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 is your ideal solution. Not only do you get the funds needed, you also enjoy tax benefits.

  • Easy Balance Transfer Facility

    Lower your home loan interest rate in Chennai by availing home loan balance transfer facility from Bajaj Housing Finance Limited. Lower your overall interest outgo towards the existing loan through hassle-free documentation.

  • Top-up Loan

    Receive a high quantum top-up loan on the existing Home loan in Chennai on re-financing. There is no end-use restriction on the sanctioned loan amount. Use the additional fund to meet any personal or business-related requirements easily. 

  • Flexible Repayment Tenor

    Enjoy a flexible repayment tenor of a maximum of 360 months. This helps to choose a repayment schedule that matches your repaying capability. Use a Chennai home loan EMI calculator to choose the best suited EMI and tenor combination.

  • Hassle - Free Documentation

    Avail a home loan in Chennai through hassle-free documentation. All you need to submit is a few essential documents to access the required funds.

  • Prepayment and Foreclosure

    These facilities prove useful when you wish to repay your loan before the end of the tenor to lower the EMI burden. Bajaj Housing Finance Limited allows you to manage your loan smartly with these features without paying any additional charge.

  • PMAY: Affordable Housing Scheme

    First-time buyers can avail a home loan in Chennai under the PMAY Scheme. This affordable housing scheme allows eligible candidates to receive a subsidy on their housing loan interest.

     

Documents Required for Home Loan in Chennai

Self-Employed Applicants

Proof of business

  • PAN
  • Partnership Deed
  • Trade License
  • Import Export Code
  • Partnership Deed
  • GST Registration Certificate
  • Roc Registration Certificate
  • SEBI Registration Certificate
  • Memorandum of Association/Articles Of Association

Financial statement

  • Balance sheet audited by a CA
  • Profit and loss account statement audited by a CA
  • Latest bank statement

Salaried Applicants

  • Form 16
  • Salary slips
  • Latest bank account statements

Along with these, both salaried and self-employed applicants need to submit these common documents to initiate the verification process -

  • Proof of identity
  • Proof of address
  • Property documents
  • Passport size photograph

Note that applicants may be required to submit additional documents as and when directed by the financial institution.

Housing Loan Eligibility in Chennai

To qualify for a housing loan, you should meet the below eligibility criteria.

Home loan Eligibility Criteria For Self-Employed Applicants For Salaried Applicants
Age 25 – 70 years 23 – 62 years
Residential status Indian Indian
Employment status A business vintage of at least 5 years Work experience of at least 3 years

How to Apply for a Housing Loan in Chennai?

To apply for a home loan with Bajaj Housing Finance, walk into any of our branches around India or apply online through our site.

Steps to apply online:

Step 1: Go to our home loan application form

Step 2: Select your loan type and employment type

Step 3: Fill in the respective details in the fields, including monthly salary for salaried applicants or business vintage and annual turnover for self-employed applicants

Step 4: If you’re 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.

efore you begin the application, don’t forget to check your home loan eligibility. This will help you know home much of a loan amount you can avail of, and thus, improve chances of approval.