Home Loan Chennai

Home Loan in Chennai

Avail Housing Loan in Chennai upto ₹ 5 Crore

✓ Home Loan from ₹5 Lakhs To ₹5 Cr ✓ Multiple Lending Partners ✓ Attractive Interest Rates

If you plan on buying a place that you could call your own in Chennai, you can avail a house loan for the same at an interest rate starting from just 6.40% per annum! What’s more, you can repay the same over a time period of 30 years. If you need more money than what you had initially borrowed, you can even avail a balance top-up facility! Read on to know more about home loans given by Chennai-based banks and Non-Banking Finance Companies (NBFCs).

Compare Home Loan Interest Rate Offered by Various Banks & HFCs in Chennai

Below is a list of the current housing loan interest rates and charges for all leading banks in Chennai:

Lender

Interest Rate Range (per annum)

Home First Finance Company (HFFC) Limited

12%

Bajaj Housing Finance Limited

6.60% - 7%

PNB Housing Finance

6.75% - 9.10%

Union Bank of India Limited

6.80% - 7.40%

ICICI Bank

6.70% - 7.55%

Check details about House Loan Interest Rate

Features and Benefits of Home Loans in Chennai

Some of the benefits and features of housing loans availed in Chennai are:

  • House loans in Chennai attract interest rates starting from 6.60% per annum onwards.

  • Repayment tenures for house loans in Chennai can be as high as 30 years.

  • As a house loan, you can avail up to 90% of the property value.

  • If you want to pay off your house loan at a lower interest rate, you can avail balance transfer facilities offered by other lenders as well..

  • As an existing house loan borrower, you can even get a home loan top up of up to ₹1 crore.

  • You can also avail a home loan overdraft facility as an existing borrower.

  • You can partially or fully prepay your house loan at zero extra charge, provided the interest rate on the same is calculated as per the floating interest rate system.

Top Home Loan Providers in Chennai

Some of the most well-known home loan providers which have set up operations in Chennai are:

Home Loan Lenders

Address

Contact Information

Bajaj Housing Finance Limited

193/1 ASIAD COLONY, Anna Nagar West, Anna Nagar West Extension, Chennai, Tamil Nadu 600101

089393 93493

PNB Housing Finance Limited

Sudarshan Building, No. 14, 3rd Floor, Whites Rd, Royapettah, Chennai, Tamil Nadu 600014

044 4007 6800

Home First Finance Company (HFFC) Limited

No.4B, 560-562, Century Plaza, Anna Salai, Thiru Vi Ka Kudiyiruppu, Teynampet, Chennai, Tamil Nadu 600018

044 2238 0465

Union Bank of India

Armenian Street br., 60, Armenian St, Chennai, Tamil Nadu 600001

044 2346 0708

ICICI Bank

New, 40, Bazullah Road, T. Nagar, Chennai, Tamil Nadu 600017

044 3366 7777

What is the Eligibility Criteria for a Home Loan in Chennai?

The eligibility criteria for a home loan in Chennai are as follows:

Status of employment

Salaried, Self-Employed Non-Professional or a Self-Employed Professional

Nationality/Residency

An Indian resident (Permanent or a Non-Resident Indian (NRI)) or a person of Indian origin (PIO)

MInimum age criteria

21 years

Credit score criteria

750 or above

Work Experience

For salaried professionals, 3 years with a company of repute.

For a self employed professional, 3 years worth of work experience.

You can calculate your home loan eligibility with the home loan eligibility calculator at Bajaj MARKETS

Documents Required for a Home Loan in Chennai

To get a home loan in Chennai, the documents that you will need are as follows:

For Salaried Professionals

  • KYC documents: Passport, PAN Card, Aadhaar card, Voter ID, driving licence.

  • Income Proof: Salary slips of the past 3 months and bank account statements for past 6 months with salary credits. You will also need the latest copies of your ITR and Form-16.

  • Property documents like the sale deed, completion certificate and occupancy certificate.

  • Bank statement showing your repayment history

  • A cheque for the payment of the processing fee

  • Your contract of employment

For Self-Employed Professionals

  • Your Income proof such as your Income Tax Returns of the past 3 years

  • Your balance sheet as well as P/L account statements going back at least 3 years

  • Your savings account statements going back 3 years as well as the current account statement of the business entity.

  • The latest copy of the your Form 26AS

  • The Memorandum of Association (MoA) and Articles of Association (AoA) of your company.

5 Best Locations in Chennai Where you can buy a Property

Some of the most well-known locales in Chennai where you can purchase a home of your own are as follows:

  • Adyar: Also known as the home to IIT Madras, Adyar is an old upscale locale situated in the southern region of Chennai that has several flats available for purchase. The defining feature of Adyar is that it is close to the eminent Elliot’s beach. Is also known for being home to a number of educational institutes, banks, restaurants and the finest restaurants in town.

  • Thiruvanmiyur: Just like Adyar, Thiruvanmiyur is situated in southern Chennai. This upscale neighbourhood is also known for housing several temples such as the Valmiki, the Thiruveethi Amman and the Maruundeeshwarar. Another defining feature of this neighbourhood is that it has a Metropolitan bus network and a dedicated railway system.

  • Mylapore: Being the central locality of Chennai, Mylapore is one of the city’s oldest and fairly developed localities. What also sets Mylapore apart from others on this list is the fact that it has flats available for sale in low to medium-rise buildings and are pretty affordable as well.

  • Besant Nagar: Known as one of the oldest localities in Chennai, Besant Nagar is a mix of British-era as well as contemporary construction. Due to the fact that some of Besant nagar’s buildings have been there since British times, it is known as a heritage site. It is one of those few Indian localities that has seen a surge in property prices even in the times of a pandemic.

  • Nungambakkam: Nungambakkam is possibly one of the most high-end neighbourhoods of Chennai. Like Besant Nagar, this is one of those locales in Chennai that has British-era construction and is known for its European flavour of life. On top of that, Nungabakkam is home to giant corporations, important government offices, educational institutions and homes for sale.

Things to Consider While Buying a Home in Chennai

  • Know what you want: Do you want to be able to commute hassle-free? Or, do you want to be in close proximity to schools, hospitals and shopping malls? Or, are you just looking for a quiet place for yourself where you can unwind after a long day? Or, are you looking for a house that could house your family? Ask all of these questions to yourself first, and once you have the answers, you should go for a property in Chennai that will suit you best.

  • Locality: You must ensure that the locality that you plan on buying a house in has everything that you will need and is populated with the kind of people you want to be around.

  • Security: Your safety, and that of your family, should be your utmost priority. Which is why, you should consider buying a property that is laced with alarm systems, security cameras, smoke detectors and round-the-clock-security personnel.

  • Legal clearances: Ensure that the building that you are buying the house in has all the legal clearances from the local authorities, like the Encumbrance Certificate, the Occupancy Certificate and all other safety-related permits from local authorities. Additionally, you must check if there are any disputes over the property you intend on buying.

Government-Run Housing Schemes in Chennai

Tamil Nadu Housing Board: The Tamil Nadu Housing Board (TNHB) has been providing affordable housing to the economically underserved sections of the city since its inception in 1947. As of today, it has provided over 4,00,00 homes to the people of the city in order to ensure that everyone has a roof on their head and meet the ever-increasing demand for housing.

Home Loans in Chennai FAQs

  • ✔️How is EMI calculated for a home loan in Chennai?

    EMI for a home loan in Chennai = [P x r x (1 + r) ^n] / [(1 + r) ^(n-1)]

    Where,

    ‘P’ is the principal loan amount

    ‘R’ is the rate of interest, and

    ‘N’ is the loan tenure in months.

    You can alternatively use the Home Loan EMI Calculator which is available on Bajaj MARKETS.

  • ✔️How to apply for a home loan in Chennai?

    You can apply for a housing loan in Chennai through Bajaj MARKETS itself. All you need to do is help yourself to the portal, click on the ‘Apply Now’ button on the Home Loan page, share your basic personal information, disclose property-related details, submit the documents required and undergo a verification process. Post that, wait for a customer service representative to get in touch with you.

  • ✔️What is the lowest interest rate on a home loan in Chennai?

    The lowest interest that a house loan in Chennai attracts is 6.60% p.a.

  • ✔️How long does it take to get a home loan in Chennai?

    It could take about two weeks to get a house loan in Chennai. The time taken to disburse a housing loan depends on the documents’ validity, the principal amount and the overall repayment capacity of the applicant.

  • ✔️What is the minimum income requirement to get a home loan in Chennai?

    You must earn a minimum of ₹22,000 per month to get a housing loan in Chennai.