A "low interest" loan shouldn't mean you have very little interest in paying it back!
  • Chennai Home Loan

    Eligibility for Home Loan in Chennai

    Eligibility Criteria Requirement
    Age Minimum age: 21 Maximum age: 65
    Net annual income At least a minimum of Rs.5 lakh required depending on the type of employment
    Employment Salaried or Self-employed
    Residence A permanent residence or rented residence where you have resided for at least one year prior to the loan application
    Credit score/rating A good credit score obtained from a recognised credit bureau

    How do I improve my eligible home loan amount?

    One of the ways to increase your eligible home loan amount is by making your spouse a co-applicant while applying for home loan. With your spouse’s monthly income being considered during the home loan approval process, the eligible loan amount will also increase. You can also consider choosing longer loan tenures to improve your eligible loan amount.

    What are the factors that decide my home loan amount eligibility?

    Here are a few factors that home loan lenders consider while computing the home loan amount you are eligible for.

    • The banks or NBFCs ensure that your Equated Monthly Instalments (EMIs) is limited to 50% of your monthly income.
    • The EMIs of other ongoing loans, if any, are also taken into considered when deciding the maximum home loan amount you are eligible for. EMIs of any other ongoing loans will eventually lower the maximum home loan amount you are eligible for.
    • Another important aspect to remember before you apply for home loan is that most banks and NBFCs disburse only up to 85% of the property value.

    To know more about your home loan eligibility, visit /home-loan.html?variant=slide

    More
    We found 38 Chennai Home Loan
    Bank Name
    Interest Rate Range
    Processing Fee Range
    Loan Amount
    Tenure Range
    PA PL OTP
    8.40% - 8.50% Floating
    Up to 0.25%(Max ₹25,000) One time fee
    30L - 5Crs
    5 - 30 Years
    What you'll love
    Documents
    Perks
    Fees & Charges
    Good to Know
    8.65% - 10.35% Floating
    Up to 0.50% One time fee
    5L - 10Crs
    3 - 30 Years
    What you'll love
    Documents
    Perks
    Fees & Charges
    Good to Know
    8.35% - 9.18% Floating
    0.50% - 2.00% One time fee
    20L - 5Crs
    1 - 30 Years
    What you'll love
    Documents
    Perks
    Fees & Charges
    Good to Know
    6.95% - 7.50% Floating
    Up to 0.50%(Max ₹11,800) One time fee
    5L - 10Crs
    1 - 30 Years
    What you'll love
    Documents
    Perks
    Think about
    Fees & Charges
    Good to Know
    8.99% - 9.75% Floating
    Up to 1.00% One time fee
    2L - 3Crs
    1 - 30 Years
    What you'll love
    Documents
    Perks
    Fees & Charges
    Good to Know
    8.60% - 9.50% Floating
    0.50% One time fee
    12L - 5Crs
    1 - 20 Years
    What you'll love
    Documents
    Perks
    Fees & Charges
    Good to Know
    8.40% - 11.75%
    0.50%(Min ₹10,000) One time fee
    5L - 10Crs
    1 - 30 Years
    What you'll love
    Documents
    Perks
    Fees & Charges
    Good to Know
    7.30% - 7.80% Floating
    ₹10,000 One time fee
    50L - 5Crs
    1 - 25 Years
    What you'll love
    Documents
    Perks
    Good to Know
    9.00% - 12.50% Floating
    Up to 1.00% One time fee
    20L - 10Crs
    1 - 30 Years
    What you'll love
    Documents
    Perks
    Think about
    Good to Know
    9.25% Floating
    0.50%(Min ₹10,000) One time fee
    1Cr - 5Crs
    1 - 20 Years
    What you'll love
    Documents
    Perks
    Fees & Charges
    Good to Know
    6.90% - 7.15% Floating
    Up to 0.50%(Max ₹15,000) One time fee
    25L Min
    1 - 30 Years
    What you'll love
    Documents
    Perks
    Fees & Charges
    Eligibility Criteria
    9.25% - 11.20% Fixed
    Up to 0.50% One time fee
    2L - 3Crs
    1 - 30 Years
    What you'll love
    Documents
    Perks
    Fees & Charges
    Good to Know

    Documentation Required to apply for a Home Loan in Chennai

    Purpose Documents
    Proof of Identity
    1. Voter ID Card
    2. Valid Driving License
    3. Aadhaar Card
    4. Valid Passport
    Proof of Income For salaried applicants:
    1. Salary slips for the last three months
    2. Income Tax Returns or Form 16
    For self-employed applicants:
    1. Income Tax Returns along with the computation of income for the last three assessment years
    2. CA certified/audited balance sheet and profit and loss account for the last three years
    Other Documents
    1. Passport size photographs of all the applicants/co-applicants affixed on the application form and signed across
    2. Bank statements showing repayment of ongoing loans, if any, for the last six months
    3. Processing fee cheque

    Types of Home Loans offered in Chennai

    Banks and NBFCs offer a wide array of home loan products to choose from. Depending on the customers’ requirements and purpose, home loans in Chennai can be classified into the following types.

    Type of Home Loan Purpose
    Home Loan for Purchase Can be availed by eligible borrowers looking to purchase a new house/flat or purchase an already owned property
    Home Loan for Construction Suitable for those looking to construct their own house rather than purchasing an already constructed property
    Home Conversion Loan Can be availed if you wish to move to a new house/flat after having already availed a home loan before and purchases a house/property with it
    Home Loan for Extension/Expansion Offered to prospective borrowers who are looking to extend/expand or alter the structure of their existing property/house
    Home Improvement Loan Suitable for those who are looking to repair or renovate an existing property
    Home Loan Balance Transfer Can be opted by those who wish to transfer his/her existing home loan from the existing lender to another home loan due to reasons such as lower interest rates and better customer services offered by the other bank
    NRI Home Loan NRI home loan are specifically designed for Non-Resident Indians (NRIs) who are looking to purchase a residential property in India. The procedures and formalities involved in the approval process for NRI home loans is different from the regular home loans offered by the banks.

    Top Banks for Home Loans in Chennai

    • ICICI Bank
    • LIC Housing Finance Limited
    • Indiabulls Housing Finance
    • Axis Bank
    • HDFC Ltd. Bank
    • Kotak Mahindra Bank
    • Canara Bank
    • Aditya Birla Capital
    • State Bank of India
    • Kotak Mahindra Bank

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    Chennai Home Loan Reviews

    • review Home Loan
      "Supporting finance"
      0.5 5.0/5 "Blown Away!"
      Long back ago, i have taken the home loan from GIC Housing finance. Its because of the immediate process, i have selected this bank. Interest rates were normal because it was 8.35%. I bought the loan amount of Rs. 2.5 lakhs and the documentation process was hassle free. I have chosen a duration of 10 years to close this loan. I have already close the loan 5 years before and they have given me a NOC letter also.
      Was this review helpful? 6
      , chennai
      Reviewed on Mar 13, 2020
    • Union Bank of India
      Union Bank of India Home Loan
      "Average Service"
      0.5 3.0/5 "Satisfactory"
      I have taken home loan directly through Union Bank Of India .The rate of interest and the processing fee was nominal and submitted documents through the agent ,This loan is still active and i have taken this loan for home construction. There are more hidden charges which was informed later this was the only issue. I have been informed that will receive Rs.7000 to 8000 due to good credit score but it was not happened.
      Was this review helpful? 8
      , chennai
      Reviewed on Mar 09, 2020
    • HDFC Limited Home Loan
      "Best Service"
      0.5 4.0/5 "Great!"
      I have taken home loan directly through Hdfc Ltd.The rate of interest and the processing fee was nominal.This loan was processed on faster basis without any hassles.The agent gave a clear picture about the loan process .There was proper notification from bank end and i am satisfied with the service .
      Was this review helpful? 8
      , chennai
      Reviewed on Mar 06, 2020
    • review Home Loan
      "Average Loan Service"
      0.5 3.0/5 "Satisfactory"
      I bought my home loan from Fullerton but an interest rates are high. In the call centre, there is no proper response for any kind of inquiry and if I sent a mail only they will send the reply after 48 hours. They have sanctioned the loan amount of Rs. 10L and they have not provided the loan as per their committed time.
      Was this review helpful? 6
      , chennai
      Reviewed on Mar 06, 2020
    • IIFL Home Loan
      "Recommendable loan for middle class families"
      0.5 5.0/5 "Blown Away!"
      Taken my home loan from IIFL because that time all the banks were offered me a higher interest rate and the process duration was around 2 months after that IIFL is ready to provide the loan within 8 days thats the reason i opted the loan with them. The interest rate was 8.25% for the loan amount of 19 lakhs. I am paying the EMI amount of Rs. 14,875 for the duration of 30 years in that already 5 years completed.
      Was this review helpful? 4
      , chennai
      Reviewed on Feb 28, 2020
    • City Union Bank Home Loan
      "Good Service"
      0.5 5.0/5 "Blown Away!"
      I have taken my home loan from City Union Bank. My house owner pledged the property in same bank and he asked me to take the home loan from the same amount. I got the interest rate of 10.25% per annum. Bought the loan amount of Rs. 20L. I have selected the duration of 10 years. They have taken 30 days to sanctioned this loan.
      Was this review helpful? 1
      , chennai
      Reviewed on Feb 21, 2020
    • LIC Housing Home Loan
      "Best loan with good rate of interest "
      0.5 5.0/5 "Blown Away!"
      I have taken Home Loan directly through LIC Housing Finance. The rate of interest was 5% because i am a LIC employee so they have provided me the loan quickly and it was sanctioned with in week. I had given all required documents during verification process.
      Was this review helpful? 2
      , chennai
      Reviewed on Feb 02, 2020
    • Bajaj Finserv Home Loan
      "Best Service"
      0.5 5.0/5 "Blown Away!"
      I have taken Home loan through Bajaj Finserv before 2 years.The rate of interest and the processing fee was nominal.I am paying the premium on ECS and the loan process was clearly shared by the agent. I am paying the premium on exact time without any delay. The process was very quick, smooth and satisfied.
      Was this review helpful? 4
      , chennai
      Reviewed on Jan 31, 2020
    • LIC Housing Home Loan
      "More online requirement "
      0.5 3.5/5 "Pretty good"
      I have taken Home Loan directly through LIC Housing Finance. The rate of interest was 9.7% compare to market take little bit higher and their processing fee was fine. This loan was sanctioned on time without any hassle. I had given all required documents during verification process.
      Was this review helpful? 5
      , chennai
      Reviewed on Jan 20, 2020
    • HDFC Limited Home Loan
      "Satisfactory"
      0.5 4.0/5 "Great!"
      I have taken home loan through HDFC LTD directly .I have taken this loan before 15 years .I am not sure about rate of interest since availed long back ,I have got the loan on time and without any drawbacks closed this loan successfully.The loan process was clearly discussed by the agent am fully satisfied with their service
      Was this review helpful? 3
      , chennai
      Reviewed on Jan 20, 2020
    • SBI Home Loan
      "Easily accessible with less documents"
      0.5 4.0/5 "Great!"
      I have got a pre-approved home loan from SBI and they have given me a offer like that their interest rate is starting from 7% but they have provided me a interest rate 8.25%. I had applied the loan amount of Rs. 35 lakhs with the duration of 25 years. I heard that interest rates are low so i approached with them. I had a online contact number specially for my home loan so they directly approached my home. They are asking very less of documentation like current residential address, last 3 months payslip, my job offer letter. They have given me a link also to process the loan.
      Was this review helpful? 5
      , chennai
      Reviewed on Jan 18, 2020
    • HDFC Limited Home Loan
      "Easy loan"
      0.5 3.0/5 "Satisfactory"
      My home loan was taken from HDFC Limited but the rate of interest was nominal. The interest rate was 10.8% when I took the loan and it will be good if I get an offer around 8%. Pre closure is there, but i am not sure about the charges and i am paying EMI of Rs.20280 with the tenure of 15 years.
      Was this review helpful? 3
      , chennai
      Reviewed on Jan 17, 2020
    • HDFC Limited Home Loan
      "Very Good Loan Service"
      0.5 5.0/5 "Blown Away!"
      I took the Home loan from HDFC Limited because the builder has referred me. They have sanctioned me a loan in 3 months. I have got the loan amount of Rs. 22 lakhs for that i have chosen the tenure period of 18 years. Documentation process was quite smooth. I do not have any idea regarding the part payment facility.
      Was this review helpful? 0
      , chennai
      Reviewed on Dec 17, 2019
    • Canara Bank Home Loan
      "Excellent service"
      0.5 5.0/5 "Blown Away!"
      I have taken Home loan through Canara Bank directly .The rate of interest was 8 % it was very less according to my concern and not sure about the processing fee .This loan was sanctioned on time without any drawbacks .I have taken 17 lakhs for the tenure of 10 lakhs .I am totally satisfied with the service so far .
      Was this review helpful? 5
      , chennai
      Reviewed on Dec 12, 2019
    • Muthoot Homefin Home Loan
      "Good Finance"
      0.5 5.0/5 "Blown Away!"
      I have taken a home loan in MUTHOOT HOMEFIN LIMITED on one year before. The amount was offered of 6L which was sufficient as per my requirement. The tenure period of 7 years. My friend has suggested this finance to apply a loan. The process was smooth and sanctioned the loan within 15-20 days. Interest is nominal. Pre closure is applicable and part payment can be done of above 50K. It is nominal to pay for EMI.
      Was this review helpful? 3
      , chennai
      Reviewed on Dec 09, 2019
    • Axis Bank Home Loan
      "Good Service"
      0.5 4.5/5 "Excellent!"
      I have taken home loan directly through Axis Bank .The rate of interest and the processing fee was nominal and the got the loan amount on exact time frame .I am paying the premium through EMI basis .All the detail about the loan process was clearly shared by the agent .I have submitted the required documents and the process was really satisfied .
      Was this review helpful? 3
      , chennai
      Reviewed on Nov 23, 2019
    • HDFC Limited Home Loan
      "Need to provide more loan amount"
      0.5 4.0/5 "Great!"
      I had taken home loan with HDFC LIMITED on 5 years before with tenure period of 15 years but they have offered me a low amount of 10L. Since my property belongs to rural area. Rate of interest was 10% initially but now reduced to 8% as per RBI. EMI payment is good. There is option for pre closure without charges. They have sanctioned a loan after 15 days which can be faster.
      Was this review helpful? 5
      , chennai
      Reviewed on Nov 16, 2019
    • UCO Home Loan
      "Good"
      0.5 4.0/5 "Great!"
      I have taken a home loan from UCO Bank. The loan amount was Rs. 23,00,000 and the tenure is 20 years. I am happy with the rate of interest 8.1%. Preclosure charges is there but i am not sure. Am getting a tax benefit interms of premium what i am paying for this laon. Premium amount is getting reflecting on my every statement.
      Was this review helpful? 3
      , chennai
      Reviewed on Nov 15, 2019
    • SBI Home Loan
      "Good Home loan"
      0.5 4.0/5 "Great!"
      I never contacted SBI customer care service regarding a home loan services. Interest rate was less so I have chosen this bank for my home loan. The interest rate was nominal which is 8.35%. I got a loan amount of Rs. 50L and they are providing pre - closure and partial payment facility. I got a loan with in 1 week.
      Was this review helpful? 7
      , chennai
      Reviewed on Nov 08, 2019
    • IDBI Home Loan
      "Best home loan"
      0.5 5.0/5 "Blown Away!"
      Rate of interest is less and its a government bank so i have selected the IDBI bank for my home loan. I bought the loan amount of Rs. 18 lakhs with ROI of 8.85% . They took 1 month to complete the documentation process. Since its a land with construction loan, they are transferring the money partially. Now I'm paying the EMI amount of Rs. 5500. I need to pay the EMI amount of Rs. 19600 for the tenure period of 18 years.
      Was this review helpful? 4
      , chennai
      Reviewed on Oct 29, 2019
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