Evaluate the minimum home loan interest rate beginning at 8.00% per annum. Obtain the full list of present housing loan interest rates in India from top banks and financial institutions.
A city in the south of India, Chennai is known for many things: its lively urban center, diverse culture, and budding real estate industry, apart from being a prospective home for buyers. It has a home loan for all those looking for a flat or for a house or even just for land as it can possibly help one in purchasing property in this very vibrant city.
The competitive rates of interest, flexible repayment options, and the handful of loan products created for different income levels by banks and NBFCs in Chennai are meant for salaried workers and self-employed persons, and NRIs. Let’s dive into the best home loans in Chennai that would come in handy for purchasing your dream home.
Compare Home Loan Interest Rate Offered by Various Banks, HFCs & NBFCs in Chennai
| Banks/NBFC | Interest rates | Maximum Tenure (in years) | Processing Fees* |
|---|---|---|---|
| HDFC Bank | 8.45 % onwards | 30 | 0.25% |
| IndusInd Bank | 8.40 % onwards | 30 | 0.25% |
| Kotak Bank | 8.40 % onwards | 30 | 0.25% |
| Axis Bank | 8.40 % onwards | 30 | 0.25% |
| HSBC Bank | 8.00 % onwards | 30 | 0.25% |
| Shinhan Bank | 8.10 % onwards | 30 | 0.25% |
| Standard Chartered Bank | 8.25 % onwards | 30 | 0.25% |
| ICICI Bank | 8.45 % onwards | 30 | 0.25% |
| IDFC Bank | 8.90 % onwards | 30 | 0.25% |
| State Bank of India | 8.40 % onwards | 30 | 0.25% |
| PNB Housing | 8.40 % onwards | 30 | 1% |
| LIC | 8.25 % onwards | 30 | 0.25% |
| Bajaj Finance | 8.40 % onwards | 30 | 1% |
| Aditya Birla Group | 8.40 % onwards | 30 | 1% |
| L & T Finance | 8.40 % onwards | 30 | 1% |
| Axis Finance | 8.40 % onwards | 30 | 1% |
What are the tax benefits on home loan?
| Section of Income Tax Act | Nature of tax deduction | Max. deductible amt. |
| Section 24(b) | Interest paid | Rs. 2 lakhs |
| Section 80C | Principal (including stamp duty and registration fee) | Rs. 1.5 lakhs |
| Section 80EE | Additional interest (for first-time home buyers) | Rs. 50,000 |
| Section 80EEA | Additional interest (for affordable housing) | Rs. 1.5 lakhs |
Home Loan EMI Calculator
Eligibility Criteria for a Home Loan
The eligibility criteria for a home loan in Chennai are as follows:
- Age: To qualify for the loan, an individual must be between 21 and 65 years old when the loan reaches maturity.
- Credit Score: The minimum score will be 700-725.
- Income Consistency: The majority of lenders require applicants to possess an annual income of Rs. 2 to 3 lakhs, though this amount may vary.
- Debt-to-Income Ratio: Lowering liabilities will improve qualifications.
- Employment Status: Individuals who are Employed or Self-Employed are eligible to borrow.
- Bank Statements: Submission of the last 6 months’ statements is required.
Documents Required for Home Loan in Chennai
Prospective purchasers need to submit these documents to secure a home loan in Chennai:
| Particulars | Requirements |
| For Identification Proof | Aadhaar Card, Passport, PAN Card |
| Address Proof | Utility Bills, Rentals |
| Eligibility | Salary slips, Form 16, IT returns |
| Banking History | Last 6 months |
| Property Documents | Sale Agreement, property title |
| Business Proof | Financial Documents, Tax Filings, etc. |
How to Apply for Home Loan in Chennai through OneNDF
When pursuing a mortgage at OneNDF, you won’t have to face a pile of paperwork or a lengthy process. Here’s how to go about it:
Step 1: Go to the official OneNDF website and either register or sign in.
Step 2: Sign up for the funds with your mobile number and create a one-time password.
Step 3: Submit any necessary financial or identification paperwork.
Step 4: Fill out the mortgage application form.
Step 5: Through OneNDF, you will get in touch with numerous lenders that are ready to provide you with great rates on their mortgages.
