Home Loans in Chennai
To get a home loan in Chennai is simple as various banks and financial institutions like HDFC, SBI, PNB housing finance, IIFL, Aadhar housing finance, Indiabulls housing finance Chennai are giving home loan interest rates starting from 8.50%. With nominal processing fees starting from 0.25% + GST.
Compare Home Loan Interest Rate Offered by Various Banks & HFCs in Chennai
Which bank is best to get a home loan in Chennai? This query can be easily put to rest when you compare various banks and the rates at which they are offering home loan interest rates.
Let’s have a look below to know the same:
| Name of Lender | Up to Rs. 30 Lakh | Above Rs. 30 Lakh to Rs. 75 Lakh | Above Rs. 75 Lakh |
|---|---|---|---|
| SBI | 8.55% - 10.05% | 8.55% - 9.95% | 8.55% - 9.95% |
| HDFC | 8.60% - 10.00% | 8.85% - 10.25% | 8.95% - 10.35% |
| LIC Housing Finance | 8.50% - 9.50% | 8.50% - 9.70% | 8.50% - 9.90% |
| ICICI Bank | 8.60% - 9.50% | 8.60% - 9.50% | 8.60% - 9.50% |
| Kotak Mahindra Bank | 8.50% onwards | 8.50% onwards | 8.50% onwards |
| PNB Housing Finance | 8.50% - 12.50% | 8.50% - 12.50% | 8.50% - 11.70% |
| Punjab National Bank | 8.45% - 9.85% | 8.40% - 9.55% | 8.40% - 9.50% |
| Bank of Baroda | 8.45% - 9.95% | 8.45% - 9.95% | 8.45% - 10.20% |
| Union Bank of India | 7.75% - 9.65% | 7.75% - 9.85% | 7.75% - 9.85% |
| IDFC First Bank | 8.45% onwards | 8.45% onwards | 8.45% onwards |
| L&T Housing Finance | 8.20% - 9.70% | 8.70% - 9.70% | 8.70% - 9.70% |
| Bajaj Housing Finance | 8.30% onwards | 7.70% onwards | 7.70% onwards |
| Godrej Housing Finance | 8.50% - 10.99% | 7.99% - 10.99% | 7.99% - 10.99% |
| Tata Capital | 8.60% onwards | 8.10% onwards | 8.10% onwards |
| Federal Bank | 9.05% - 9.10% | 7.77% - 9.15% | 7.77% - 9.20% |
Home Loan Interest Rates in Chennai
Home loans in Chennai and neighbouring areas start from 8.50% and can go up to 14%.
| Home Loan Parameters | Home Loan Details |
|---|---|
| Interest Rate | 8.50% |
| Processing Fee | 0% to 1.25 % of the loan amount |
| Tenure/ Repayment | 1-30 years |
Home Loan Interest Rate in Chennai for Salaried and Professional Individuals
| Loan Type | Effective ROI (p.a.) |
|---|---|
| Home Loan | 8.30%* to 14.00%* |
| Home Loan (Balance Transfer) | 8.30%* to 14.00%* |
| Top Up | 9.20%* to 15.00%* |
Interest Rate For Salaried Individuals in Chennai
| Type | Repo Rate + Spread | Effective Rate of Interest |
|---|---|---|
| Floating Rate | Repo Rate + 2.70% to Repo Rate + 3.05% | 8.60% - 8.95% p.a. |
| Fixed Rate | All Loan Amounts | 14% p.a. |
Home Loan Interest Rate For Self Employed Individuals in Chennai
| Loan Type | Effective ROI (p.a.) |
|---|---|
| Home Loan | 8.55%* to 14.00%* |
| Home Loan (Balance Transfer) | 8.90%* to 14.00%* |
| Top Up | 9.40%* to 15.00%* |
Interest Rate For Self Employed Individuals in Chennai
| Type | Repo Rate + Spread | Effective Rate of Interest |
|---|---|---|
| Floating Rate | Repo Rate + 2.80% to Repo Rate + 3.15% | 8.70% - 9.05% p.a. |
| Fixed Rate | All Loan Amounts | 14% p.a. |
Top Home Loan Providers in Chennai
There are more than 30 banks and financial institutions that can give you the best home loans in Chennai.
Here we are mentioning some of those lenders that give lucrative deals on your home loans:
1. PNB Housing Finance Limited Home Loan in Chennai
PNB HFL starts giving home loans in Chennai from Rs 8 lakh onwards and takes approximately 10 days to process. The minimum home loan rate of interest in Chennai is 8.50% for salaried and 8.60% for self-employed professionals whose CIBIL or credit score is more than 800.
2. HDFC Home Loan in Chennai
HDFC or HDFC Limited caters to home loans in Chennai under different loan slabs based on the requirement amount of the home loan. There are different home loan interest rates for women that can benefit you greatly if one co-applicant of your home loan is a woman.
| Loan Slab | Home Loan Interest Rates (in % p.a.) |
|---|---|
| For Women* (upto 30 Lakhs) | 8.60 - 9.10 |
| For Others* (upto 30 Lakhs) | 8.65 - 9.15 |
| For Women* (30.01 Lakhs to 75 Lakhs) | 8.85 - 9.35 |
| For Others* (30.01 Lakhs to 75 Lakhs) | 8.90 - 9.40 |
| For Women* (75.01 Lakhs & Above) | 8.95 - 9.45 |
| For Others*(75.01 Lakhs & Above) | 9.00 - 9.50 |
3. LIC Housing Finance Limited Home Loan in Chennai
LIC Housing Finance gives 7 different types of home loans in Chennai or any other place. The starting home loan interest rate starts from 8.50% for people having a CIBIL score of more than 800 and are salaried. For people whose CIBIL score is less than 600 and who are self-employed, for them, the home loan interest rate in Chennai is around 9.40%.
4. Bajaj Housing Finance Chennai
Bajaj Housing Finance offers attractive Home Loan interest rates starting at 8.30%* for salaried and professional individuals. Borrowers also have the advantage of availing of a sizable sanction with minimal documentation and quick processing and approval.
5. Aadhar Housing Finance Chennai
With 13 types of home-related loans Aadhar Housing Finance home loan interest rate is one of the good options.
| Customer Type | Home Loan Interest Rate* |
|---|---|
| Salaried - Home Loan | 11.75% to 16.50% |
| Self-Employed - Home Loan | 12.75% to 17.00% |
| Loan Against Property | 15.00% to 17.00% |
6. Sundaram Home Finance Chennai
With 6 types of home loan schemes, the home loan interest rate at Sundaram Home Finance in Chennai starts from 8.65% p.a.
| Details | Interest Rate/ Fees |
|---|---|
| For general customer | 8.65% |
| For women customers | 8.65% |
| Processing Fee | Maximum upto 0.50% + GST |
7. IIFL Home Loan in Chennai
IIFL Home Loans progressively works towards facilitating affordable home loans to first-time homebuyers of the country. Through a wide network of branches, backed by a digital infrastructure and social development intent, the Company caters to the evolving home finance needs of marginalized sections across the length and breadth of the nation.
The IIFL home loan interest rate in Chennai starts from 8.20% p.a.
8. Indiabulls Housing Finance Chennai
Indiabulls Home Loans offers customers competitive interest rates that will make it easier to own a home of choice. The home loan interest rate at Indiabulls Housing Finance in Chennai starts from 8.95% p.a.
9. SBI Home Loan Chennai
State Bank of India is one of the premier banks of India so to get a home loan in Chennai is very easy with SBI. The cheapest SBI home loan interest rate is 8.05% and the maximum tenure for which a home loan can be availed is 30 yrs. The loan disbursement process can take up to 3 weeks in SBI home loan Chennai.
10. Indiabulls Home Loan
The final Indiabulls home loan rate of Interest depends upon Profile, Loan amount, tenor, property type, and other risk parameters. The lowest home loan rate in Chennai is 8.70% for 30 years. This can change depending on the creditworthiness of the applicant.
11. Axis Bank Home Loan
Axis Bank home loan in Chennai is one of the most searched options to get a home loan. The home loan interest rate varies depending on the applicant's profile, salary, and credit score.
Types of Home Loans Offered in Chennai
There are more than 10 types of home loans offered in Chennai. Have a look below to understand what different types of home loans you can take from banks and other financial institutions(FIs) or NBFCs(non-banking financial institutions):
| Types of Home Loan | Purpose of Home Loan |
|---|---|
| Home Loan | This type of loan is taken to purchase residential property like flats and apartments. |
| Loan Against Property | Get loan by pledging your property to the bank. |
| Home Improvement Loan | This loan is taken for house renovation related activities like painting, wiring revamp etc. |
| Home Extension Loan | This type of loan is taken to extend an already existing loan. For example to build a floor, room and balcony. |
| Land Purchase Loan | This type of loan is taken to purchase a land. The construction of property should be completed within a fixed timeline. |
| House Construction Loan | This type of loan is taken to construct a house. |
| Home Loan Balance Transfer | Home loan balance transfer is used to transfer the existing home loan to a lower interest rate reducing the overall outgo in process. |
| Pre-approved Home Loan | This type of pre-approved home loan is given by banks and lending institutions to their existing customers on the basis of their credit worthiness and income. |
| Home Loan Top-ups | This is given as an extra loan on your existing home loan. |
| Home loans for NRI | This type of home loan is suitable for people who live outside India but are willing to construct a house in India. |
| Home Loan Overdraft | Home loan overdraft allows borrowers to get more loan amount linked to their savings and current account. |
Mortgage Loans in Chennai
Mortgage loans in Chennai is another term for home loans in Chennai. So, if you are in need of any type of mortgage loan ie. home loan in Chennai then you are reading just the article where you will get all the information correctly.
Mortgage Loan Interest Rates in Chennai
| Name of Lender | Up to Rs. 30 Lakh | Above Rs. 30 Lakh & Up to Rs. 75 Lakh | Above Rs. 75 Lakh |
|---|---|---|---|
| LIC Housing Finance | 8.00% – 10.00% | 8.00% – 10.20% | 8.00% – 10.40% |
| HDFC Ltd. | 8.40% – 10.00% | 8.40% – 10.25% | 8.40% – 10.35% |
| Tata Capital Housing Finance | 8.60% onwards | 8.60% onwards | 8.60% onwards |
| Bajaj Housing Finance | 8.30% onwards | 8.30% onwards | 8.30% onwards |
| PNB Housing Finance | 8.50% – 12.50% | 8.50% – 12.50% | 8.60% – 11.70% |
| Repco Home Finance | 8.10% onwards | 8.10% onwards | 8.10% onwards |
| GIC Housing Finance | 8.10% onwards | 8.10% onwards | 8.10% onwards |
| Indiabulls Housing Finance | 8.70% onwards | 8.70% onwards | 8.70% onwards |
| Aditya Birla Capital | 8.50% – 13.50% | 8.50% – 13.50% | 8.50% – 13.50% |
| ICICI Home Finance | 9.20% onwards | 9.20% onwards | 9.20% onwards |
| Home First Finance | 8.00% – 18.00% | 8.00% – 18.00% | 8.00% – 18.00% |
| Godrej Housing Finance | 7.99% – 10.99% | 7.99% – 10.99% | 7.99% – 10.99% |
| L&T Housing Finance | 7.70% – 8.70% | 7.70% – 8.70% | 7.70% – 8.70% |
Features and Benefits of Home Loan in Chennai
A Home Loan is a secured loan where the bank keeps possession of your home papers till the repayment is done. Let’s have a glance at some features of home loan in Chennai:
- Home loans in Chennai are usually offered at a minimum interest rate of 7.80% p.a.
- Tenures may be up to 30 years.
- LTV ratio: 80%-90% of the cost of property.
- Facilities like top-ups, overdrafts, and home loan balance transfers to existing home loan borrowers are easily available.
- Selected existing bank customers are offered pre-approved instant home loans.
- No prepayment charges.
- Pradhan Mantri Awas Yojna for economically weaker sections, middle-income groups, and low-income groups with interest subsidy of up to Rs 2.76 lakh
Eligibility Criteria of Home Loans in Chennai
To be eligible for a home loan in Chennai there are some requirements. Let’s see what are those requirements that will allow you to have your dream home in Chennai:
- Applicant’s nationality: Indian Resident, PIO, NRI
- Age- 21 years up to 70 years at the time of loan maturity
- Work experience: At least 3 years of salaried and self-employed
- Applicant’s job profile: Salaried (government and corporate professionals)/Self-Employed Non-Professionals (contractor, trader, commission agent)/Self-Employed Professionals (Doctors, CS, lawyers, CA, architect, consultant, engineer
- CIBIL/Credit score should be 750 and above for increased chances of availing of home loan at lower interest rates
Documents Required for Home Loan in Chennai
Below is the list of documents needed to get a home loan in Chennai:
Home Loan Documents For Salaried Loan Applicants
- Proof of Identity: PAN Card/Driving License/ Voter ID/Passport/Aadhar Card.
- Proof of address: Passport/Utility bill/Aadhar card
- Proof of Income: Latest salary slip/ ITR/Form-16
- Bank Statement: Last 3 months' bank statement/ last 6 months' bank passbook.
- Property Documents: Agreement sale copy, Certificate of possession, Land tax receipt, the detailed cost of construction, Letter of allotment, Original NOC.
Additional Home Loan Documents for Self-Employed Applicants
- Business Profile
- Recent Form 26AS
- Income Proof: ITR with income computation for the past 3 years
- Memorandum and Articles of Association of the company
- Balance sheet and profit & loss account statement for last 3 years
- Current account statement of business entity
- Savings account statement of the individual for the past 6 months
FAQs
The lowest home loan interest rate in Chennai is 7.80%. With the recent rate hike trend it is assumed that the search for cheapest home loans in Chennai might take a while. Till then you can have a look at these banks / NBFCs and the home loan interest rates that they offer
| Banks/NBFCs | Home Loan Interest Rate |
|---|---|
| HDFC | 8.60% onwards |
| LIC HFL | 8.50% onwards |
| SBI | 8.55% onwards |
| ICICI | 8.60% onwards |
| Kotak Bank | 8.50% onwards |
Home loans can be needed for multiple scenarios like a loan against property in Chennai, a loan against power of attorney property in Chennai, and many more. So, there is no particular home loan for all but it will depend on the exact requirement of the customer to decide which type of home loan can best cater to their requirements.
It takes anything between 7 to 21 days in order to get a home loan in Chennai.
The lowest home loan interest rate in Chennai is 8.55% p.a. Currently, it is offered by SBI.
If your monthly salary is more than Rs 25000 then you can get a home loan in Chennai.
Why only Chennai, you can apply for a home loan from anywhere in India using our website MyMoneyMantra.com or you can directly visit the link https://www.mymoneymantra.com/home-loans and fill in the form with your exact requirements.
All banks take almost similar time in disbursing your home loan amount. It takes from 7 to 21 days to get your home loan amount.
Normally to buy a new home, a down payment of 10% of the total cost of the property is required. But it is always advisable to go for a minimum home loan amount by paying around 20% to 30% as a down payment to the builder.
Plot loans are available for only a residential plot, unlike home loans which are available on all properties. The maximum Loan to Value (LTV) when it comes to plot loans is stipulated at 70%. For home loans, the LTV can go up to 90% in some cases.
Yes, you can prepay your home loan easily by paying a nominal fee as prescribed by the respective bank in case of any.
It must be made clear that even Home Loans are a type of mortgage loan; wherein the property you seek a loan is considered collateral for the sanction.
Yes, they can be increased if there is any room for doing so. Home loans have a long tenure of 15 years and above. During it you will encounter many interest-rate cycles. “Borrowers can either opt for the tenure increase option or the EMI increase option with the consent of the lender. Opting for tenure increase will result in higher interest cost than the EMI increase option.