Compare Home Loan Interest Rates for Top Banks & HFCs in Chennai
| Name of Lender | Up to 30 Lakh | Above 30 Lakh & up to 75 Lakh | Above 75 Lakh |
| SBI Home Loan | 7.55-8.55 | 7.55-8.45 | 7.55-8.45 |
| HDFC | 7.55-8.75 | 7.55-9.00 | 7.55-9.10 |
| Axis Bank | 7.60-12.50 | 7.60-12.50 | 7.60-8.05 |
| ICICI Bank | 7.60-8.20 | 7.60-8.35 | 7.60-8.45 |
| Kotak Mahindra Bank | 7.50 onwards | 7.50 onwards | 7.50 onwards |
| PNB Housing Finance | 7.50–16.75 | 7.50–16.75 | 7.60–10.70 |
| Punjab National Bank | 7.45-8.85 | 7.40-8.55 | 7.40-8.50 |
| Bank of Baroda | 7.45-8.95 | 7.45-8.95 | 7.45-9.20 |
| Union Bank of India | 7.40- 9.15 | 7.40- 9.15 | 7.40- 9.35 |
| IDFC First Bank | 7.50 onwards | 7.50 onwards | 7.50 onwards |
| L&T Housing Finance | 7.20-8.20 | 7.20-8.20 | 7.20-8.20 |
| Bajaj Housing Finance | 7.20 onwards | 7.20 onwards | 7.20 onwards |
| Godrej Housing Finance | 7.49-10.99 | 7.49-10.99 | 7.49-10.99 |
| Tata Capital | 7.75 onwards | 7.75 onwards | 7.75 onwards |
| LIC Housing Finance | 7.50-8.60 | 7.50-8.80 | 7.50-9.00 |
Note: Interest rates offered by banks, NBFCs/ HFCs are subject to change as per RBI’s directives and lenders’ discretion.
Compare & Apply for Home Loans from Top Lenders Get Started
Home Loan Features
- Home loans are usually offered @ 6.75% p.a. by Chennai lenders
- Tenure is usually up to 30 years
- Loan amount is 90% of the property value
- Pre-approved instant loans for select customers
- No pre-payment charges
- Credit linked interest subsidy scheme (PMAY) for affordable housing for economically weaker sections, middle income groups and lower income groups
- Top-up loans are offered on existing home loans to meet the personal requirements of the borrowers
- Home loan balance transfer to existing home loan borrowers of other lenders at lower rate of interest
- Home Loan overdraft facility is also provided to existing home loan borrowers
Income Requirements of Home Loan in Chennai
Minimum monthly income requirement- Rs 15,000; can be higher for some lenders.
Eligibility Criteria of Home Loans in Chennai
- Nationality: Indian, PIO, NRI
- Age- 21 years at the time of loan application
- At least 3 years of work experience for both salaried and self-employed
- Credit Score- 750 and above for increased chances of availing home loan and at lower interest rates
- Job profile of the applicant:
Salaried applicants should be Government and corporate professionals
Self-Employed Non-Professionals such as contractor, trader, commission agent, etc.
Self-Employed Professionals such as Doctors, CS, lawyers, CA, architect, consultant, engineer
Documents Required for Home Loans in Chennai
For Salaried Applicants
- KYC documents: PAN card, passport, voter ID, Aadhaar card, driving license
- Employment contract/appointment letter if the job is less than a year old
- Income Proof: Salary slips for last 3 months, Bank statement for past 6 months with salary credits, ITR/Form-16
- Own contribution proof
- Property documents
- Bank statement showing loan repayment history
- Processing fee cheque
Additional Documents for Self-Employed Applicants
- Current account statement of business entity
- Business profile
- Recent Form 26AS
- Income Proof: ITR with income computation for past 3 years
- Balance sheet and profit & loss account statement for last 3 years
- Savings account statement of individual for past 6 months
- Memorandum and Articles of Association of the compan