Home Loan in Chennai

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	8.50% - 10.15%	8.50% - 10.05%	8.50% - 10.05%
HDFC	8.50% - 10.35%	8.50% - 10.60%	8.50% - 10.70%
LIC Housing Finance	8.45% – 10.35%	8.45% – 10.55%	8.45% – 10.75%
ICICI Bank	9.00%-9.80%	9.00%-9.95%	9.00%-10.05%
Kotak Mahindra Bank	8.85% onwards	8.85% onwards	8.85% onwards
PNB Housing Finance	8.75% - 14.50%	8.75% - 13.00%	8.75%-11.35%
Punjab National Bank	8.65%-9.60%	8.60%-9.50%	8.60%-9.50%
Bank of Baroda	8.60% - 10.65%	8.60% - 10.65%	8.60% - 10.90%
Union Bank of India	8.50% – 10.75%	8.50% – 10.95%	8.50% – 10.95%
IDFC First Bank	8.85% onwards	8.85% onwards	8.85% onwards
L&T Housing Finance	8.60% onwards	8.60% onwards	8.60% onwards
Bajaj Housing Finance	8.50% onwards	8.50% onwards	8.50% onwards
Tata Capital	9.15% onwards	9.15% onwards	9.15% onwards
Federal Bank	10.15%-10.20%	10.20%-10.25%	10.25%-10.30%

Note: Rates as of 5th June 2023  

Home Loan Features

• Home loans are usually offered at interest rates above 8.45% p.a.
• 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

• Age- 21 years at the time of loan application
• At least 3 years of work experience for both salaried and self-employed
• Applicant should be Indian national, PIO, NRI. Some lenders also offer special home loan schemes branded as NRI Home Loans to their NRI/PIO applicants.
• 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

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

Also Check Home Loan EMI Calculator