Home Loan in Chennai: Overview
Chennai, the capital of Tamil Nadu, is one of the foremost cities in Southern India in terms of economic development and cultural heritage. The city boats of a diversified economy propelled by the services, manufacturing, and automobile industries.
Flourishing economic growth has provided impetus to the city’s real estate sector, with many migrating there for opportunities. As someone looking to purchase a property instead of renting one, a Home Loan can be your ideal solution. Not only do you get the funds needed, you also enjoy tax benefits.
Features and Benefits of a Home Loan in Chennai
Easy Balance Transfer Facility
Lower your Home Loan interest rate by availing of the Home Loan Balance Transfer facility from Bajaj Housing Finance. Transfer the balance on your existing Home Loan to avail of a more competitive interest rate.
Top-up Loan
Receive a sizeable Top-up Loan on your existing Home Loan in Chennai when you avail of a balance transfer. The sanctioned loan amount can be used to meet housing-related needs.
Flexible Repayment Tenor
Enjoy a flexible repayment tenor of up to 40 years, which enables you to choose a tenor that allows for comfortable EMIs. Choose a repayment schedule that matches your repaying capability with our Home Loan EMI Calculator.
Hassle-Free Documentation
Avail of a Home Loan in Chennai through hassle-free documentation. We request minimal documents, which you can choose to submit through our doorstep pick-up service.
Zero Prepayment and Foreclosure Charges
As per RBI guidelines, individuals who avail of a Home Loan at a floating interest rate can prepay or foreclose the loan at no extra cost/penalty.
Interest Rate of 8.50%* p.a.
Salaried applicants can avail of a Home Loan at competitive interest rate starting at 8.50%* p.a. with EMIs starting as low as Rs.733/Lakh*.
Home Loan in Chennai: Interest Rate, Fees and Charges
Bajaj Housing Finance offers Home Loans with attractive interest rates starting at 8.50%* p.a. for salaried individuals. For more information regarding our Home Loan interest rates, fees, and charges, click here.
Documents Required for Availing of a Home Loan in Chennai
The documents required with a Home Loan application vary as per the borrower’s profile. Listed below are the lists for salaried, professional, and self-employed applicants.
| Salaried Applicants | Self-Employed Professionals | Self-Employed Applicants |
|---|---|---|
| Aadhaar, PAN/Driving License, etc. | Aadhaar, PAN/Driving License, etc. | Aadhaar, PAN/Driving License, etc. |
| Mandatory documents such as PAN card or Form 60 | Mandatory documents such as PAN card or Form 60 | Mandatory documents such as PAN card or Form 60 |
| Salary slips (3 months), Form 16, Employee ID, etc. | P&L statement | P&L statement |
| Bank account statements (6 months) | Bank account statements (6 months) | Bank account statements (6 months) |
| Title Deed, Property Tax Receipts, Allocation Letter, etc. | Title Deed, Property Tax Receipts, Allocation Letter, etc. | Title Deed, Property Tax Receipts, Allocation Letter, etc. |
Note: Additional documents may be required during the time of loan processing.
Eligibility Criteria for a Housing Loan in Chennai
To qualify for a housing loan, one must be a residing Indian citizen. Additionally, applicants should meet the below eligibility criteria.
| Home Loan Eligibility Criteria | For Self-Employed Applicants | For Salaried Applicants |
|---|---|---|
| Age** | 25–70 years | 23–75 years |
| Residential status | Indian (residents only) | Indian (including NRIs) |
| Employment status | A business vintage of at least 5 years in the current enterprise | Work experience of at least 3 years at a public/private sector company, or an MNC |
**The upper age limit is considered as the age at the time of loan maturity. Additionally, the upper age limit for applicants is subject to change, depending on the property profile.
How to Apply for a Home Loan Online in Chennai?
To apply for a Home Loan with Bajaj Housing Finance, walk into any of our branches across India or apply online through our site.
Steps to apply online:
- Visit our Home Loan application form
- Select your loan type and employment type
- Fill in the respective details in the fields, including monthly salary for salaried applicants or business vintage and annual turnover for self-employed applicants
- If you are applying for a fresh Home Loan and have selected the property, enter the relevant property details
Once you submit all the details, a representative will call you and explain the next steps. In a nutshell, you will need to submit the requested documents and coordinate with our team for verification and approval.
Before you begin the application, don’t forget to check your Home Loan eligibility. This will help you know the loan amount you can avail of, and thus, improve your chances of approval.
*Terms and conditions apply
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