Home Loan in Chennai
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.
Documentation Required to apply for a Home Loan in Chennai
Purpose | Documents |
Proof of Identity |
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Proof of Income |
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Other Documents |
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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
- 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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