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Home loans at banks and NBFCs in Chennai provide flexibility to pay interest during construction period. Get transparent application processes and easy home loan balance transfer. Less paperwork and low processing fees. Check deals now on CreditMantri!
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.
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.
For salaried employees
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
The Loan Approval Process
The lending institution checks the documents provided by you, such as
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
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
Indiabulls Housing Finance.
A floating interest of rate 6.75% - 7.10% p.a. and a fixed interest rate of 12% for all loan amounts
A floating interest rate of 6.90% to 7.20 p.a. And a fixed rate of 12% for all amounts
HDFC Ltd. Bank.
6.75% to 7.65%
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.
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