Home Loans are one of the best-selling credit products of Chennai. Actually, the benefits of home loans are numerous which makes many of residents of Chennai avail this credit product. A home loan makes those expensive and luxury homes affordable for average earning people of this city. There are a great number of ongoing and upcoming housing projects that can be found in the city and in outskirts of the city. The property prices in this city are still less than other metropolitan cities of India such as Bangalore, Delhi and Mumbai.
So if you are planning to buy a home in Chennai with home financing, then finding the best lender is a challenge you are going to face. There are a quite good number of home loan providers in Chennai. Finding the best lender is one of the trickiest tasks that a potential home buyer has to do. As every lender comes with some advantages and some disadvantages, finding a lender who is suitable for all home buyers is near to impossible. Considering those facts
Here We Have Listed the Best Home Loan Provider in Chennai
State Bank of India
SBI is the largest mortgage lender of India and the most chosen home loan provider of Chennai. The interest rate starts at 8.75% p.a. which is the lowest as of now. The processing fee of an SBI loan is low as compared to other lenders of Chennai. The longest home loan tenure which is 30 years can be availed which makes the EMI smaller. SBI is the most trusted and preferred home loan provider of India as well as in Chennai. A borrower can avail different kinds of home loans from SBI. Some of them are- NRI home loan, Balance transfer home loan, Shaurya Home loan, pre-approved home loan, Flexipay home loan etc.
Bajaj Finserv
If you dream to have a home which is really big then you should avail a home loan from Bajaj Finserv. A home loan seeker can avail a home loan up to Rs.3.5 cores with a Bajaj Finserv home loan. Bajaj Finserv is offering 4 years of principal repayment holiday where you will pay only the interest, not the principal amount. You can use the home loan for various uses such as buying your first home, constructing a new house, purchasing a plot/ land, renovating your home or getting a balance transfer for your existing home loan. One can apply for an online home loan through the website of the lender. The interest rate starts at 8.40% and the processing fee is 1% for salaried and 2% for the self-employed applicants.
Capital First
A capital first home loan is best known for the maximum principal amount of a home loan. Generally, most of the home loans are provided according to the property price which is 80% of the property price. The rest of the amount should be paid as the downpayment. But if you avail a Capital First home loan, you can have 90% of property price as a home loan if you are eligible for the same. This facility makes many home buyers own a better, bigger and more luxurious home. Home Loans form Capital First can be of Rs 5 Lakhs up to Rs 5 Crores which is available in more than 57 locations across India including Chennai. Capital first offers home loan for Ready property, Under Construction, Composite Loan (Plot + Construction), Home Extension and Renovation, Plot Purchase, Self-construction etc.
Tata Capital
Tata Capital works best if you need a small amount to get your home of dreams. One can take a home loan of as small as Rs.2 lakhs onwards. A home loan borrower can enjoy the benefit of Flexi EMI option which increases along with your increased income. A borrower can start paying the loan with a small EMI, along with increased income, the EMI can be increased without any hassles. The Tata capital home loan interest rate starts at 8.85%. A top up on home loan, loan to purchase a plot of land for construction, home extension, balance transfer are available with this lender.