At least a minimum of Rs.5 lakh required depending on the type of employment
Salaried or Self-employed
A permanent residence or rented residence where you have resided for at least one year prior to the loan application
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.
Documentation Required to apply for a Home Loan in Chennai
Proof of Identity
Voter ID Card
Valid Driving License
Proof of Income
For salaried applicants:
Salary slips for the last three months
Income Tax Returns or Form 16
For self-employed applicants:
Income Tax Returns along with the computation of income for the last three assessment years
CA certified/audited balance sheet and profit and loss account for the last three years
Passport size photographs of all the applicants/co-applicants affixed on the application form and signed across
Bank statements showing repayment of ongoing loans, if any, for the last six months
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
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.
Display of any trademarks, tradenames, logos and other subject matters of intellectual property belong to their respective intellectual property owners. Display of such IP along with the related product information does not imply BankBazaar's partnership with the owner of the Intellectual Property or issuer/manufacturer of such products.
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.
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.
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 .
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.
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.
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.
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.
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.
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.
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
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.
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.
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.
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 .
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.
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 .
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.
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.
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.
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.