Chennai, once known as Madras, is a cultural and educational hub of the Southern part of India. It is also popular as an economic and entertainment hub. Also known as the Detroit of India, Chennai is home to various IT companies, MNCs and automobile industry, earning it a place among the top cities to live in India. If you are planning to buy a house in this city, get a home loan. Applying for a home loan in Chennai is easy and affordable as there are plenty of banks and other financial institutions offering great housing loan offers at lowest interest rates.
Home Loan in Chennai – Features & Benefits
- Pre-approved offers for eligible customers
- Multiple pre-approved real estate projects to choose from
- Balance transfer, top up and overdraft facilities are available
- Low interest rates and minimum documentation
- Zero prepayment charges on floating rate home loans
- Tax benefits on home loan principal and interest amount
- Fixed or floating interest rate options to choose from
Home Loan Interest Rates in Chennai
| Lender | Lowest Interest Rates (p.a.) | Interested? |
| Citibank | 6.75% | Check Eligibility |
| Kotak Mahindra Bank | 6.75% | Check Eligibility |
| Union Bank of India | 6.80% | Check Eligibility |
| Bank of Baroda | 6.85% | Check Eligibility |
| Axis Bank | 6.90% | Check Eligibility |
| HDFC Bank | 6.90% | Check Eligibility |
| State Bank of India | 6.95% | Check Eligibility |
| IDFC First Bank | 7.00% | Check Eligibility |
| Federal Bank | 7.65% | Check Eligibility |
| Standard Chartered Bank | 8.86% | Check Eligibility |
Note: Interest Rates offered by Banks, NBFCs/ HFCs are subject to change as per the directives of RBI and lenders’ discretion
Compare Home Loan Rates of All Lenders
Calculate Home Loan EMI
Calculating your home loan EMI in advance helps in knowing how much you can afford to borrow. It also helps in planning your loan payments beforehand so that you do not miss paying your EMIs due to lack of funds. To know your home loan EMI, you do not need a bank as you can do it from anywhere using a Loan EMI Calculator. Paisabazaar offers home loan EMI calculator that helps you know your home loan EMI in less than a second based on just a few basic details, principal amount, interest rate and loan tenure. The online loan calculator also calculates the total interest due and the total amount payable. Calculate Your Home Loan EMI
Home Loan Eligibility in Chennai
| Criteria | Salaried applicant | Self-employed applicant |
| Nationality | Resident Indians, Non-Resident Indians (NRIs) & Persons of Indian Origin (PIOs) | |
| Age | 18 – 70 years | 21 – 70 years |
| Work experience/ business continuity | At least 2 years | At least 3 years |
| Net minimum income/salary | At least Rs. 25,000 | At least Rs. 5 lakh |
| Credit Score | Score as close to 900 will get your better home loan offers | |
Note: The above eligibility criteria may vary across lenders, home loan schemes, locations and credit profiles.
Other parameters on the basis of which lenders assess your home loan eligibility includes age, location of the property, educational qualifications, existing financial liabilities, number of dependents, total assets, etc.
Must Read: How to Improve Your Home Loan Eligibility
Documents Required for Home Loans in Chennai
Documents required to apply for home loan in Chennai are:
- Filled and signed home loan application form
- KYC Documents
- Proof of Address
- Passport size photographs
- Form 16 or latest salary slips (for salaried applicants)
- Bank account statements of last 6 months
- Proof of Business Continuity (for Businessmen/ self-employed individuals)
- Property related documents
Check Also: The complete list of home loan documents
List of Top Home Loan Providers in Chennai
- HDFC Bank/ HDFC Ltd.
- State Bank of India (SBI)
- Punjab National Bank (PNB)
- ICICI Bank
- Axis Bank
- Kotak Mahindra Bank
- Bank of Baroda (BoB)
- Bank of India (BoI)
- Canara Bank
List of Top Builders & Developers in Chennai
- Sobha Limited
- Olympia Group
- Godgrej Properties
- Prestige Group
- Brigade Group
- KG Builders
- BSCPL Infrastructure
- DRA Group
- Pacifica Companies
- Tata Value Homes
Types of Home Loans Offered in Chennai
- Home Purchase Loan– For purchasing a new residential property
- Composite Loan– For purchasing a residential plot to later construct a house
- Home Construction Loan– For constructing a house on an already owned plot
- Home Improvement Loan– For renovating and repairing an existing residential property
- Home Extension Loan– For adding more space to an existing residential property
- Step Up Loan– For young individuals who have just started their professional careers. This type of home loan allows borrowers to pay lower EMIs in the early years of their loan term. In the later years, the EMIs are increased as per the rise in the disposable income of the borrower
- Bridge Loan– For bridging the gap of fund crunch between the period an individual buys a new residential property and sells the existing property
- Interest Saver Loan– For saving on the total interest payout. This type of home loan works similar to an overdraft facility. In this type of home loan, borrowers’ bank account is linked to the loan account. So, amount parked in the linked bank account, if exceeds the EMI amount, is taken as a prepayment towards the loan. This not only reduces the principal outstanding but also saves on the interest payable
Check Also: Types of Home Loan
How to Apply for Home Loan in Chennai
Follow these steps to apply for home loan online at Paisabazaar.com:
- Click to start with the home loan application process
- Fill in the details about the amount required, the type of home loan required, etc.
- Input more details regarding your home loan requirements and personal information such as the cost of the property, your full name, date of birth, etc.
- Select the checkbox to agree on the terms and conditions
- Click the ‘View Best Offers’ button to proceed
Best home loan offers according to the applicant’s eligibility will appear.
- Compare and apply for the best home loan offer
Once you have applied for the home loan, an acknowledgement message will appear including a reference number. Save this number as it can be useful in tracking your home loan application. After successfully applying for home loan at the website, you will also get a call from Paisabazaar’s home loan experts to take forward the process.
