing Fee

nil*

Max Tenure

nil*

Best Rate

8.60%

Processing Fee

nil*

Max Tenure

nil*

Best Rate

8.65%

Processing Fee

nil*

Max Tenure

nil*

Best Rate

8.60%

Processing Fee

nil*

Max Tenure

nil*

Best Rate

9%

Processing Fee

nil*

Max Tenure

nil*

Best Rate

9.00%

Processing Fee

nil*

Max Tenure

nil*

Best Rate

9.70%

Processing Fee

nil*

Max Tenure

nil*

Best Rate

8.55%

Processing Fee

nil*

Max Tenure

nil*

Best Rate

8.55%

Processing Fee

nil*

Max Tenure

nil*

Best Rate

9.00%

Processing Fee

nil*

Max Tenure

nil*

Best Rate

9.10%

Processing Fee

nil*

Max Tenure

nil*

Best Rate

10.10%

Processing Fee

nil*

Max Tenure

30 yrs

Best Rate

9.1%

Processing Fee

1.50%

Max Tenure

nil*

Best Rate

Processing Fee

nil*

Max Tenure

NA

Best Rate

Processing Fee

nil*

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How to Get a Home Loans in Chennai

Chennai, which is the capital of Tamil Nadu is one of the best cities in India. It is well-known for its unique culture, industrial growth, ever-expanding job opportunities, a large number of educational institutes, a plethora of entertainment options, and cosmopolitan yet peaceful life. All these make Chennai a very congenial place to live in. People from the surrounding villages, towns and other cities in India relocate to Chennai for their jobs. Whether it be for tax investment or for settling down, people are on the lookout for properties. With the real estate sector booming and a mushroom of builders constructing beautifully styled houses, the number of people buying homes is growing day by day. But, homes are highly-priced, and home loans are a feasible option to finance your house.

Home Loan Application Process Step by Step in Chennai

Before digitization, the home loan application process was complicated and time-consuming. But nowadays it can be done easily and quickly online. The process involves the following steps

Fill in the loan application form and submit your documents to the lending institution. These are the documents required by lending institutions generally.

  • Identity Proof
  • Address Proof
  • Age Proof
  • Educational certificates - school/degree certificates

For salaried employees

  • Employment proof
  • Income proof - 3 months salary slips if the person is a salaried employee 
  • Bank statement - for the latest 6 months
  • Latest Form 16

For self-employed

  • IT returns for the last two years
  • Other income documents

Pay the processing fee, which will be used by the lending institution to verify your details and scrutinize the property’s value as well as the title. The processing fee will be a percentage of the loan amount or fixed.

You have to wait until the lending institution checks the documents submitted by you. This will usually take 1 to 2 days or less depending on the accuracy of the paperwork submitted. The lending institution may call you or ask you to visit them in order to discuss the papers. In case you are self-employed, then officials from the lending institution may visit your premises to see how your business is performing.

The lending institution evaluates your capacity to repay the loan. In this process, the lender checks

Workplace credentials, such as contact number and address

  • Residential address (both present and previous) and contact number 
  • Credentials of your employer

The Loan Approval Process 

The lending institution checks the documents provided by you, such as 

  • Your monthly and annual income papers
  • Your age and educational documents
  • Your bank transactions
  • Your current employer’s stability 
  • If you are self-employed, then the nature of the business or self-employment
  • Your capacity to pay the EMIS at the specified rate of interest

Based on the information you have provided, the lending institution sanctions the loan specifying the maximum loan amount. If you do not fulfill the eligibility criteria set by the institution, then your loan application gets rejected

Additional read: Reasons for loan rejection

  • The bank then sends you a loan approval letter containing the sanctioned loan amount, rate of interest, fixed or floating rate of interest, duration of the loan, method of repayment, terms and conditions of the loan
  • You should then send the acceptance for the approval letter
  • Once the loan has been approved, the lending institution will do the following 
    • It checks the title of your property to ensure that it does not have any controversies surrounding it
    • It conducts a technical evaluation of your home
    • If the home is under construction, it will check the stage, progress and quality of construction as well.
    • If the property is being resold, then the age and durability of the home will be checked. You will have to submit all the papers related to the home.
  • The lending institution then prepares the final loan agreement, which you will have to sign. You have to deposit all the home-related documents with the lender until you pay the loan amount in full.
  • Finally, the loan amount gets disbursed, and the lending institution hands over the cheque to you or sometimes, it may be addressed in the name of the builder if you are going to purchase the property from one. After the disbursal of the loan, the lender sends you the repayment agenda

What are the Common Eligibility Criteria for Home Loans in Chennai?

  • Your age is a very important qualification to apply for home loans. Lending institutions set the minimum and the maximum age limits for loan applicants, and if you do not fall in that range, you will not be able to apply.
  • You must either be salaried or self-employed. The lender will investigate your annual income and employment status to determine if you are eligible for the loan.
  • Your Credit Score helps the lender in determining the amount of loan that should be sanctioned as well as the interest rate.
  • You need a minimum income to qualify for the loan, as lenders set this as an eligibility criterion based upon which they decide if you can repay the loan. You need to provide documents for the lender to verify the same.
  •  The majority of lenders provide home loans only to resident Indians.
  • When you apply for this loan at an early age, the duration of the loan is higher. This will result in feasible EMIS and rates of interest. Most  of the lenders will require you to be in the age group of 21 to 70 years (maximum retirement age in case of salaried employees)
  • Lenders will also consider your external liabilities while evaluating your application. This is in order to ensure that you don’t default on your EMIS. If you are a person without any external liabilities and a sound repayment ability, you will be considered as a top applicant for home loans.

List of Some Top Home Loan Providers in Chennai

Home Loan provider Rate of Interest Some Features

LIC Housing Finance Limited.

 

6.75 % to 7.20 % for salaried and professional 

6.75% to 7.30% for the non-salaried and the non-professional 

  • Online Home loan sanction facility
  • Quick sanction and low EMI
  • Simple documentation

 

 

Indiabulls Housing Finance.

 

7.60% onwards

  • Online Home Loans that can be delivered via app and web (Anytime and  Anywhere)
  • Attractive interest Rates
  • Flexible loan tenure options

Axis Bank

 

Salaried Individuals:

A floating interest of  rate 6.75% - 7.10% p.a. and a fixed interest rate of 12% for all loan amounts

Self-employed individuals:

A floating interest rate of 6.90% to 7.20 p.a. And a fixed rate of 12% for all amounts



  • Attractive interest rates
  • You can choose fixed and floating interest rates according to your preference
  • No prepayment charges

HDFC Ltd. Bank.

 

 

6.75% to 7.65%

  • Affordable home loans, easier on your pocket.
  • Customized repayment options to suit your needs.
  • No hidden charges.

 

 

 

Home Loans in Chennai FAQs

1. Which is the best bank to get a home loan in Chennai?

Most leading banks offer home loans for properties purchased in Chennai. SBI offers one of the lowest interest rates compared to other banks. LIC Housing Finance interest rate is also equally competitive. Private sector banks like HDFC and ICICI give you a lot of value adds. Compare the home loans from all these banks before you settle on one lender.

2. How do I find the monthly EMI for my home loan?

You can use the CreditMantri Home Loan EMI calculator to find the approximate EMI you have to shell out on your home loan.

3. Is credit score an important parameter to get a home loan in Chennai?

Yes, credit score plays an important role in home loan processing. A credit score of 700 and more is preferred by home loan lenders.

4. How long does it take to get a home loan approved?

A lot of documents must be reviewed before approving a home loan and this takes time. After submitting all required documents, one can expect their home loan to be approved within 30 days.

5. What are the different repayment tenures available for home loans in Chennai?

Home loans in Chennai come with a maximum repayment tenure of 30 years. However, this will be based on your age and determined by your lender on a case to case basis.

6. Can we procure 100% of the amount for a home loan?

No lender will credit you with 100% of the home loan amount. They usually bear around 75 % to 90% of the amount while 10% to 25% should be funded by you.

7. What is a home loan tenure, and what are the minimum and maximum home loan tenures?

The duration that you take to completely pay the loan amount along with the interest is called the home loan tenure. The minimum tenure is two years, while the maximum is 30 years depending on the lender.

8. Does the home loan amount credited by the bank include stamp duty?

The home loan amount given by the bank excludes stamp duty and registration charges. These charges are paid in addition to the loan amount.

Chennai Home Loan - Customer Reviews

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