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Home Loan in Chennai

If you plan to get a house in Chennai, Tata Capital offers customized home loans so you can get one. Here are some features of home loans in Chennai.

 

  1. 1.Attractive Interest Rates

We aim to make home loans affordable for you. With Tata Capital, you get lower interest rates on home loans in Chennai and lower interest rates lower your EMIs so that you can easily buy your dream house.

 

  1. 2.Easy Eligibility Criteria

Tata Capital has basic eligibility criteria, so your loan is approved quickly, and the amount is disbursed without delay. Use Tata Capital’s Home Loan Eligibility Calculator to calculate your eligibility online.

 

  1. 3.Versatility

Whether you dream of an apartment in a high-rise or an independent house, we provide home loans tailored to your housing needs.

 

  1. 4.Extended Tenure

Tata Capital has you covered if you need more time to repay your loans. We provide extended loan tenure of up to 30 years so that you can repay the loan without any difficulty.

 

  1. 5.Quick Appreciation

Chennai is a metropolis growing rapidly. As a result, it attracts students and professionals from across the country. A house in the city makes up for a good investment and will become your valuable asset.

Know more about our offering

Key Features

Loan Amount

₹2,00,000 - ₹5,00,00,000

Loan Tenure

Up to 30 years

Interest rate starting at

6.70%*

HOME LOAN IN CHENNAI ADVANTAGES

Quick Appreciation

Chennai is a quick-growing city that keeps developing with each passing day. This phenomenon has also led to a quick appreciation of real estate in the city. Simply put, if you buy an apartment in Chennai today, the value will quickly escalate in the near future.  

Rental Income

Given that Chennai offers several job opportunities and boasts several premium educational institutions, you’ll always find professionals and students looking for houses to rent here. This is why taking a home loan in Chennai to buy a good quality home can earn you a significant and steady rental income.    

Quick Appreciation

Chennai is a quick-growing city that keeps developing with each passing day. This phenomenon has also led to a quick appreciation of real estate in the city. Simply put, if you buy an apartment in Chennai today, the value will quickly escalate in the near future.  

Rental Income

Given that Chennai offers several job opportunities and boasts several premium educational institutions, you’ll always find professionals and students looking for houses to rent here. This is why taking a home loan in Chennai to buy a good quality home can earn you a significant and steady rental income.    

What are the Interest Rates for Home Loans in Chennai?

Not sure if you know that home loan interest rates in Chennai and all over India are at an all-time low! So, now is the ideal time to avail of housing finance. Getting a home loan at a low rate of interest will reduce your total EMI cost, and you will be able to borrow more, and home loan repayments won't feel like a burden.

If you’re looking for a credible lending institution to extend one of the lowest home loan interest rates in Chennai, turn to Tata Capital! You can check out our interest rates mentioned below. Know that we try our best to offer you affordable housing finance, that too, at flexible repayment tenures and with minimal documentation.   

What is the Eligibility Criteria for Home Loan in Chennai?

  • Applicant must be aged between 24 - 65 years
  • Salaried employees must draw a minimum salary of Rs. 30,000 with at least two years of work experience.
  • Self-employed professionals must possess at least three years of work experience in their current field
  • For NRIs (Non-Resident Indians), the applicant must be a salaried individual with a minimum work experience of three years

 

Use our home loan eligibility calculator to calculate your eligibility in no time. 

What are the Documents Required for Getting a Home Loan in Chennai?

  • Age Proof: Driving licence, valid passport, birth certificate, PAN card, school leaving certificate, life insurance policy
  • Photo Identity Proof: Valid passport, voted ID card, Aadhar card, PAN card, driving license
  • Residence Address Proof: Bank statements, utility bills, property tax receipt, property registration documents, voter ID card
  • Business Proof: Registration certificate for commencement of business, your business profile on letterhead, copy of the last two year’s income tax returns
  • Income Proof: Previous six months’ operative current account statement, bank statements for the previous six months of CC, OD facilities (if taken), copy of the previous three years’ P/L projection statement
  • Existing Loan Details: Must provide via bank statements
  • Processing Fee Cheque: Must be issued from your business account

 

Check out the complete list of home loan documents

How to Calculate EMI for Home Loan Online  

Not sure how much home loan in Chennai can you afford and at what rate of interest? Rid yourself of all dilemmas by calculating your tentative monthly instalment with the help of a home loan EMI calculator.

Using the one available on our website is straightforward! All you need to do is input three values, namely, your total loan amount, tenure, and interest rate, to know the exact EMI you'll pay each month. Don't worry if you're presently not sure of the amount you wish to borrow.

A home loan EMI calculator lets you try different amount, tenure and ROI variations until you reach the ideal one for your borrowing nature. 

HOW TO APPLY FOR A HOME LOAN ONLINE IN CHENNAI

Offline Application Process

  • Customer care –18602676060
  • Email – contactus@tatacapital.com
  • Registered Branch –Centennial Square, 1st Floor, 6A Dr Ambedkar Salai, Kodambakkam, Chennai - 600024.

FAQ

Maximum of 30 years is provided to repay a loan. This is subject to retirement age of the borrower or 65 years in the case of self-employed applicant. 

Our interest rates begin from 7.75%* and are highly competitive. We offer concessional interest rates to women beneficiaries. Additionally, we provide subsidized home loans to low income groups under PMAY subsidy.  

Home loans serve the primary purpose of purchasing a property or facilitating the construction of one for home buyers. Different types of home loans are taken for different purposes such as –

  • Purchase of Land 
  • Readymade Home Purchase 
  • Home Construction 
  • House Expansion or Extension 
  • Home Conversion 
  • Home Renovation 
  • Loans Against Property or Mortgage Loan

A co-applicant in a home loan is an individual who will be equally responsible to repay the home loan just as the main borrower. He or she has to apply for the home loan along with the main borrower. Lenders will take the co-applicant’s income and credit standing into consideration as well. 

Home loan co-applicants can only be immediate family members or blood relatives. Up to six co-applicants are permitted per home loan application. The following can be co-applicants in a joint home loan –

  • Spouse
  • Father 
  • Mother 
  • Brother who is not a minor 
  • Sister who is not a minor 
  • Son who is not a minor 
  • Daughter who is not a minor 

The time taken for the sanctioning of home loans varies depending upon whether you are a salaried individual, self-employed individual or entrepreneur. Typically,

  • For salaried individuals, home loans can be sanctioned within 4 to 5 business days
  • For self-employed individuals, it may take around 7 to 8 business days to get home loan sanctioned 

Tax benefits on home loans may be availed during filing of annual income tax returns. Home loan borrowers are eligible for tax benefits on home loan as per Section 80 C of the Income Tax Act. The following tax benefits can be availed by home loan borrowers -

  • Deduction for Interest Paid on Housing Loan - The interest portion of the EMI paid for home loan in the year can be claimed as a deduction from your total income. This amount must not exceed a maximum of Rs 2 lakhs as per Section 24
  • Deduction on Principal Repayment - The Principal portion of the home loan EMI paid for the year is allowed as deduction under Section 80C. The maximum amount that can be claimed is up to Rs 1.5 lakh. However, to claim this deduction, the house property should not be sold within 5 years of possession.
  • Additional Deduction under Section 80 EEA – 2019’s Budget has introduced additional deduction under Section 80EEA for home buyers for maximum up to Rs 1,50,000, provided the stamp value of the property does not exceed Rs 45 lakhs. The loan must have been sanctioned between 1 April 2019 and 31 March 2020 to avail this benefit.

If your home loan interest rate hikes, you can reduce your housing loan tenure in the following ways –

  • Increasing your EMI
  • Making a part pre-payment of your housing loan, or
  • A combination of both the ways mentioned above

If you wish to reduce your home loan tenure, visit the nearest loan-serving branch. Once the EMI has been changed, submit new Electronic Clearance Service (ECS) mandate/Post-Dated cheques with the updated EMI amount to get your home loan tenure reduced. 

Home loan is taken for a property whereas a mortgage loan is taken against a property - For a home loan, an applicant borrows money from a lending institution at a given interest rate for buying, constructing, or upgrading of a property.  

For a mortgage loan, financial institutions or lenders extend the mortgage by securing a property. So, though the property is considered to be the collateral for the loan amount, it is the lending institution that is the actual owner of the property till full loan repayment.

 

A fixed interest rate is completely market independent whereas a floating interest rate varies throughout the loan tenure based on changes in the market forces.   With Tata Capital, you get the flexibility to opt for Fixed Rate Home Loan or Home Equity Loan for the initial three years of your home loan tenure following which there will be an automatic change to floating interest rates for the rest of the tenure.

Yes, it is possible for you to prepay your home loan, either in part or in full, keeping the following in mind – 

  • You need prior written approval of the lending authority
  • You need to consider pre-payment charges levied by your lending institution 
  • There could also be a minimum pre-payment amount limit set by your lending authority that you need to consider

Yes, you can take a joint home loan to increase your home loan eligibility. In case of a joint home loan, the income and credit standing of the co-applicant will also be taken into consideration. You can take a joint home loan with the following –

 

  • Your spouse 
  • Your parents 
  • Your children 
  • Your siblings 

 

Basically, anybody who makes up your immediate family is eligible for becoming a co-applicant.

Yes, a sanctioned home loan can be cancelled. However, the processing fees charged during the home loan sanction process will not be refunded. If you want to cancel your loan after receiving your home loan sanction letter, write to your lender. Make sure you do this well before the loan’s disbursal.

Yes, you can extend your home loan tenure as long as it is within your lenders’ terms and conditions. At Tata Capital, the home loan maximum tenure is 30 years.

By extending your tenure, you can reduce the burden of EMIs. You can contact your lender or visit their branch to apply for a tenure extension.

Some common home loan rejection reasons are unmet eligibility criteria, low income, low credit score, and incomplete or incorrect details in your loan application.

If your application was rejected, find out why. If needed, wait for your income and credit score to improve and apply again. Make sure you check your application thoroughly before submitting.

WHY CHOOSE US

CUSTOMIZED PRODUCTS

MINIMUM DOCUMENTATION

EASY APPLICATION PROCESS

STRONG AFTER SALES SERVICE