Chennai is a very old and historical city in southern part of the country. It is one of the bigger metro city of India. Being capital of Tamil-nadu, which it is most industrial states in South India, it attracts more and more companies to set up their operation here. Due to higher literacy here in Chennai leading Software companies have also have set up their offices in Chennai.
Home Loan Banks in Chennai
Many housing finance Companies are engaged in providing home loan in Chennai. Prominent among them is HDFC, pioneer of home loan in the country. In addition to HDFC Limited other housing finance Companies like LIC housing finance, Bajaj Finserv, Repco Home Finance, Dewan Housing Finance Company also have their offices in Chennai.
Home Loan Interest Rates in Chennai
The best rate of interest for home loan in Chennai is offered by SBI is 8.35% whereas ICICI bank provides the home loan at 8.55% p.a. Most of the lenders provide only home loan on floating rate basis and only a few provide home loan on fixed rate for entire term. The term of home loan is as long as 30 years which is offered by major lenders.
Home Loan Eligibility in Chennai
As far as home loan in Chennai are concerned you can get home loan for purchase of a second hand house as well as for booking an under construction property. You can get home loans to buy a plot of land and get construction done on it. Such loans are called composite home loans. You can get a home loan even for repair or improvement of your existing house.
The lenders in Chennai also provide you home loans for the purpose of transferring your existing home loan from another lender. You can also avail home loan to take a top up your existing home loan in case you need more money and the value of the property on which original loan was taken has appreciated substantially with increased earnings.
Many of the home lenders in Chennai have made their home loans applications online as well in addition to the traditional offline mode. In case you are not able to spare time for carrying out all the formalities, you can always approach direct selling agent for home loan in Chennai which will help you expedite processing of your home loan faster.
For getting home loans you may have to pay processing fee around 1% of the home loan amount. Some of the lenders have capped this processing fee at Rs. 10000/- irrespective of the home loan amount.
The loan amount depends on age and income. People with minimum of 30 years of career left, will generally get home loan of around 5 time of the annual net income. For home loan one has to submit some basic documents like residence proof, identity proof like PAN card. The applicant has to submit income proof to substantiate the repayment ability. Salaried can submit form No. 16 for two years whereas the self employed have to furnish copy of ITR and profit and loss account with balance sheet for last two years.