Home Loans in Chennai

In Chennai, home loans are often available starting at 8.45% p.a. for loan amounts up to 90% of the property's value and terms up to 30 years. For rural housing, affordable housing, and individuals without official income documentation, certain banks and Housing Finance Companies (HFCs) offer unique programs. Many lenders additionally provide existing home loan borrowers of other banks or HFCs with lower interest rate home loan balance transfer options.

Highlights on Home Loan in Chennai

It is important for potential borrowers to carefully evaluate the terms and conditions offered by different lenders to ensure they select the most suitable home loan option. Engaging with reputed financial institutions, seeking professional advice, and conducting thorough research are essential steps in making an informed decision.

Some of the main features which can play a deciding factor in availing a home loan are as follows:

Highlights

Interest Rates 8.45% and above
Tenure Up to 80 Years
Amount of Loan 90% of the value of the property at the time of availing the loan
Prepayment Charges NIL

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Best Home Loan Offers in Chennai - Jun 2024

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DHFL

DHFL Home Loan in Chennai starting at.

11%

Union Bank of India

Union Bank of India Home Loan in Chennai starting at.

9.5% - 14.8%

YES Bank

YES Bank Home Loan in Chennai starting at.

9.4% - 10.25%

IndiaBulls

IndiaBulls Home Loan in Chennai starting at.

8.99% - 9.75%

ICICI Bank

ICICI Bank Home Loan in Chennai starting at.

8.85% - 9.1%

Axis Bank

Axis Bank Home Loan in Chennai starting at.

8.7% - 13.3%

Canara Bank

Canara Bank Home Loan in Chennai starting at.

8.5% - 11.25%

IndusInd Bank

IndusInd Bank Home Loan in Chennai starting at.

8.5% - 10.57%

Bank of Maharashtra

Bank of Maharashtra Home Loan in Chennai starting at.

8.5%

Bank of Baroda

Bank of Baroda Home Loan in Chennai starting at.

8.4% - 10.6%

State Bank of India

State Bank of India Home Loan in Chennai starting at.

8.4% - 10.15%

Punjab National Bank

Punjab National Bank Home Loan in Chennai starting at.

8.4% - 10.25%

Indian bank

Indian bank Home Loan in Chennai starting at.

8.4% - 9.9%

HDFC Bank

HDFC Bank Home Loan in Chennai starting at.

8.35% - 9.4%

Bank of India

Bank of India Home Loan in Chennai starting at.

8.3%

CITI Bank

CITI Bank Home Loan in Chennai starting at.

8%

What are the Eligibility Criteria for Availing a Housing Loan in Chennai?

People in Chennai who match the requirements can apply for a home loan. Banks, credit unions, and other financial institutions commonly provide personal loans. While individual lenders may have different qualifying requirements, the following are some standard eligibilities to be met for submitting an application for a personal loan in Chennai:

Eligibility Criteria Requirement
Age The minimum age should be 21 years The maximum age should be 65 years
Net annual income Depending on the sort of employment, a minimum of Rs. 5 lakh is necessary.
Employment Self-employed or Salaried
Residence A place you've lived in permanently or that you've rented out for at least a year before you applied for the loan.
Credit score/rating A favourable credit rating from a reputable credit bureau

idea_head_light-bulb_mind_icon Don't miss to check your eligibility online through this AI based Home Loan Eligibility Calculator.

Home Loan EMI Calculator

  • 5 Lac
  • 20 Cr
Years
  • 5
  • 30
%
  • 6
  • 20

Monthly Loan EMI

Payment Breakdown:

Principal Amount

₹10,00,000

Interest Payable

Total Amount Payable

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How to Get a Housing Loan in Chennai with Fast Disbursement?

You can visit Urban Money to apply for a home loan and submit an online application through the website.

Applying online

  • Visit Urban Money’s website to apply for a home loan.
  • Choose your loan and employment categories.
  • Fill in the appropriate information in the blank fields.
  • If you are submitting a new home loan application and have chosen a property, input the necessary property information.
  • A representative will call you and review the following steps once you've submitted all the information.

In a word, you must provide the required documentation and work closely with our staff to have it verified and approved.

Check your eligibility for a home loan before you start the application. This will increase your chances of being approved by letting you know how much of a loan you qualify for.

What Documents are Required for Home Loan in Chennai?

In order to apply for a personal loan in Hyderabad, one needs to provide some necessary documents. Listed below are the important documents that are required:

Type of Documents Applicable Documents
Proof of Identity Voting ID Card Driving License Aadhaar Card Passport
Proof of Income Salaried applicants: Salary stubs for the last three months Income Tax Returns or Form 16 Self-employed applicants: Income tax returns for the last three assessment years, along with income calculations Balance sheet and profit and loss account for the previous three years, both CA certified/audited
Other Documents All applicants and co-applicants must have passport-size photos attached to the application form and sign it at the top. Bank statements during the last six months demonstrating repayment of any outstanding loans. Cheque for processing fees
Residence A place you've lived in permanently or that you've rented out for at least a year before you applied for the loan.
Credit score/rating A favourable credit rating from a reputable credit bureau

Conclusion

In conclusion, home loans in Chennai offer individuals a valuable opportunity to realise their dreams of owning a home in this vibrant city. With numerous financial institutions and banks providing competitive interest rates and flexible repayment options, homebuyers can explore a range of possibilities to find the right loan that suits their needs and financial capabilities.

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People Also Asked about Home Loans in Chennai

What is the process to transfer a home loan in Chennai?

The process to transfer a home loan in Chennai is to get in discussion with the present lender, submit the necessary documents and take necessary approvals simultaneously; one should be researching and discussing everything with the lender one wants to transfer his or her home loan too.

Is it good to buy a house in Chennai with a home loan?

A home loan can be beneficial for those who want to have a house of their own but need some financial assistance.  

Which bank is the best for home loans in Chennai?

Reputed banks like HDFC Bank, ICICI Bank, Indiabulls Housing Finance Ltd, Kotak Bank, etc., are the best and the most trusted ones for home loans in Chennai.

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