Compare Home Loan Interest Rates of Top Banks & HFCs in Chennai
| Name of Lender | Up to Rs. 30 Lakh | Above Rs. 30 Lakh to Rs. 75 Lakh | Above Rs. 75 Lakh |
| SBI | 8.05% - 9.05% | 8.05% - 8.95% | 8.05% - 8.95% |
| HDFC | 8.10% - 9.50% | 8.35% - 9.75% | 8.45% - 9.85% |
| LIC Housing Finance | 8.00% - 9.50% | 8.00% - 9.70% | 8.00% - 9.90% |
| ICICI Bank | 8.10% - 9.00% | 8.10% - 9.00% | 8.10% - 9.10% |
| Kotak Mahindra Bank | 7.99% onwards | 7.99% onwards | 7.99% onwards |
| PNB Housing Finance | 7.99% - 12.50% | 7.99% - 12.50% | 8.10% - 11.20% |
| Punjab National Bank | 7.95% - 9.35% | 7.90% - 9.05% | 7.90% - 9.00% |
| Bank of Baroda | 7.95% - 9.45% | 7.95% - 9.45% | 7.95% - 9.70% |
| Union Bank of India | 7.90% - 9.65% | 7.90% - 9.85% | 7.90% - 9.85% |
| IDFC First Bank | 7.95% onwards | 7.95% onwards | 7.95% onwards |
| L&T Housing Finance | 7.70% - 8.70% | 7.70% - 8.70% | 7.70% - 8.70% |
| Bajaj Housing Finance | 7.70% onwards | 7.70% onwards | 7.70% onwards |
| Godrej Housing Finance | 7.99% - 10.99% | 7.99% - 10.99% | 7.99% - 10.99% |
| Tata Capital | 8.10% onwards | 8.10% onwards | 8.10% onwards |
| Federal Bank | 9.05% - 9.10% | 7.77% - 9.15% | 7.77% - 9.20% |
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Home Loan Features
- Home loans are usually offered @ 7.50% 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.
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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 working Government, PSUs and corporate sectors; Self-Employed Non-Professionals such as contractor, trader, commission agent, etc; Self-Employed Professionals such as Doctors, CS, lawyers, CA, architect, consultant, engineer, etc
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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 company