Updated: 30-09-2020 08:31:12 AM
Home Loan Details | |
| Interest rate | Starting from 6.95% |
| Processing fee | Upto 1% |
| Loan tenure | 1 year–30 years |
| Pre-closure charges/ pre-payment | Nil |
Top Banks for Home loan in Chennai
| Bank | Home Loan Interest Rate |
| SBI Home Loan | 6.95% Onwards |
| HDFC Home Loan | 6.95% Onwards |
| ICICI Bank Home Loan | 6.95% Onwards |
| Axis Bank Home Loan | 7.75% Onwards |
| PNB Housing Finance | 9.25% Onwards |
| Bank of Baroda Home Loan | 6.85% Onwards |
| Citibank Home Loan | 7.50% Onwards |
| Indiabulls Housing Finance | 8.99% Onwards |
| DBS Bank Home Loan | 8.85% Onwards |
| Karnataka Bank Home Loan | 8.86% Onwards |
| Kotak Mahindra Home Loan | 7.35% Onwards |
Purchasing your dream home is just a click away. With home loan you don’t need to worry about the finances. You can buy a flat for yourself, a four storied house, commercial property or opt for house extension and renovation with a home loan. The loan amount you are eligible for is determined by your salary, age and credit core etc. This secured loan considers your house as collateral against the loan applied. You can also apply it along with your spouse or parent as co-applicant to share the burden of EMI and increase your eligibility of the loan amount.
Home Loan Eligibility
The home loan offered to an individual is 70% – 85% of the house value. Eligibility for a loan is based on the following factors:
- Age (21–65 years)
- Repayment Capacity – Minimum Income should be 25000
- Stability and continuity of income
- Number of dependents
- Co-applicant’s income, if any
- Assets
- Liabilities
Home Loan Documentation
- Filled application form with photograph
- Processing fee cheque
- Address Proof
- Identity Proof
- Income Proof
- Property Papers
Home Loan Features
- Pre-approved home loan
- Home loan balance transfer to transfer the ongoing home loan to another bank that offers a lower EMI.
- Home loan insurance
- Flexible rate to choose from fixed or floating. In case of fixed rate you need to pay the same interest rate throughout the tenure. Whereas in case of floating rate the home loan interest rate is influenced by the market.
- Quick and transparent processing
- Borrowers can also take Joint home loan
- Borrowers can avail home loan tax benefit.