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.
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I took a home loan with State Bank of India mainly for the interest rate which is 8.77%. Its almost going to be a year and the loan tenure is 30years. I have purchased a residential property. There is no hassle in processing the loan and it went smoothly.
Since my friend has recommended me about the EDEL WEISS for the home loan purpose. They have given me a interest rate of 10.5%. I have applied the loan amount of Rs. 25 lakhs and they have sanctioned the loan in 4 days and its a very good company for home loan. Even difficult profile customer can get the loan from here. There was a easy documentation process.
This is bond process hence they have completed all the process within 1 week. They have delivered the cheque very fast. I have taken my home loan from DHFL. They have charged me a interest rate of 9% and its a zero processing fee. I have chosen the tenure period of 20 years and their service has been prompt.
I never thought applying for home loan is going to be so fast. Hassle free fast and user friendly . I needed this loan urgently and i just came to bank bazaar portal and it's done in minutes. I strongly recommend home buyers bank bazaar as it makes our life easier.
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VENKAT VENKATRAJ R
Reviewed on Jul 15, 2019
I have applied a home loan through Bankbazaar. This is my first time experience with Bankbazaar. Their customer service is really good. Sometimes I check my credit score on Bankbazaar website. Website and mobile application are user friendly.
I came know through web portal using mobile application past 4 years ago and customer service is good an responsive . .To check all finical products in the market advantage in bankbazaar.com differentiate various partners different types products.
I have applied HDFC limited Loan amount 25 lakhs Rate of interest 8.65 percentage , EMI Rs 21000, one time process fee Rs 12000, Customer service is not good and responsive. Instead of executive collecting the documents, said to come and submit the documents.
The overall experience is good at Bankbazaar. They were on time and quick to contact me. I was informed about the details and my application was processed. The website is also good and it is convenient to use and place a request. The overall services are good.
After me applying for a home loan with HDFC LTD. I was contacted on time and they checked on my details. I did not go ahead for the loan as I postponed the plan. I am not sure on the rate of interest and processing charges. In all a good experience to recommend them.
India Infoline has provided me a worst services. Their customer care is very slow in responding and most of the times, they are not responding at all. They have provided me a interest rate of 9.75% first they said like the interest rate was 8.75% and without any information they have raised the rate of Interest. I took the loan amount of Rs. 10.80 lakhs and i pay the EMI of Rs. 10,060 for next 22 years.
Bank Bazaar is providing good response to the customer whose looking for any banking products, when I raised the request for housing loan. The customer support is very helpful, I got the site through my friendly and online search, I would prefer the portal again for my future needs.
When I raise the request for the PNB Home loan there was no response from the bank end, even no one have contacted me to collect the documentation, the follow up and response should be prompt. The interest was reasonable from their end but there was no response.
Through Bank Bazaar I got PNB option for the housing loan. The service is good I got instant response when I placed the request but it would be great if they give more options to the customers and for the survey call I suggest them to give any gift voucher.
I have dropped the plan to take housing loan from PNB Housing because the interest rate is higher they told me 9% of floating interest. But other banks are providing lesser interest hence I suggest them to give competitive interest like SBI and other nationalized bank.
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Reviewed on Jul 02, 2019
I came know through bankbazaar.com through promotional mail past 1.5 year ago using through web portal , customer service is good.To check finical product check financial products easy way easy to check to check credit card for different easy to check all finical product through online.
I have applied home loan with HDFC limited .The expatiate Amount is Rs 10 lakhs ,EMI Rs 8500, Rate of interest 8.6 percentage . while documents submitted through online and all clear information not given from banker end. Customer service better.
I am having a home loan with HDFC LTD. Previously my property was handled by HDFC so just to reduce the formalities have processed the loan with them. The rate of interest is low when am purchasing now its keep increasing. The current interest rate is around 9+%. The processing fee is high and the loan tenure is 20 years. I couldn't connect with the executive and the response was not appropriate only for home loan.
I am using the loan from last 10 years with LIC HOUSING FINANCE, the loan amount i got in single cheque, the documentation process was quite easiest and i got the loan within 45 days. There was no hidden charges applicable so taken. There are pre closer is applicable but can be with including 1 emi, duration for 20 years to repay, rate of interest was flexible.
I ahve applied for Home loan through IDBI Bank only.This loan is still active ,I have applied for the loan amount of 22lakhs for the tenure of 20years ,The rate of interest and the processing fee was less I have got the loan amount on time and it was sufficient as well ,I have got all the details about the loan process through the agent .
Better way to submit online application and easy to fill all the requirements without roaming to find which bank has provide home loan at the lowest interest rate and after submitting few mins bankbazzar rep rang me to confirm the details and gave good response
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Reviewed on Jun 27, 2019