Home Loan in
Chennai
Buying a home in Chennai is a profitable decision because the city offers fascinating residential, economic, educational, cultural, and healthcare opportunities. No matter whether you have adequate funds or not, you can still fulfil your dream of owning a home in Chennai with the help of prominent banks and housing finance companies. The interest rate for a home loan in Chennai starts at 8.50% per annum. Most banks and NBFCs charge 0.25% of the loan amount or Rs. 10,000 as a one-time processing fee for approving home loans in Chennai. An eligible applicant can easily grab a housing loan in Chennai for a maximum loan repayment tenure of up to 30 years. Choices are ample for a borrower to apply for a home purchase loan, home construction loan, home conversion loan, home improvement loan, NRI home loan, balance transfer home loan or a mortgage Loan in Chennai.
Home Loan EMI Calculator
Your Monthly EMI
₹ 77,530
Total Principal
₹ 1,00,00,000
Total Interest
₹ 86,07,174
Total Payable
₹ 1,86,07,174
Home Loan Interest Rates in Chennai
The primary source for banks to earn is through interest on loans. Lending money as home loans for a tenure of up to 30 years carries inherent risks, which these lenders cover through these interest rates. The home loan in Chennai interest rate starts at 8.50% per annum and might go to higher limits. The table below enlists the best housing loan Chennai interest rate offered by the top banks and NBFCs:
| BASIC Bank/NBFC Partner Name | Max Tenure (in years) | Rate of Interest | Processing Fees (INR) | Contact |
|---|---|---|---|---|
 LIC HFC | 30 | 8.50% - 10.75% | Up to 0.25% (Rs. 25,000 max; one-time) | |
 L&T Finance Ltd | 30 | 8.55% - 10.30% | Rs. 10,000 (one-time) | |
 ICICI Bank | 30 | 8.65% - 9.40% | Up to 0.30% (one-time) | |
 HDFC Bank | 30 | 8.65% - 9.85% | Up to 0.25% (Rs. 3,540 min; one-time) | |
 Union Bank of India | 30 | 8.70% | Up to 0.50% (Rs. 15,000 max; one-time) | |
 PNB Housing Finance | 30 | 8.75% - 11.45% | Up to 0.50% (Rs. 10,000 max; one-time) | |
 SBI Bank | 30 | 9.15% - 12.95% | Up to 0.25 (Rs. 10,000 max; one-time) | |
 Bajaj Housing | 40 | 8.50% | Up to 7% of the loan amount + GST |
Eligibility Criteria for Home Loans in Chennai
These criteria are subject to variation from one bank to another. It is recommended that you check with the specific bank you are applying to for a home loan for its eligibility requirements.
Documents Requirement for Home Loans in Chennai
Through your KYC documents, a bank or NBFC in Chennai will verify your credibility as a borrower for a home loan. In general, all these financial lenders ask for a standard set of documents that can establish the applicant's identity, age, signature, employment, nationality, income, and credit history. Have a look at the list of essential documents for a home loan in Chennai:
|
|
| Proof Of Residency | Aadhaar Card, Valid Passport |
| Proof Of Income | Bank Passbook, Bank statement, Last 3 years IT Return |
| Proof Of Age | PAN Card, Voter ID, Birth Certificate, Registration Certificate Of Establishment |
| Proof Of Employment | Certified Letter from Employee/Company Memorandum |
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